What an amazing year ! new tax law primes US for growth

A summary of highlights of the new tax bill, courtesy of leftie bloomberg.

Just, wow. For such an unpopular loudmouth, with a seemingly dinneresque level of discourse, and an apparent daytonesque level of disconnect from RL, with every media outlet save fox strongly to rabidly against him, Trump has really kicked ass.

- Packed the courts with Judges that adjudicate based on reading constitution and laws, rather than personal anal emanations (pulling laws out of their asses).

- The start of deconstruction of the Obama regulatory state (that had been growing to rival Germany).

- A HUGE tax bill passed in record-breaking time, that will inexorably lead to great economic growth, and might even leave most of (non-business owning) tax payers with a few more bucks in pocket - and even the near-50% that don’t pay any federal income tax will see bigger friggin refunds.

- Thanks to above two items, two (soon to be 3) consecutive quarters of greater economic growth than Obama was ever able to achieve even ONCE over eight times as long in office.

- Reversed many of Obama’s countless flaccid foreign policy missteps, apologizing for awesomeness, leading from behind , with some promising results so far.

In just one year Trump accomplished more than Obama did in eight - yes, this obnoxious sounding reality-tv prick has accomplished more and outperformed Obama on every worthwhile metric (except "presidential" comportment, and the amount of public discourse on bathroom usage and gender-identity ponderings). [Hell, even BLM should drop to their knees and suck Trumps wrinkled gray balls, since there were 17 unarmed black males shot by police in the last year.]

And his first year isn't even done yet.

The new bill gives huge tax cuts to billionaires and corporations, temporary peanuts to the little guy (to be followed by increases) and quadruples the budget deficit. It will inexorably lead the wreckers who run the Republican party to turn their attentions to dismantling Social Security and Medicare in order to pay for it.

Kill yourself.

Mark well this day, Wordforge. I actually agree with pretty much all of this. The tax change is a short-term benefit with staggering long-term costs. Luckily, since the Republicans are pretty much gift-wrapping the midterms for the Democrats, this pile of shit won't last too long. As soon as Congress changes hands - which I thoroughly expect it to do next November - most of this nonsense will be rolled back.

It's difficult to take you seriously when you pull numbers out of your ass.

Looking at GDP adjusted for inflation (real GDP), the last 3 quarters don't equal or exceed quarterly growth in 2014-15. Unadjusted GDP looks even better for 2014-15. 2016 was off, but that was an election year.

source.

That bill will either make or break the Republican party for the next ten plus years. Better hope it works.

With no-one interested in real news, most of the electorate won't have accurate information on whether it works.

Tuttle is perhaps the dumbest poster here.

Oh yes they will, it will be quite apparent in theirs and their neighbor's RL.

And steve, you are a rare bird, a leftie who has taken consistent, and principled positions. A very rare bird. I respect the hell out of you, though you stand basically alone amongst wf libs in those qualities (although nova can at least be honest, another trait very rare among the wf left).

But the past two quarter GDP growth both beat Obama's best quarter, and the current quarter seems in line to equal or surpass 3 per cent as well according to pretty much all the fed banks (from perennial 'bull' NY fed, to the generally most conservative Atlanta fed).

As to Lanz's pissing about the wrong people benefitting, time will tell. Anecdotally I'm no big corp but me and my partner benefit and will no doubt employ more people in 2018 than we did this year (I'm doing the year-end payroll, and over 145 employees are getting checks this week). Wait and see if reducing the corp rate from 35 to 21% doesn't see many expat companies returning to the US, and if the very-high-tax states like NY and California now experience a tempering force on their exuberance for ever-higher taxes. Half of the US doesn't even pay federal income tax, so who else is there to cut taxes for but those paying the tax today? Boo hoo, 37 to 35 for the top tax rate, I'll shed no tears for the haters or the lovers of that bit.

Did you wipe the shit from your mouth? Inquiring minds want to know?

Steve, you're right, my bad - over Obama's eight years we *did* see a handful of quarters of GDP growth that broke 3 percent. Oops.

[But I stand by the rest including the hyperbole. We saw the weakest post-crash recovery in history during the Obama years and it left a false impression on the weakness of our growth - was expecting some 5s and 6s for a couple of quarters.]

Could you please kill youself for being so stupid? Thank you.

What are you smoking and where can I get some?

It's been a sweeeeeet year to be a rich white male. Oh well. Two out of three ain't bad.

Don't worry, once deregulation hits the EPA you can ALL share in the fumes from the local paint factory.

So Tuttle is a dumb piece of shit no one likes

Meanwhile, what did Murdoch want from the bill that he didn't get? Or is this another "uppity woman" kicking off at Fox Business News as payback for the harassment scandals? Did they get a memo to dial it back after one of their pundits went a bit far and said the FBI might assassinate Trump? Or is this just a rare example of journalistic integrity there?

https://crooksandliars.com/2017/12/fox-business-trish-regan-rebukes-trumps

Obamacare individual mandate gone! Corporate taxes reduced!

2 more boxes on my wishlist checked!

The mandate never had any teeth to begin with. They penalty could only be taken out of your tax return. Don't want to pay a penalty? Make sure the amount you pay in is equal to or less than what you owe.

How is that going to encourage economic growth and/or increase employment/wages? You really think that corporations will pass their savings on to their employees?

You know who needed a break? Corporations. Glad they finally get some love.

I think a very select few will line their pockets a little bit more, and that will be the end of it.

And the rest of it will trickle down to the working class somehow?

The idea that the government should be able to "mandate" any positive action by me is so offensive to me, that I'm for eliminating it no matter what the consequences are.

I was never going to be penalized by the mandate--I have health insurance and buy it myself when I'm uncovered by an employer--but I won't abide the government thinking it has the authority to compel me to buy something.

I expect it to result in more investment in manufacturing plants in the U.S., and less off-shoring. I don't think it will change economic growth much, but it should ultimately be good for American workers as it will increase the available number of jobs.

Oh yes. With the extra money saved on taxes, the rich might leave an 18% tip instead of a 15% at the restaurant. Of course they'll deduct the meal from their taxes as a business deduction, but that extra three bucks will mean the difference between a Hot Pocket and a frozen pizza for the poor waitress!

Where's the incentive for anyone to invest in something like that? If it hasn't been profitable enough now, it won't be more profitable with a tax break.

That was always a very big part of my objection to Obamacare - the completely unconstitutional mandate. There is no provision in the Constitution that allows the federal government to mandate that you, me, or any other citizen must purchase a given commercial product whether we want to or not.

How? How does more money in the coffers of the corporation translate into more jobs? You seem to be under the erroneous impression that corporations will hire whenever they have the money do to so. That's not the case. Profit doesn't drive job creation. Demand for a company's product/service does.

Huh? You invest where you can get the most net profit.

If you can get $70 million in gross profit at a plant in country X, but $50 million in a plant in country Y, would you ever invest in country Y?

Sure, if the tax rates make it favorable. If the tax rate in X is 38% but the tax rate in Y is 10%, you net $43.4 million in X and $45 in Y.

There's more to determining where to invest than that, but tax rates inevitably figure strongly in the calculation.