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CBO relatively bipartisan analysis says $500B from economic growth, but we can't be sure as it doesn't account for a lot of things. Republicans say it's a lot m

CBO relatively bipartisan analysis says $500B from economic growth, but we can't be sure as it doesn't account for a lot of things. Republicans say it's a lot more, Democrats say it's a lot less. Tax havens that everyone complains about have been taken out which I feel like should be discussed more. Global 10% minimum tax no matter where you make money. If Ireland you pay 1.3% you now pay 8.7% to the US, China 15% you pay 0% to the US. That is going to change the global structure completely and the IP changes haven't been analyzed either. A lot of redundant tax breaks and loopholes are now gone like allowing deductions for executive pay etc, and no more needing to pay crazy taxes to bring overseas profits back, 0% so investment should be high. These 2 were very very important for US and both bipartisan but the politics of "reducing corporate taxes" is awful. No more hiding IP, storing assets without using them. Bush ballooned the debt with stupid wars. Democrats doubled the national debt adding like 11 trillion over 8 years, completely botching up the healthcare allowing the 6 biggest insurance companies to sextuple profits, premiums and deductibles to go sky high and the deficit getting screwed next year. Cabinet budgets went up like crazy. Departments that had 30-50k employees for decades suddenly get 75k full time, bigger budgets approved every year. Spending cuts are next on the docket, but the budget plan is supposed to cut 50B+ a year. Basically I'd take $1T over 10 years over Democrats $11T waste over 8, Bush $8T mess over 8 though like Clinton, hope budget can be balanced. Obviously I wish it was revenue neutral and if it were up to me, I would cut corporate tax to 25%, foreign global minimum to 11%, individual top tax bracket to 45% for $2M+ (doesn't even target top cardiologist couples, just athletes and the very top). That should be revenue neutral and the best way to use a trillion dollars would be to invest it in research and new technologies. That has been the best catalyst for economic growth, increase in QOL, and driver of less poverty. I'd take this over free college and admin making up 75% of faculty and tax dollars drowning in pensions

guelo 9y ago
Alternate take: The CBO estimated the $1.5 trillion with all those loopholes and boost forecasts. All that is factored in. Bush ballooned the debt not only with his wars but also with a massive tax cut. That tax cut led to a period of weak growth and culminated in the biggest recession of our generation. Obama inherited that collapsed economy. His deficits were caused by the recession's drooping tax revenues, extensions of Bush's tax cuts, the stimulus (which also cut taxes), and continuing Bush's increased military budgets. This produced another period of weak growth but left the economy in relatively decent shape which Trump is now taking credit for without having passed his first budget or major law yet. All we've had over the past generation is tax cuts. And. They. Don't. Work. They increase the deficit, don't boost the economy, increase inequality, and make our institutions weaker. But here we are going for another round of the same medicine: tax cuts and increased military spending.

guelo 9y ago

Alternate take: The CBO estimated the $1.5 trillion with all those loopholes and boost forecasts. All that is factored in. Bush ballooned the debt not only with his wars but also with a massive tax cut. That tax cut led to a period of weak growth and culminated in the biggest recession of our generation. Obama inherited that collapsed economy. His deficits were caused by the recession's drooping tax revenues, extensions of Bush's tax cuts, the stimulus (which also cut taxes), and continuing Bush's increased military budgets. This produced another period of weak growth but left the economy in relatively decent shape which Trump is now taking credit for without having passed his first budget or major law yet. All we've had over the past generation is tax cuts. And. They. Don't. Work. They increase the deficit, don't boost the economy, increase inequality, and make our institutions weaker. But here we are going for another round of the same medicine: tax cuts and increased military spending.