Tag Archives: Tax cuts

Trump tweets before meeting with Dem’s….’I don’t see a deal’….

Donald Trump will sit down with the top leaders of the House and Senate in an hour or so to try work out a way to go forward with his and Republicans tax cut and immigration, while signing off on budget for next year….They ‘technically’ have until Dec 8 to get this done….But Congress isn’t good at deadlines….

Trump wants a tax give away for rich people…Democrats don’t….

Trump wants Southern Border Wall money….Democrats and Republicans don’t…

Democrats are now saying they will move to withold their votes unless something is done for Dreamers, who where promised a stay in this country by Democratic and Republicans up until Trump and his chief of staff John Kelly arrived in the White House….

Image result for schumer/trump/pelosi

Caution….

Donald Trump has STILL NOT made one major ‘deal’ since he got his present day job….

Oh, and he doesn’t have the votes right now for his tax give aways….

And?

He needs the Democrats…

President Trump on Tuesday cast doubt on Washington’s ability to avoid a government shutdown, writing on Twitter that he didn’t believe a deal could be reached with Democrats.

The tweet came hours before Trump is to meet at the White House with GOP congressional leaders as well as Senate Minority Leader Charles Schumer (D-N.Y.) and House Minority Leader Nancy Pelosi (D-Calif.).

“Meeting with “Chuck and Nancy” today about keeping government open and working,” Trump tweeted.

“Problem is they want illegal immigrants flooding into our Country unchecked, are weak on Crime and want to substantially RAISE Taxes. I don’t see a deal!”…

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Note….

Every-time he THINKS he has a deal with Democrats?

The Republicans get pissed and scold him to ask for more, thus wrecking anything he thought he had…

image..abcnews.go.com

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Republicans do NOIT have the votes on a tax cut for the rich…

There IS a good chance that the Trump and the Republicans could see their tax cut efforts for the rich and companies go the same way as the healthcare repeal efforts…

Down….

Tax  the poor and middle class and give to the RICH.’!…

Steven Mnuchin (left) and Gary Cohn are pictured here. | Getty Images

Politico does a piece on the rich Trump guys who are fronting the sell out to their fellow rich. guys..

“If you asked us to put together a photo shoot to show this is a taxpayer-funded giveaway to millionaires and billionaires, I don’t think we could do a better job of this,” said Tim Hogan, a spokesman for the anti-tax reform activist group Not One Penny. The group made a Facebook ad featuring the photograph that it says led to thousands of calls to lawmakers from constituents, telling members to vote “no” on the tax bill.

Mnuchin’s money shot underscored the awkwardness for the White House of selecting multi-millionaires as the principal salesmen for a tax bill it claims will boost workers’ wages and cut taxes for the average middle-class family. Mnuchin, along with fellow Goldman Sachs alum Gary Cohn, have consistently fumbled that pitch, in part due to their own backgrounds, said both Democrats and Republicans watching the effort.

While the House passed the bill earlier this month, Republicans who see final passage as a make-or-break moment for the party are worried about potential turbulence in the Senate, which is expected to vote on its own version this week.

Six Senate Republicans are still withholding their support for the tax cut package — enough to tank it — and others in the party said they don’t want the difference-maker to be a lack of good messengers from the White House. And so far, the pitches don’t appear to be helping. A recent Quinnipiac University Poll found that 52 percent of voters oppose the GOP tax plans, and only 25 percent support them.

“If this thing does fall all apart on the shoals,” said one former top Hill aide, “maybe the difference is the lack of good messengers. On a nailbiter, you don’t want any margin of error.”…..

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image of Secretary of the Treasury Steven Mnuchin (left) listens as Director of the National Economic Council Gary Cohn speaks during a meeting with members of the Senate Finance Committee on Nov. 9, 2017. ……| Alex Wong/Getty Images

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Warning…Tax cuts for the Middle Class expire a few years in the proposed tax cut bill…

The cuts for the rich and corporations mostly do not….

If there is just 3 GOP Senators against the tax bill ?

It’s a goner…

Congressional Republicans have implanted nearly 50 expiring provisions in their tax-cut bills that, if left unaddressed, would transform what Republicans promised would be middle-class tax relief into a law that raises taxes for tens of millions of Americans.

More than 80 percent of the tax breaks set to go away would be taken from households. The perks for corporations are generally permanent, including the biggest single benefit in the bill: a permanent reduction of the corporate tax rate from 35 percent to 20 percent.

Democrats have accused the GOP of offering only illusory benefits for families, but White House and Republican leaders in recent days have repeatedly insisted that lawmakers in future sessions of Congress would extend the cuts or make them permanent. Future lawmakers, they argue, would be unwilling to let large-scale tax increases targeting the middle class take effect.

“We have a lot of confidence that Congress will do the right thing,” Treasury Secretary Steven Mnuchin told Fox News. “And, again, the priority for the moment is middle-income tax cuts.”

But in Congress’s current polarized state, no congressional action can be guaranteed, even if both parties agree on its merits. And if Congress were to let the cuts expire, the total bills aimed at individuals would be massive.

The issue, since it came to light a week ago, is causing consternation with Sen. Jeff Flake (R-Ariz.), who thinks the party has designed the bill to get around Senate rules but in a way that could add much more to nation’s debt in the future.

Because of these concerns, Flake told Fox News Radio on Wednesday that he is undecided on whether he will support the bill….

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The House narrowly passes a 2018 Budget PLAN….

The vote was 216 to 212…..

New York, New Jersey and California REPUBLICAN House memebers voted AGAINST the outline of what a possible final budget would end up being….

Why?

Because in the plan’s tax cut part?

People in those states would LOSE tax advantages and the budget would actually INCREASE the nations budget deficit by as much as $2  TRILLON. over the next 10 years…

To say the whole thing is crazyily unbalanced  is a understatement ….

The final product is unlikely to look anything like what they voted on today….

The Republican ‘s now will have to try to CUT hundreds of billions from programs benefiting poor and middel class Americans to give to the rich 1% and their businesses…

Final approval of the budget measure clears the way for House leaders to unveil their tax plan next Wednesday, with a formal bill drafting expected by mid-November. The high-stakes legislative sprint could affect households in every state and businesses in every industry, with enormous political consequences for President Trump and Republicans in Congress.

The budget measure would allow for a tax bill that adds as much as $1.5 trillion to federal deficits over a decade, at a time when the federal government is already piling up more and more debt, which has now topped $20 trillion. The deficit for the 2017 fiscal year, which ended Sept. 30, totaled $666 billion, an increase of $80 billion from the previous year.

The outline of a tax plan unveiled in September would cut the corporate income tax rate to 20 percent, from 35 percent, collapse individual income tax brackets from seven to three, with tax rates of 12 percent, 25 percent and 35 percent, and double the standard deduction to $12,000 for individuals and to $24,000 for married couples filing jointly. But the hardest decisions on how to mitigate the costs of the proposal have yet to be made.

The blueprint, as unveiled, would cost the Treasury more than $2 trillion over a decade, according to estimates by tax-writing experts. Now Congress must now find a way to force those proposals into a $1.5 trillion budget hole.

Disagreements on how to do that have begun spilling into public view. In addition to the dispute over the deduction for state and local taxes, Mr. Trump and the House’s chief tax writer, Representative Kevin Brady of Texas, have collided over the issue of retirement savings, another delicate issue.

Republicans hope that by the end of the year, they will be able to deliver to Mr. Trump the first significant revamping of the tax code since the Reagan administration, a feat that would show that unified Republican government can take on a big challenge and produce success.

But overhauling the tax code is an exceedingly difficult task, as evidenced by the decades that have passed since it was last achieved….

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Please NOTE….

Republicans are using the same procedure, called reconciliation, to avoid having to win the eight Democratic votes they would likely need to pass the bill with a 60-vote super-majority in the 100-member Senate. Reconciliation is a procedural mechanism originally intended to quickly clean up minor differences in the spending plans proposed by the Senate and the House by setting aside rules that slow the process. Lawmakers quickly learned that, with carefully written legislation, they could also move controversial legislation, like massive tax cuts or an overhaul of the health-care system, through reconciliation.

Didn’t the attempts to repeal health care with reconciliation fail?

Indeed they did. Republicans only have a two-vote margin in the Senate (effectively three, if you include vice president Mike Pence’s ability to cast the tie-breaking vote). If they lose just three votes, they still can’t pass anything. It’s possible the same thing will happen with this tax bill—except that cutting taxes is a far easier sell to Republicans, of course. It’s why they put up with Donald Trump….

What’s left to find out?

Everything, really. Like most preliminary documents, both the unified framework and the budget resolution kick the most critical decisions down the road. Republicans face a tightrope wire between who benefits from the tax cuts, and how much of the cuts get paid for versus how much the public will borrow. The more debt in the plan, the harder it will be to win critical votes in the Senate. But paying for the tax cuts by reducing loopholes—such as the deductions for state and local taxes, charitable giving or retirement savings—could alienate lawmakers whose constituents benefit. It’s a very difficult line to walk…

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Donald Trrump, as usual, is all over the place on a Tax Bill….

It has been passed around that Donald Trump’s memory is so bad that you can only count on what the last person to see him ?….Tells him…..

Back before he got his day job at 1600 Pennsylvania Ave?…..When his OWN lawyers sat down to discuss legal stuff with him ?…There had to be TWO present so Trump could ‘change his mind’ on what was said to him and what he made up….

While people in the media make up all these clever reasons for Trump trying to work ‘deals’?

It appears that isn’t the case…..

Donald J. Trump really IS ALL OVER THE PLACE….

He has no ideology…

He has to repeat to Republicans that he’s one of them and often says one thing that might make Democrats happy, only to backtrack when his adopted party people voice displeasure at his utterances….

This has been the case in just about EVERYTHING the guy says out loud….

Republicans law makers admit in private what Sen. Bob Corker and Sec of State Rex Tillerson have said in public…..

The President of the United States doesn’t know what he doing…..

The problem is a LOT of Republicans supporters (Hardly anyone else) don’t care if their guy doesn’t have a strong grip on reality….

He’s THEIR Guy…..

So we have a point in time right now where his party people in the Senate and House say they want to do one thing?….And Donald Trump says another….

This isn’t a deliberate want to create chaos …..

One has to conclude that Trump talks to different people or reads something online and just changes direction…..

As with Healthcare ?

Trump’s odds of passing a tax cut bill may never cross the finish line because as usual?

A big problem is Republicans themselves are SOOOOO desperate to get a mjor piece of legislation done on their cmapiagn promise to cut taxes that they rushing around throwing things up in the air that they want to do….Most of their cuts will be impossible to get political support from Trump and other Republicans who are running next year in the midterm elections….

Just about EVERYTHING he touches?

Turns to SHIT.….

Now Republican negotiators are looking at cutting back on many of the deductions families and businesses use to limit their taxes to offset the lower rates, but Republicans and the White House are under pressure to back away from some of the demands.

One of the changes Republicans had floated was simplifying the tax benefits tied to retirement benefits, fueling concerns that they could make changes to 401(k) plans. Americans are allowed to contribute up to $18,000 pretax into their 401(k) plans each year as a way to incentivize saving for retirement. Lowering that pretax threshold could raise more revenue but face a backlash from many Americans who use the accounts to save for retirement.

After several news reports in recent days saying the changes were possible, Trump weighed in on Monday and said no changes would occur. Now the tax writers must look for other areas where they can raise money, and their options appear to be dwindling.

“You are trying to stuff a $4 trillion or $5 trillion tax cut in a $1.5 trillion box,” said Steve Moore, who was one of President Trump’s top economic advisers during the 2016 campaign. “That means something has to give here.”

Senate rules will prevent Republicans from passing a tax bill with a simple majority if it adds to the deficit after 2027. Republicans have already promised not to jettison Americans’ ability to deduct their mortgage interest, charitable contributions, and now income for 401(k) contributions, limiting the number of other changes they could make to raise revenue….

Negotiators have run into huge problems sorting out several of the White House’s promises.

The biggest one is Trump’s insistence on lowering the rate for millions of businesses that pay taxes through the individual income side of the code….

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Trump’s corporate tax plan will add trillions to US debt….

Don’t Conservative Republicans believe in ‘balanced budget’s’?

Forget THAT….

In REALITY?

Most large American companies that Trump and Republican Speaker Ryan are trying to help tax wise?

DON NOT EVEN PAY TAXES NOW….

Giving them more breaks would cost the Government TRILLIONS of dollars in additional debt from what it has now….

Donald Trump’s plans to reduce the corporate tax rate from 35% to 20% will result in a revenue loss of $3tn to $7tn for the federal government over a decade and are unlikely to create the promised boom in jobs, according to a new report from the non-partisan Committee for a Responsible Federal Budget.

Trump and Paul Ryan, Speaker of the House of Representatives, have been pushing hard for the plan. The president travels to Missouri on Wednesday to promote the plan and Ryan has taken to the road to venues including Boeing’s headquarters, where Ryan pledged to make the cuts by the end of the year.

But the Washington thinktank found that the cuts were unnecessary as well as exorbitantly costly. The study looked at 92 publicly-traded corporations that reported consistent profitability between 2008 and 2015, and found that they already benefitted from low effective tax rates, paying less than 20% of that net income to the federal government in tax.

Ryan and Trump have argued that a lower tax burden will help create more jobs, but the study argues that these companies are already paying the lower level of taxes and have not created more jobs. In fact, while the total rate of job creation among the US private sector as a whole was 6%, these 92 companies saw a 1% decline in employment. They are creating jobs at a slower rate than the economy, in spite of having precisely this “Goldilocks” tax rate.

The report follows on from another by the Institute on Tax and Economic Policy, which studied 258 consistently profitable Fortune 500 companies and found that their effective tax rate was 21.2%. In at least one year, 100 paid paid no tax at all. From 2008 until 2015, 30 companies paid an effective rate of 6.9%, and eight paid almost nothing. Those in specific industries (retailing) fared significantly worse than others (utilities), while some companies (McDonald’s) paid vastly more than their rivals. It’s fair to say that the corporate tax code is a mess….

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Trump’s Tax plan due out tomorrow…

A Tax cut for EVERYBODY?

Sound familiar?

Trump will announce the proposed reforms at a press conference at Trump Tower in New York City.
“Essentially, the plan is a major tax reduction for almost all citizens and corporations, in particular, those in the middle and lower income classes,” the Trump campaign said in a statement.

“Likewise, a major beneficiary will be corporations and job producers, with an emphasis on businesses in the United States and bringing money back into the United States, which is locked in other countries (Corporate Inversion).”

Trump’s rivals for the GOP nomination have accused him of running on platitudes, rather than specific policy proposals….

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Jeb Bush…Tax cuts…And Knocking Wall Street…

A little something for everyone?

“It’s easy for politicians and academics to go on and on about this ‘new normal’ in America, and how we all might just have to get used to it. They talk as if it is the best our country can do, when in truth it is just the best the progressive liberals can do,” Bush said Wednesday, unveiling his plan in North Carolina.
“My plan works whether you’re on Main Street or Wall Street,” he added. “No special favors. No special breaks. Fixing the tax code will take constant attention and effort.”

Broadly speaking, Bush keeps the template from the last successful tax reform effort in 1986, proposing to roll back a number of tax breaks while lowering individual and corporate rates.

But while Bush falls in line with previous Republican proposals on tax reform, he also breaks from GOP orthodoxy in other key areas. Other Republican reformers have also challenged the long-standing GOP concentration on slashing tax rates, and urged the party to focus more on helping families….

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President Obama gets his groove on the State of the Union….

Better  Economy…..

Income inequity…..

What I did for the last 6 years…..

Good Times……

That’s what this Dog saw……

President Obama delivered a State of the Union address Tuesday night focused on helping the middle class, highlighting his tax proposals targeting the wealthy and big banks even as Republicans voiced opposition.

“Will we accept an economy where only a few of us do spectacularly well?’’ the president asked a joint session of Congress. “Or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort?”

“That’s what middle-class economics is — the idea that this country does best when everyone gets their fair shot, everyone does their fair share, and everyone plays by the same set of rules,” Obama said in a reprise of one of the key themes that animated his reelection campaign in 2012.

In a wide-ranging address, the president called for tax reform that eliminates corporate-friendly loopholes, highlighted his earlier proposal for free community college and delivered a forceful zinger aimed at conservatives and other critics of his plans to tackle global warming.

The Washington Post looks back at some of the top issues of 2014…..

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The American Economy HAS improved DESPITE the Republicans….

Remember when THEY wanted to cut the balls out of Government, Unions and Everything ELSE EXCEPT Defense Spending?

Remember how they said the Healthcare Law would make the Economy WORST?

Remember when President Obama was the Bad Guy?

attribution: CBPP/Perrspectives

As 2014 comes to a close, the American economy is finally starting to take off. The U.S. gross domestic product (GDP) surged by five percent in the third quarter, the best performance since 2003. Employers hired 321,000 more workers in November, marking the 57th consecutive month of private sector job gains. With unemployment down to 5.8 percent, long-stagnant wages are now showing signs of edging up. Plummeting gas prices and record stock prices are putting more money in Americans’ pockets and bank accounts. Meanwhile, federal tax revenues have exceeded forecasts even as spending is flat (as it has been throughout the Obama presidency), resulting in shrinking deficits. It’s no wonder consumer confidence is at its highest level in seven years.But with Barack Obama’s approval numbers on the upswing, the new Republican majorities in the House and Senate have a simple message for the president and his Democratic allies: Nice economy you have there; it would be a shame if anything happened to it.

That’s right. With their toxic combination of bad budgeting, bad math and bad faith, Republicans are once again threatening to cripple the federal government and derail the American economy in 2015 in three different ways…..

For an in-depth look at this...Here.….

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Senator’s want the tax on small Beer breweries cut….

The call for the tax cut has bipartisan support……

collins 156 042413 445x292 Craft Beers Overtaxed, Senators Say

(Bill Clark/CQ Roll Call File Photo)

Eighteen senators want to encourage drinking craft beer. They’re touting new legislation to slash the excise tax on beer produced by smaller breweries.

The bipartisan group, led by Maryland Democrat Benjamin L. Cardin and Maine Republican Susan Collins, wants to cut the excise tax in half, to $3.50 a barrel, on the first 60,000 barrels of beer. Other taxes would also be reduced.

“Maine is home to dozens of unique craft breweries and brewpubs that invigorate our economy by providing more than 1,000 jobs and drawing countless tourists into our state,” Collins said in a statement.

Senate Democratic Conference Vice Chairman Charles E. Schumer is among those backing the effort. He has no shortage of breweries in New York. In a statement, he alluded to some communities in parts of the state that have faced prolonged losses of manufacturing jobs.

“Small breweries throughout Upstate New York not only brew great beer, they also pour jobs into communities across the country,” Schumer said, deploying a pun.

“Craft breweries are the crown jewels of so many of our communities, and often set up shop in vacant buildings and warehouses and revitalize downtowns across the country. By cutting taxes for these small breweries, we can help put more money back into their businesses and brew further economic development and growth,” he added.

Source….

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Daily Manila….Because if you never raise taxes in a recession……

Some economic experts are saying this summer will be dreadful.

They are probably shorting the market.

Cause Obama is going bye, bye.

And everyone knows it.

You cannot ask for a tax increase of any kind

When you do not have your own party behind it.

Because if he had his own party behind him

The Bush Tax cut would be history.

Hitler at Dunkirk.

This is what his decision reminds me of now.

Letting the British Army or in this case the “1%” get away.

When taking them prisoner

works wonders.

Obama lost the Presidency the day he agreed to renew the cut.

That’s how it will play out.

Because if you never raise taxes in a recession.

Why get out of a recession?

Etch a Sketch that one!

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Cutting the Budget by cutting Social Programs isn’t gonna work….But it IS going grow the ‘hidden economy’

The Ryan Budget plan from the Republican’s in the House has NO chance of passing…

That’s good….

Because cutting Social Programs for the poor and the elderly to keep Rich people NOT paying their fair share isn’t gonna get it either…..

There IS something basically wrong that us middle class American’s pay MORE taxes than people who earn ten times our salaries or more…..

And there is more wrong with taxes people who are struggling losing benefits for the rich to have more also…

The bottom line is folks……

You keep charging more against middle and lower class people….

They will keep dropping off the grid and figuring out ways to hide their income and their lives…..

It’s THAT simple…

It’s the GOP that is growing the ‘hidden economy’…..

The Republicans have a problem: Their budget promises don’t add up. They’ve committed to new tax cuts. They’ve proposed spending more on defense. They’ve promised they won’t change retirement programs for the current generation of seniors. But they’ve also promised to cut the deficit, and fast.

That’s left them with one option: deep cuts to programs for the poor. That’s what you see in House Budget Committee Chairman Paul Ryan’s budget. It’s the basis for the Romney budget. It’s what Newt Gingrich, Ron Paul and Rick Santorum have proposed. But there’s a problem with that, too. Cutting programs for the poor isn’t popular. So Republicans have come up with a solution: Don’t call them “cuts.” Sell them as “reforms,” “repairs,” or “fixes.

The Ryan budget’s section on these cuts is titled “Repairing the Social Safety Net.” It explains that “the welfare reforms of the 1990s, despite their success, were never extended beyond cash welfare to other means-tested programs.” It proposes to extend the welfare reform model to Medicaid, food stamps and other unnamed “low-income assistance programs.”

Romney’s proposal is almost identical. “Welfare reform showed us how well a state-led approach can work,” he said in Detroit. “Let’s extend that conservative, small-government philosophy across the entire social safety net.” In addition to Medicaid and food stamps, he also mentions “housing subsidies and job training.”

What we tend to think of as “welfare reform” includes a few distinct components. One is turning the funds for the program over to the states, called “block granting.” Another is adding requirements that beneficiaries look for work.

Romney and Ryan’s plans focus on block granting. But you can’t go to the Congressional Budget Office, say you’re going to ask states to spend money on your behalf, and walk out with a prize for deficit reduction. So in the Romney and Ryan proposals, the grants to states would grow much more slowly than the programs’ projected costs. Medicaid, for instance, would see its budget increase at the rate of inflation, not at the rate of health-care costs. The question is whether these programs can spend much less without hurting the people who depend on them.

That’s where welfare reform comes in. Conservatives see it as an example of a social-policy reform that worked. By moving beneficiaries from the dole to the workforce, the government saved money and, in breaking a “culture of dependency,” helped welfare’s beneficiaries achieve self-sufficiency. Few were hurt, many were helped.

And in the ’90s, during a strong, tight economy, there’s a good argument that welfare reform did work to push beneficiaries into a labor market that wanted them Win-win.

But the more recent evidence isn’t as good…..

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The fallacy that tax cuts stimulate economies…kos…..

NY City parents and education advocates urge a progressive tax on New York’s richest in order to avert proposed cuts and layoffs close to 4,700 New York City school teachers (Mike Segar / Reuters)

No one could’ve predicted

The tax cuts were supposed to stimulate Ohio’s economy and create jobs. But that never happened once the economy tanked. Instead, the changes ended up costing Ohio more than $2 billion a year in lost tax revenue; money that would go a long way toward closing the state’s $8 billion budget gap for fiscal year 2012 […]Across the country, taxpayers jarred by cuts to government jobs and services are reassessing the risks and costs of a variety of tax reductions, exemptions and credits, and the ideology that drives them. States cut taxes in hopes of spurring economic growth, but in state after state, it hasn’t worked […]

A 2008 study by Arizona State University found that that state’s structural deficits could be traced to 15 years of tax cuts, mainly income-tax reductions that “were not matched by spending cuts of a commensurate size.”

In Texas, which faces a $27 billion budget deficit over the next two years, about one-third of the shortage stems from a 2006 property tax reduction that was linked to an underperforming business tax.

In Louisiana, lawmakers essentially passed the largest tax cut in state history by rolling back an income-tax hike for high earners in 2007 and again in 2008.

Without those tax reductions, Louisiana wouldn’t have had a budget deficit in fiscal year 2010, the 2011 deficit would’ve been 50 percent less and the 2012 deficit of $1.6 billion would be reduced by about one-third.

While states have destroyed themselves gifting money to their richest, don’t forget George W. Bush’s contributions at the national level:

Deficit chart

There is no evidence that perpetual tax cuts stimulate any economies. Instead, GOP-fueled cuts end up decimating the kinds of assets that do attract businesses — an educated workforce, infrastructure, and quality of life features (like parks and cultural facilities) that attract top talent. There’s a reason that places like NYC and the SF Bay Area continue to attract new businesses despite their high taxes. A top-notch business environment costs money to maintain.

Republicans cut taxes in pursuit of their magical pony, decimating state budgets as they prattle on about “fiscal responsibility”. The end result? Red ink as far as the eye can see, and economies further in the gutter……

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Forget it!….At these Gas and Oil Prices get rid of these companies subsidies…They’re making enough damn money!….

I’m with the Democrats on this…..

Cut these comapnies off from the subsidies…

They don’t need them…

They have to be making a killing right now with these crazy high energy prices….

 

But you know…

It’ll never happen, right?

Barton: Govt Subsidies Necessary To Keep Exxon From Going Out Of Business

Rep. Joe Barton (R-TX)

 

Check out this interview of Rep. Joe Barton (R-TX) — he of apologizing to BP fame — by ABC on Wednesday. Pressed repeatedly by Jon Karl to stake out a position on tax credits enjoyed by offshore oil companies, Barton argued that the subsidies represent equal treatment, and are required to keep the companies like Exxon-Mobil from going out of business.

“Over time if you put so many disincentives against any U.S. manufacturing or production company, or oil and gas exploration company, they’ll go out of business,” Barton said.

 

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Want to balance the budget?….Tax the rich….Add Jobs….GROW THE ECONOMY…

Simple isn’t it?

Someone clue the GOP in willya?…..

I’ve been preaching this …..

Cut the tax cuts for those over $500,000…

Help small business owners create jobs ….

You do that by leaving the Fed alone and growing the economy……

You do that by selectively adding money to the system….SLOWLY…

Exactly what the Fed is doing…..

***

As late as 1998, the Congressional Budget Office was predicting a deficit for 1999. In fact, Washington ran its biggest surplus in five decades.

What happened? Above all, economic growth. And that may be a big part of the answer to our current problems.

Yes, the government became more fiscally conservative in the 1990s. Both President George H. W. Bush (who doesn’t get enough credit) and President Bill Clinton, working with Congress, raised taxes to attack the 1980s deficits.

But those tax increases were the second most important reason for the surpluses that followed. The most important was the fact that the economy grew more rapidly than expected. The faster growth pushed up incomes and caused more tax revenue to flow into the Treasury.

Today’s looming deficits are almost surely too large to be closed exclusively with growth. The baby boom generation is too big, and the rise in Medicare costs continues to be too steep. Yet growth could still make an enormous difference.

If the economy grew one half of a percentage point faster than forecast each year over the next two decades — no easy feat, to be fair — the country would have to do roughly 40 to 50 percent less deficit-cutting than it now appears, based on my reading of budget data from the economists Alan Auerbach and William Gale.

To get a concrete sense for what this would mean, you can play around with the The Times’s online deficit puzzle. It asks you to find almost $1.4 trillion in annual spending cuts and tax increases by the year 2030. If growth were a half point faster than expected, the needed savings would instead drop to less than $700 billion. That would mean many fewer painful choices, be they tax increases or Medicare cuts.

So arguably the single best way to cut the deficit is to make sure that any deficit-cutting plan does not also cut economic growth. Ideally, it will lift growth.

There are two main ways to do so. First, we shouldn’t plunge ourselves back into another economic slump by raising taxes and cutting spending too quickly. President Franklin Roosevelt made that mistake in 1937, and this time (one hopes) the country won’t be able to rely on war mobilization spending to undo the error.

In the short term, we should actually spend more……

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And you don’t cut all the of the social safety net for the nation’s lower class…. like a lot of GOPer’s want to do…..

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