The original Boston Tea Party started because Parliament and members of the British aristocracy who owned stock in the East India Company married their mutual interests in legislation granting the East India Company a monopoly to sell tea to the American colonies. This was corrupt but legal. Much like today . . . but today it is our own government representatives who have married their self-interests with those in our own aristocracy at the expense of the rest of us whom they swore to represent. The GOP decries Big Government but not the plutocracy they have let our republic become . . .
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Many claims i have seen about changing the tax code talks about incentives for bringing jobs back into the United States (this is different from trickle down claims).. i would like to understand why US Corporate taxes are lower if the jobs are offshore and how we can tax what is offshore rather than reducing onshore tax.
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Excellent podcast, as always, but Mr. Goodman almost made it sound as if John Kenneth Galbraith had somehow endorsed supply side economics. In fact, of course, he ridiculed it. A second listen to the podcasr made it clear that you were not saying Galbraith was a supply sider, but it wasn't very clear and the name of its most forceful advocate, Arthur Laffler, was never mentioned.
If the Republicans want to sell old wine in new bottles that repeatedly fails everybody except corporations and the wealthy and should be called Robin Hood in reverse, Trump must release his tax returns and a proper examination would determine if he benefits or loses. We already know the answer to that making the question, how much does he and his scions benefit? The same goes for Mnuchkin, Ross, DeVos et al. Trot out those tax returns as well and do an analysis. The top ten corporations pay a very little effective tax rate already with some paying nothing and getting money back which is Corporate Welfare and now they want more. "At long last, have you no sense of decency, Republican Party. Meanwhile, it's time the three trillion that has been stolen from Social Security and Medicare is restored. Let's say 300 billion a year. Sound good?
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The only trickle down is to the red states bankrupted by Republican tax cuts to corporations. The blue states already support them and the loss of standard deductions like State and local taxes, medical fees. and mortgages will increase tax revenue so corporations and the wealthy Ave more to stash overseas. There has never been a more dishonorable and devious group of politicians. They are the beneficiaries of the tax breaks along with their wealthy lobbyists and donors.
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This tax bill will create a permanent, indolent wealthy class of Americans, which will result in a lower standard of living for the rest of us. The privileged in America have little to no incentive to make more money the old-fashioned way: through innovation or U.S. labor. Why should they? They can make and keep more money with less risk and little effort and through lower U.S. taxes and offshore tax havens.
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The question, "Why does Paul Ryan believe in trickle down economics?" is a total red herring--the assumption that he believes anything he says is naive. He is clearly lying through his teeth about what he knows darn well this bill will do, but he equally clearly will say whatever he needs to, to get it passed.
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If trickle down works so well, then tax them more. It'll trickle down from the taxes, plus the very wealthy are so good at earning money, creating business, innovating and feeding off of fat government contracts that they'll have a chance to make even more money the more taxes go up - It'll mean more customers for them, more contracts, and more profits. Trickle down might even have a higher impact via taxes on the wealthy than trickle down on the wealthy since that will leave them with less opportunity to make money from the government.
Deeply cynical, or wildly ignorant? Both.
I would like to know what, if anything, the large states, poised to lose the most through loss of tax deductibility of mortgage interest (you cannot get a studio in Manhattan for 500,000 but you can get a five bedroom home on a lake, with three garages and an elegant driveway with the obligatory Porte Cochére for that price), the loss of tax deductibility of State and Local tax (why would so many itemizers stick around in a high tax state like New York or California when they can move to Florida or Wyoming as so many high tax individuals and companies have done. New York Times: Do an analysis of what legal means of retaliation the high tax states would have for the passage of this bill., please.
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Voodoo economics. Put lipstick on this pig and it is still a pig. Under the current Republican proposal my household with 2 working professionals will not be able to make the mortgage payments on a modest 1950 built Cape Cod style home we are raising our kids in for the last 13 years.
Ivanka and the other children will however split $4 BILLION in savings when the old, very old, man dies. That is roughly 8,000 times as much as a middle class worker will earn in an entire lifetime of work.
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