trump's tax cut

what is the difference between trump's tax cut and the one bush did that put the economy into the crapper?

Any deficit is proof gubmint spends too much and not that it isn't taxing enough. It was better to have that $1.8 trillion in the pockets of taxpayers than in the wasteful hands of gubmint.

The Bush tax cuts came in two stages in 2001 and 2003. Before them the dot com bursting bubble had the economy moving along at about a 1% growth rate.
After them the economy grew by 3.8% in 2004 and 3.3% in 2005.

Obamanomics has the economy struggling to reach a 2% average rate of growth. It didn't ever have a one-year growth rate of 3% or better.

It's past time to change that.

No a deficit is proof that somebody isn't paying their fair share. Frigging billionaires like Trump and Buffett spend little to nothing on federal income tax. It's like welfare for the rich. Trump wants to increase taxes on the middle tax and give rich old farts like himself a tax break. No wonder you couldn't get into the Stanford School of Economics Hank.

I'm no economist and just a Joe-Blow taxpayer.

I'm not even either of those things, so it sounds like you are more qualified than I am.

C'mon guys - you two are much too smart for that and I mean that.

To pretend it isn't a business is ludicrous. Please explain how it is not a business and show you work

Shut the fvck up. You're just making yourself look stupid.

Governments do things businesses would never dream of and is way more complicated than business.

Did IBM launch a nuclear attack against Microsoft? Does General Motors dictate fiscal policy and set interest rates? Does Amazon offer property to homestead? Does Sportco set fishing seasons? Does Apple have Apple State University? Does anyone serve in the General Electric Navy? Has anyone appeared before the Supreme Court of McDonald's?

It's like you're being stupid intentionally.

You already talked out your ass is what you did, junior.

No fuckin business in the world pays for non productive sh!t like welfare, or does things fpr the common good or public safety, dumbfuck, so stop pretending they do.

Government isn't business. Pretending they're the same is fuckin stupid.

But whatever.

I'm about done giving a sh!t either way, as everyone seems more interested in being political cock gobblers than doing what helps the country.

Party first. Country second.

Great.

There's a lot actually. The economy was already in the crapper when Dubya took office (dot com bust). Bush's tax cuts were designed as short term financial relief for all tax brackets (it had an original expiration date that was extended). It was a true temporary cut instead of a systemic restructuring of the tax code. It mostly benefited the rich, as 2x more households filed as millionaires from 2001 to 2006. It was the largest single contributor to the deficit @ $1.8T from 2002 - 2009. It added $1.6T to our debt. It brought the AMT out of obscurity. It kicked the can down the road and Bush, being the big govt Neo-con that he was, added crap ton to the overall debt by way of bloated government (creation of DHS etc.) and an entirely unnecessary war.

The economy at the end of Bush's term was not bad because of his tax cuts, it was bad because of the housing market crash. Once the dot com bubble burst, most everyone left the stormy market for a calmer bay (housing). The Dems sealed the deal with making sure everyone got a house. Everyone in DC was complicit and an accessory to the crime.

Conversely, Trump was handed a relatively stable, but not a growing economy. Last year's tax receipts were at an all time high, but wages are going nowhere. Trump's plan is a lot more about the tax code for both personal and business and its permanent. Its meant to greatly simplify the overall code while spurring business investment.

I'm still processing the implications, but here's the basics:

Business Tax from 35% to 15% (it would be a miracle if he gets 15%)

From seven personal tax brackets down to 3. 10%, 25% and 35%

Doubling the standard deduction, but elimination of all deductions other than Mortgage Interest and Charity

10% income bracket couples would pay no tax on their first $24k

Elimination of the AMT and Death Tax

On the surface, I love all of it. It would give a break to the top earners (of course), but it totally restructures how the second and third brackets manage their taxes. I'd go from 29% down to 25%, so that's cool. It would put a LOT of CPA's and Tax Lawyers out of business. One or two page filing. Top earners would game the system and become instant employees of their own businesses overnight (that's both good and bad thing).

I'm most excited about the the 15% business tax. Trillions of Corporate tax dollars are being held offshore (MS, Apple, Google, Amazon to name a few). Ireland doesn't like this plan at all. We are the world's largest consumer of retail goods. If he can get 15%, we'll have the largest jobs and economy growth seen since the Industrial Revolution. Every company in the world would set up shop in the USA almost overnight. Alibaba v. Amazon? Foxconn in Ohio? MS Ireland closing up shop? Yes please. We would have more choice and our dollar would go much, much further.

My guess is he'll negotiate to 20 - 22.5% and call it a win (if he can even get that). Still, even 20% would spur a BIGLY amount of growth. We shall see I guess...

PS: Paul Ryan will fvck it up.

Right about Ryan. He was born a fvck up and a butt licker and a vampire. This tax plan is just a re-hash of trickle down economics. It NEVER works. It just widens the gap between the middle class and the top 3%. If you think for one minute that corporate America is going to pass the tax savings along to the consumer think again. Did the airlines pass the enormous fuel savings down the line to the consumer? No, they just paid the top management more and charged more fees. When the oil companies were having record profits did they pass the savings on to the consumer? Nope, but their top management reaped in huge bonuses and perks. Remember, Donald Chump has everything to gain from his tax plan personally as well as his suspect businesses. This "president" has lied and failed to come through on all of his bullsh!t promises and it will just continue. I would list all of his 100 day failures but it could overwhelm this website and cause it to crash.

I hope he kicks North Korea in the nuts!!!!!!!!!!!!!!!