What Will CEOs Do With Tax Holiday and Tax Rate Windfall?

Why?

Because business owners don't trust our slimy politicians any more than we trust them.

Rob

 

Didn't Trump, before his election, say he paid senators to do what he wanted?!?

Crossword clue -
Politician commits TREASON

 

Where is the joke button???

 

The main problem with going back 55 years to President Kennedy or 35 years to President Reagan for tax policy support is that we do not have the same economy as we did many decades ago and we now have the most global economy in world history. 55 years ago the rest of the world was just coming out of the destruction of World War II. 35 years ago we were still in a situation where if the U.S. economy caught a cold, the rest of the world got the flu. The world is much different now. The masses can no longer just go to work at the local manufacturing plant for 40 years, receive a pension and Social Security, and enjoy a decent retirement.

As far as the current tax bill is concerned in the Senate, I think the most telling part of it is that they want to make the corporate tax cuts permanent, but the individual tax cuts temporary. I am quite aware of the argument that, well, a future Congress will keep the individual tax cuts going. One, no one knows what conditions will be like when they expire so that is an assumption and we know what the old saying is about what happens when one assumes. Second, since people vote and corporations don't(except with their massive political donations), perception-wise it would make a lot more sense for the GOP to make the individual tax cuts permanent and the corporate tax cuts temporary. But I think the massive political donations tell the tale about why they don't want to do it that way.

 

That's correct but the bottom line is the same. The personal tax cuts have to be reinstated and that's not assured whereas the corporate tax cuts are permanent.

 

Oh God Rob, that is FUNNY

 

Not the case.
More than 400 millionaires tell Congress: Don’t cut our taxes

"More than 400 American millionaires and billionaires are sending a letter to Congress this week urging Republican lawmakers not to cut their taxes.

The wealthy Americans — including doctors, lawyers, entrepreneurs and chief executives — say the GOP is making a mistake by reducing taxes on the richest families at a time when the nation's debt is high and inequality is back at the worst level since the 1920s.

The letter calls on Congress not to pass any tax bill that “further exacerbates inequality” and adds to the debt. Instead of petitioning tax cuts for the wealthy, the letter tells Congress to raise taxes on rich people like them. It is being released publicly this week, as Republicans debate legislation that would add $1.5 trillion to the debt to pay for widespread tax cuts for businesses and individuals."

 

The effect of making the permanence the other way around would be approximately the same. Also, adding around $1.5 trillion to an already anticipated $10 trillion destroys the GOP claim versus the Democratic Party that the GOP is the party of fiscal responsibility. And an economic downturn within the next 10 years could make the $1.5 trillion addition to the national debt look like the change in your couch compared to what actually happens.

 

Corporate donations. Of course, both parties are bad. As the old saying goes, politics is the second oldest profession but often resembles the oldest.

 

I would say yes, exactly. Do you really believe they have any compunction to do so for the greater good? That is a fools error my friend and I should believe you know better.

 

The tribalism that has become rampant in U.S. politics as we now have a de facto parliamentary system imposed on our constitutional system that was designed to have three branches of government keeping each other in check, not two political parties.

 

I don’t believe in virtue

 

Hmmm.... just got this from my congressman

In New Jersey, we need tax reform that simplifies our code and cuts taxes for families and businesses of all sizes, in a fiscally-responsible manner. Unfortunately, according to Republican and Democrats alike, the Tax Hike Bill we voted on will produce a tax hike on New Jersey – not a tax cut. By eliminating the State and Local Tax deduction (SALT), it will raise taxes, on average, on every single family in our state. The House Tax Hike Bill will slash our ability to deduct our mortgages by 50 percent, driving property values down by more than 10 percent. Most small- and medium-sized businesses will not get a break. And it will blow a hole in our deficit. There's a reason business groups like the New Jersey Chamber of Commerce and the New Jersey Business and Industry Association are standing up against it. Across the board, it raises taxes on New Jersey families.

It can only be seen one way – as an assault on New Jersey – and a huge windfall for what I call “Moocher States,” those like Mississippi and Alabama, that pay far less in federal taxes than we do, and somehow consistently get far more back. On top of sticking us with higher taxes, the tax-hike bill is an economic disaster – it is anticompetitive and will send jobs and people out of New Jersey.

I analyzed the Tax Hike Bill in detail in an Op-Ed for the Record that you can find HERE.

• To learn more about this disastrous Tax Hike Bill, check out my tax cut blog HERE, call into my tax hotline at 800-932-1908, email [email protected], or read my full statement on Thursday's vote HERE.