Tax cuts - what you understand by this term?

[KILL KILL]

Didn't trump run on improving the infrastructure of this country? How exactly is he going to accomplish that with such a huge tax cut?

By increasing military spending to a whopping $700 billion. It's 12d chess muthafucka.

 

[HunterSdVa29]

One thing I would like to see eliminated is pensions for government employees. That would be a good start. It won't happen though.

of course not
nobody would serve a career in the military if that was the case

That being said, they just altered the military retirement system to the Blended Retirement System...more of a 401k/TSP type plan versus the straight 50% of your base pay at 20 years standard that is used now

 

[djacobox372]

You can cut taxes revenue without cutting spending... it's what the GOP has done for decades. Their goal is to raise the debt to the point where they can convince people that we can't afford social security and medicaid.

 

[Mark Hunts FIST]

http://www.nationmaster.com/country-info/compare/Ireland/United-States/Economy

I don't know what you're laughing about to be honest?

Do you think that Intel, Boston Scientific, Dell, Pfizer, Google, Hewlett Packard, Facebook and Johnson and Johnson. ALL Have moved headquarters to Ireland for the weather?

 

[MMAViewer]

Or you can keep the rates and not allow manipulation of the code.

cutting loopholes and corporate welfare would be great but the lobbyists and 1% have paid their dues to the current legislators and that will never happen.
it would be labeled a tax hike and the rightwing would go nuts.

 

[Revolver]

of course not
nobody would serve a career in the military if that was the case

That being said, they just altered the military retirement system to the Blended Retirement System...more of a 401k/TSP type plan versus the straight 50% of your base pay at 20 years standard that is used now

I'm fine with keeping it for military. You'll probably need some incentive to get people to join. But what about politicians and all the other people in the government? That would be a good start. Think they would keep themselves in mind when making policies that affect them and rest of the population.

 

[Deleted member 429137]

I haven’t seen a single person on the right or left ever try to defend corporations when it comes to taxes, you’re being disingenuous. That’s one area all sides can agree on, they don’t pay their fair share of taxes.

*edit as we agree on the rest of your post for the most part

It happens here literally all the time. "They have a duty to their shareholders to pay as few taxes as possible." Etc.

 

[Lubaolong]

One thing I would like to see eliminated is pensions for government employees. That would be a good start. It won't happen though.

You probably know, but a lot of federal workers aren't covered by social security. And a lot of these federal jobs have shit pay. Benefits/pensions are a form of deferred compensation.

 

[HunterSdVa29]

I'm fine with keeping it for military. You'll probably need some incentive to get people to join. But what about politicians and all the other people in the government? That would be a good start. Think they would keep themselves in mind when making policies that affect them and rest of the population.

oh no doubt, i'm not even sure why in this day and age they get paid pensions...

when they can speak, be a pundit or TV person, write books to make more than a comfortable living

I think we need serious looks and inquiries into government contracting also. For the DoD alone, there are vast amounts of people getting paid to do virtually nothing due to lucrative contracts, it's pretty ridiculous

They could easily cut the DoD spending by a large portion, w/o even touching the Servicemember's pay by removing many of the contracts and other superfluous expenses

 

[HunterSdVa29]

I also find it odd that even deployed servicemembers in a Combat Zone Tax Exclusion area have to pay into FICA

so yes, they aren't taxed federally or by the state, but they are still giving that 7.65%...

which, when you consider they generally receive VA health coverage and will not need Medicare part B.....is rather egregious

 

[Revolver]

You probably know, but a lot of federal workers aren't covered by social security. And a lot of these federal jobs have shit pay. Benefits/pensions are a form of deferred compensation.

Yes they have shit pay but have you seen the type of people that get these types of jobs? There not the best workers and lot of them have minimal education.

 

[HunterSdVa29]

You probably know, but a lot of federal workers aren't covered by social security. And a lot of these federal jobs have shit pay. Benefits/pensions are a form of deferred compensation.

who are you referring to? i'm just generally curious as I know GS, WG, and NF employees all pay into FICA...

I thought only teachers were exempt from SS, and other small categories like employees of a foreign government, etc....

 

[Lubaolong]

who are you referring to? i'm just generally curious as I know GS, WG, and NF employees all pay into FICA...

I thought only teachers were exempt from SS, and other small categories like employees of a foreign government, etc....

Somewhere between 25-30% of state and government employees do not participate in the SS system.

 

[Mark Hunts FIST]

http://www.nationmaster.com/country-info/compare/Ireland/United-States/Economy

In the past two decades, Ireland has benefitted from over “$277 billion worth of U.S. direct foreign investment." The journalist Henry McDonald also found that the majority of these profits have come as over 700 U.S. companies have relocated to Ireland as their headquarters. Over 130,000 people have been employed because of this. There are many large firms that decided to move their headquarters overseas from the U.S., including big names like Intel (INTC), Boston Scientific (BSX), Dell, Pfizer (PFE), Google (GOOG), Hewlett Packard (HPE), Facebook (FB) and Johnson and Johnson (JNJ). This is due to the fact that Ireland has one of the lowest corporate tax rates in the world, and certainly in Europe. With a 12.5% corporate tax rate, it makes the U.S. corporate tax rate of around 35% pale by comparison. The low tax rate that Ireland offers is one of the main benefits that U.S. companies see when deciding whether to move their operations abroad


So enlighten me...Why do these Huge companies ALL choose Ireland?

 

[HunterSdVa29]

Somewhere between 25-30% of state and government employees do not participate in the SS system.

oh state for sure, i.e. teachers, I was just unaware of any Federal people that do

Granted I work specifically as a DoD civilian, but every person I know pays into it

 

[Scheme]

By dropping the corporate tax rate to 20% without addressing corporate welfare and loopholes will put their rate in the low teens or lower in some cases. See GE, and Romney's effective tax rate if you dont believe that.
This is a big reason Trump won't release his taxes.
That and his ties to Russian money would bury him, yet the nut job rightwing posters here defend Trump not releasing his taxes as "he doesn't have to legally release them".

The willful ignorance of the trumpets is astonishing.

Why don't we just raise corporate taxes to 50%? Why not put them at 99%? What's so magic about the numbers 35% or 20% that leads you to believe that they are or are not competitive in the world market and reach a favorable balance of actual tax revenue and competitive rates in the world market? How do you know a tax rate of 20% wont actually increase total tax revenue? What figures are you using to say this is an unfavorable outcome? Because lowering taxes on corporations means more corporations would stay/come to the US, and a byproduct of that is that there are more jobs opened for US citizens. As long as federal tax revenue is unaffected, why would that be a bad thing?

 

[MMAViewer]

Why don't we just raise corporate taxes to 50%? Why not put them at 99%? What's so magic about the numbers 35% or 20% that leads you to believe that they are or are not competitive in the world market and reach a favorable balance of actual tax revenue and competitive rates in the world market? How do you know a tax rate of 20% wont actually increase total tax revenue? What figures are you using to say this is an unfavorable outcome? Because lowering taxes on corporations means more corporations would stay/come to the US, and a byproduct of that is that there are more jobs opened for US citizens. As long as federal tax revenue is unaffected, why would that be a bad thing?

When the rate was that high it created the platform for all the loopholes to offset the rate and make it more feesable for corporate health and US corporation retainage.
How would it help if we retained a corporation only to have them pay 2% effectively.
They are still hiring here at the same rate so that argument is null when all they need to do is move headquarters off shore.
My point is lowering the stated rate without addressing corporate welfare and loopholes does nothing but increase deficit.

 

[kpt018]

cutting loopholes and corporate welfare would be great but the lobbyists and 1% have paid their dues to the current legislators and that will never happen.
it would be labeled a tax hike and the rightwing would go nuts.

Agreed. But it's something Dems could consider should they regain power.

 

[MMAViewer]

Agreed. But it's something Dems could consider should they regain power.

I agree, if they hold both houses and the office it could happen but with citizens united it will be a very heavy lift.
And to be fair the Clinton campaign didn't do it any favors along with the adverse reaction of the Obama administration to the Citizens United BS didn't really help either.
Our politics have become a game of campaign finance and Tit for Tat, we are more of an oligarchy than democracy it seems.

 

[kpt018]

Why don't we just raise corporate taxes to 50%? Why not put them at 99%? What's so magic about the numbers 35% or 20% that leads you to believe that they are or are not competitive in the world market and reach a favorable balance of actual tax revenue and competitive rates in the world market? How do you know a tax rate of 20% wont actually increase total tax revenue? What figures are you using to say this is an unfavorable outcome? Because lowering taxes on corporations means more corporations would stay/come to the US, and a byproduct of that is that there are more jobs opened for US citizens. As long as federal tax revenue is unaffected, why would that be a bad thing?

Where is the evidence that this will happen though? The analyses that I've read so far show the corporate tax cut reducing revenue by over $1.6T over the next ten years and that includes ambitious growth (fantasy land growth IMO). This notion that companies will now magically come back to America or start a business here that otherwise wouldn't are really underestimating the other variables, like those countries still offer lower rates than 20%, low cost of labor, less regulations, cost of moving back here is high, etc..

This is not a magic bullet.