The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.
Showing posts with label GOP Tax plan. Show all posts
Showing posts with label GOP Tax plan. Show all posts

Thursday, December 21, 2017

Taxes Anyone? How About GOP Styled Trickle/Down On Steroids

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How about a detailed look as you think about the $900 to $1400 you might  receive spread over the course of the tax year?  

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The following video from MSNBC's Morning Joe show (a couple of days ago) includes three to four charts with explanation of how the Trump/Ryan Tax "cut" will affect US income groups. The first the 3:54 minutes of the segment includes the identified charts, the rest of the segment is mere pundit talk. 

For a graphic history of tax cuts, and the US Deficit we have included a few graphics from the web page of Andrea Witte: Connect The Dots USA. The charts are from 2016 General Elections information campaigns, yet the charts remain relevant and equally informative as we hear Trump and his GOP go about lying about the benefits of what amounts to Trickle-down economics on steroids. 

Connect The Dots USA

Any American who pays attention to US politics knows there exist one consistent politics manta from the GOP: Deficit spending and reducing the US long term Debt. As you consider the current GOP excitement about adding 1.5 Trillion to $2 Trillion to the US deficit, take a look at past deficit spending via Connect The Dots USA. 

If you look closely after the Clinton years of surpluses, you may notice the Obama years of progress regarding the US Deficit (the chart ends in 2016)
A look at the GOP Wall of Shame. 

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The GOP is celebrating the Trump/Ryan version of Trickle-down economics like to teenagers after a first date.  Time will tell and show once again the economic fallacy and unbalanced benefits of Trickle-down economic theory.  

NBC News October 2017
Related image

MSNBC December 2017
Image result for gop tax plan polls


Meanwhile, let's just await the next episode of "Trump in the White House" (reality TV). 

Monday, December 18, 2017

Trump's Tax Plan And You

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Look at lot closer at the table and the portion of the table highlighted via the oval shape. While probably unnecessary to direct you, we ask that you allow your field of view to lower on the table and notice the differecnes.

Yes, if you earn income under $75,000 per year, that oval shape is the shape of evil.

"Believe me!" 

No, we don't believe you.


Thursday, December 7, 2017

Tax Plan Most Do Not Want

Allow a few minutes for a quick review of the GOP tax plans. MSNBC's Stephanie Ruhle offers a great reminder of how the tax plans work against the middle class. 

Ruhle analysis is a stark reality, especially when we have multiple and credible reporting, the public has little to no interest in a GOP tax cut (which is really a well-disguised tax increase on those who make less).

Nate Silver's 538 Blog and other related political surveys find and report a total lack of interest in GOP plans.  We suspect the nation really does have a sense of who in the nation will benefit from tax cuts.  
About a third of voters currently support the Republican tax reform package, according to an average of five surveys released1 this month. In a Quinnipiac University survey, just 25 percent of voters approved of the plan. Surveys from ABC News/Washington PostCNNMorning Consult and YouGov put approval of the plan slightly higher, but all are still at 36 percent or lower. Meanwhile, an average of the five polls puts opposition at 46 percent.
Quinnipiac University Survey

November 15, 2017 - Latest Massacre Drives Gun Control Support To New High, Quinnipiac University National Poll Finds; Voters Reject GOP Tax Plan 2-1


American voters disapprove 52 - 25 percent of the Republican tax plan. Republican voters approve 60 - 15 percent, with 26 percent undecided. All other party, gender, education, age and racial groups disapprove.  
The wealthy would mainly benefit from this tax plan, 61 percent of American voters say, while 24 percent say the middle class will mainly benefit and 6 percent say low-income people would mainly benefit.  
American voters say 59 - 33 percent that the Republican tax plan favors the rich at the expense of the middle class.  
Only 16 percent of American voters say the Republican tax plan will reduce their taxes, while 35 percent of voters say it will increase their taxes and 36 percent say it won't have much impact on their taxes.  
Only 36 percent of voters believe the GOP tax plan will lead to an increase in jobs and economic growth, while 52 percent do not believe it.  
American voter opinions on some of the elements of the Republican tax plan are:
  • 49 - 45 percent that lowering the corporate tax rate from 35 percent to 20 percent is a bad idea;
  • 58 - 30 percent that doubling the standard deduction is a good idea;
  • 59 - 30 percent that eliminating the deduction for state and local income taxes is a bad idea;
  • 48 - 43 percent that eliminating the estate tax is a good idea.
"The sentiment from voters: The GOP tax plan is a great idea, if you are rich. Otherwise, you're out of luck," Malloy said.
If we revisit the 538 piece we find a graphic which clears shows such tax cuts are not popular and the cuts actually do not provide political leverage of pushing for such cuts.  

The GOP’s tax bill is historically unpopular

1981GallupReagan tax cut I51%26%+25
2001HarrisW. Bush tax cut I4937+12
2010ABC/WaPoExtending Bush tax cuts I5442+12
2013ABC/WaPoExtending Bush tax cuts II4538+7
2003HarrisW. Bush tax cut II4539+6
1986CBS/NYTReagan tax cut II3834+4
1993GallupClinton tax hike3444-10
1990Voter News ServiceH.W. Bush tax hike4152-11
2017November average*Trump tax cut3246-14

*Average of surveys by CNN, Quinnipiac University, Morning Consult, ABC/WaPo and YouGov. 
Note: The polls included in this table used different question wording, including variations on “support,” “approve” and “favor,” as well as “oppose” “disapprove” and “vote down.”

Alas, the GOP doesn't give a damn about public sentiment. Is there a surprise there? In 2014 data indicates the majority of members of Congress (House and Senate) are millionaires.


The Center for Responsive Politics analyzed the personal financial disclosure data from 2012 of the 534 current members of Congress and found that, for the first time, more than half had an average net worth of $1 million or more: 268 to be exact, up from 257 the year earlier.Jan 9, 2014
The wealthy benefit from any GOP tax plan for the first moment of presidential signature.  Do we have yet another case of millionaires left in charge of boatloads of unguarded money?

Thursday, November 30, 2017

Trump's "Believe Me" (Don't Do It)

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Notice the empty seats in the image below.  Ah, a Trump reality TV optic! An optic set to show the stark reality (and hopeful scorn) of Democrat party leadership refusing to attend a Trump Tax Plan meeting.

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Earlier in the day Trump laced his morning tweets with this disparaging remarks about the Democrat Party congressional leadership.

More theatrics. 
So much for theatrics and Paleozoic Era McConnell lies. The Kentucky Senator and Senate Majority Leader doesn't even realize nor recognize that everything he states in public becomes are matter of electronic archive and tools for social media. Let's move to a few items related to the GOP's Tax increase bill.

It is important to stay in touch with Trump's rhetoric about "believe me."

Lawrence O'Donnell, The Last Word

Americans beware....."believe me."

Friday, September 29, 2017

Trump's Tax Plan: Trickle Down On Steroids

What follows is a quick hit image from a piece from VOX dot com. 

If you are open to a tax plan from the ideology of Trump, the desk of Paul Ryan and in the spirit of Ronald Reagan's Tax plans coupled with chronic inclinations towards Ayn Randism, you will love what the GOP is advancing towards both Houses of Congress.

One of three article graphics.
Distribution of the Big Six Framework

Here is the link to the Vox piece. StumbleUpon

Wednesday, April 26, 2017

Trump Tax Plan? Trickle-Down Again (Video)

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Pacific Standard Mag

The IMF Confirms That ‘Trickle-Down’ Economics Is, Indeed, a Joke

Like, a literal joke.

“money was all appropriated for the top in the hopes it would trickle down to the needy.”
American humorist Will Rogers, who mocked President Herbert Hoover’s Depression-era recovery efforts, saying that “money was all appropriated for the top in the hopes it would trickle down to the needy.” 
At the center of Reagan’s economic doctrine was the idea that economic gains primarily benefiting the wealthy — investors, businesses, entrepreneurs, and the like — will “trickle-down” to poorer members of society, creating new opportunities for the economically disadvantaged to attain a better standard of living. Prosperity for the rich leads to prosperity for all, the logic goes, so let’s hurry up with those tax cuts already.....
Read More (Linked above)

This past January the nation embarked on a tightrope experience of Trump as the 45th President of the nation.  In addition to many promises which equal the carnival barking lies of any cheap traveling carnival, he focused on a couple of promises which carry real danger for the nation. One such promise was the tried and failed Republican paradigm of promulgating tax policies which without question favor wealthy Americans and corporations. While many suspected the worse in a Trump tax plan, It appears Trump and his economic ministers have surprised even their cohorts among the GOP members of Congress.

As Trump was being inaugurated, a few social media and print media sources published articles based on their knowledge of Trump's spoken components of a tax reduction plan. One consideration is certain. I don't believe anyone forecast Trump proposing a tax rate of 15% for taxpayers and corporations.

January 2017

Janaury 2017 Center For Budget Policy Priorities

Trump Tax Plan Gives Big Tax Cut to the Top

House Republican "Better Way" Tax Plan Gives Big Tax Cut to the Top
Ugly, eh? 

Three months later and with Trump's cherish 100-day barometer, Trump has released his tax plan.  Yet, he hasn't released his past taxes for pubic review as has all presidents (back) through Richard Nixon.

Well, here it is (see video below). Trump's tax plan and I will wager not one surprise for those who don't trust Republicans with the US economy. I will also wager there is no surprise Trump's tax plan offers a form of neo-Trickle down (Supply Side) policy which favors the wealthy tax proposal provisions. What should surprise is the audacity to propose such reduced tax rates at a time when it seems Trump is chopping at the bits to engage US forces in wars? Do you recall The George W. Bush Great Recession formula for wrecking the US economy (after Bill Clinton)? The formula was:
1. reduced financial regulation. (Clinton and Bush): Sub-Prime Bubble
2. major tax cuts.
3. two Bush wars. 
The economic world changed as the Bush Bubble came falling down like Bush in the stands at the China Olympics (totally inebriated).

Trump's economic ministers

For those who abstained for viewing the 28-minute video, Kevin Drum developed a piece for Mother Jones with a basic (non-detailed) opinion review. No one has complete details of Trump's tax plan but Drum captured enough of the plan for validation of another trickle-down on steroids plan.

Trump Tax Plan Unveiled
There's a little more than you see in the tweet above:
Three tax brackets instead of seven. However, there's no telling how this affects taxes until Steve Mnuchin tells us where the cutoff points are.
Doubles the personal exemption from $12,000 to $24,000. This will help middle-class families, but it's a little hard to know how much it will help them until we get details on....
Elimination of itemized deductions. Which ones? All of them? Good luck with that. But you can be sure that one of the targets will be the deduction for state income taxes, since that mostly benefits the hated blue states of California and New York.
Elimination of the estate tax. A huge boon for the super-duper rich.
Elimination of the AMT. A huge boon for the rich.
Elimination of Obamacare's 3.8 percent tax on investment. A huge boon for the rich.
Reduce business tax rate to 15 percent. A huge boon for corporations and the rich, especially those with income from pass-through businesses. Apparently Mnuchin doesn't care that Senate rules make this almost literally unpassable.
Tax repatriation holiday. A huge boon for corporations and the rich.
Territorial taxation system for corporations. There's no telling what effect this would have. There are good territorial systems and bad ones. It's all in the details—though it's a pretty good guess that Trump will opt for one of the bad ones.
The driving force behind this appears to be Trump's desire to call this the biggest tax cut in American history. 

As one would expect, CNN loaded its afternoon programming with enough panel members to embarrass an Arkansas farmers chicken coup Another expectation would find a discredited Right Wing economic shill, Steven Moore, sitting on the panel ready to spew GOP talking points (AKA political bull crap). The session ended with another economic contributor taking Moore's Trump facilitation to task. Link.

MMFA on Moore and CNN's poor decision to place him on their shows.

The man is a class facilitator of bad economics.

MSNBC's AIi Velshi also devoted air time to a Republican carry a pail of Trump B/S.  Link.

I digress...back to Trump's tax plan.

We have a president sitting atop a party (while occupying the White House) who has never shown a propensity for caring about Americans who earn less than millions per year. He has surrounded himself with both billionaires (certain advisers and cabinet members) who can't fathom life in America without a country club membership. Actually, I would be surprised if joining Trump's Cabinet came with a prerequisite for membership at Mar-A-Lago.

If you believe Trump and company will propose a tax plan which will be fair and equitable across the economic income strata, you are a Trump enabler.

Thursday, July 19, 2012

Left Hemisphere folks who love charts..this ones for you...

Ezra Klein is one of the most accurate and reliable political experts. His ability to assimilate information from large swathes of data is virtually unmatched by professionals employed by a major newspaper and Internet publishing organization.  Klein and his team of analyst offer more than deep analysis of data. They take data and report findings, posit on issues, or provide punditry (from a progressive perspective).  

This afternoon Klein WONKLBLOG includes another look at a comparison of President Obama's tax plan and GOP Candidate Romney's tax plan.

I will admit to failing to completely follow deep data analysis, as I am almost an exclusive user of my Right (Brain) Hemisphere. The following chart is an update from a previous review of the opponent's tax plans.  

After you glance at the two charts below, know that we have linked to the article for critical analysis (See link below).