Corporation Tax Reform.... worked?

[bave]

Opinion | Corporate Tax Reform Worked

Revenue is surging, exceeding what CBO and critics predicted.

www.wsj.com

Corporate Tax Reform Worked
Revenue is surging, exceeding what CBO and critics predicted.
By The Editorial BoardFollow
April 19, 2022 6:53 pm ET


Sen. Joe Manchin

Democrats are still looking to raise $1.6 trillion in new taxes this year, and even Joe Manchin says he’d support a corporate tax increase. The West Virginia Senator might reconsider if he looks at the actual revenue results of the 2017 tax reform that cut corporate tax rates. Reform has been a winner for the economy and federal tax coffers.

Remember the claims during the 2017 tax debate that reform would drain the Treasury, especially the cut in the corporate income tax rate to 21% from 35%? Corporate revenue was supposed to fall to historic lows as a share of the economy. Big business supposedly got a windfall and government was robbed.

It hasn’t turned out that way. Corporate tax revenue declined in the immediate wake of reform as the rates fell. But the big news now is that more corporate tax revenue is flowing into the Treasury at record levels even with the lower rate.

 

[highroller]

Deficit spending does wonders for an economy in the short term

Once again here’s the right wing saying that deficits don’t matter

If you had cut future spending to match your tax decreases then I wouldn’t have an issue. Then when you have more money coming in you can start allocating it to what needs to be provided for by the government.

 

[HangLow]

Opinion | Corporate Tax Reform Worked

Revenue is surging, exceeding what CBO and critics predicted.

www.wsj.com

Corporate Tax Reform Worked
Revenue is surging, exceeding what CBO and critics predicted.
By The Editorial BoardFollow
April 19, 2022 6:53 pm ET


Sen. Joe Manchin

​

 

[Jay59]

Opinion | Corporate Tax Reform Worked

Revenue is surging, exceeding what CBO and critics predicted.

www.wsj.com

Corporate Tax Reform Worked
Revenue is surging, exceeding what CBO and critics predicted.
By The Editorial BoardFollow
April 19, 2022 6:53 pm ET

Sen. Joe Manchin

Well duh.

Making US-made goods cost less makes them easier to export. What a shocker.

Deficit spending does wonders for an economy in the short term

Not during inflation.

Once again here’s the right wing saying that deficits don’t matter

Wrong again. You are not doing well here.

If you had cut future spending to match your tax decreases then I wouldn’t have an issue.

This is out of left field. Who cares?

Then when you have more money coming in you can start allocating it to what needs to be provided for by the government.

You have no concept about what the 2017 tax law did, do you? Almost everything you said is completely off base.

 

[bave]

View attachment 67386788​

There is a dramatic difference between a marginal rate and an effective rate.

 

[HangLow]

There is a dramatic difference between
a marginal rate and an effective rate.

what do you think the difference is???
-peace

 

[bave]

what do you think the difference is???
-peace

There is no "think" on this, there is just the effective rate and the marginal rate. The US has never had anything remotely close to an effective rate.

 

[HangLow]

There is no "think" on this,
there is just the effective rate and the marginal rate.
The US has never had anything remotely close to an effective rate.

I'll just leave you with your thoughts...
I have no idea how you got to marginal and effective tax rates...
My post never mentioned them... I have provided you with the difference below...
-peace and enjoy the weekend...

Effective tax rate:
This is a taxpayer's average tax rate, or what share of their total annual income they'll need to pay in taxes.
Marginal tax rate:
This is the amount of tax that applies to each additional level of income.

 

[NatMorton]

View attachment 67386788​

Our friends on the left seem genetically incapable of distinguishing statutory and effective tax rates. At no point were companies or individuals ever paying a 70% effective income tax.

 

[NatMorton]

A quick refresher on how the left leaning press covered this tax cuts back in 2017:

Why tax cuts don’t “pay for themselves,” cartoonsplained​

Trump's tax plan is based in this philosophy.
By Alvin Chang@alv9nalvin@vox.com May 23, 2017, 10:20am EDT

​

Donald Trump’s new budget proposal includes a massive amount of tax cuts. His Treasury secretary, Steven Mnuchin, defended a version of this proposal a few weeks ago, saying what many Republicans before him have said: "The [tax cuts] will pay for itself with growth.”

In other words, he's saying that cutting taxes will actually allow the government to collect so much more in taxes that it will offset what was lost via cuts. (The White House is projecting 3 percent growth, which is quite unlikely.)
Critics, including Paul Krugman and George H.W. Bush, have called this "voodoo economics.”
So what's going on here? It comes down to something called "dynamic scoring."

It's a fancy term for taking a policy proposal and predicting the future outcome — but also accounting for how people will react to the changes. The idea of dynamic scoring, in itself, isn't bad. But it's been used to argue that tax cuts actually create enough tax revenue to, well, pay for itself.

Source: https://www.vox.com/policy-and-politics/2017/5/23/15593974/trump-tax-cut-dynamic-scoring-cartoon

FWIW.

 

[HangLow]

Our friends on the left seem genetically incapable of distinguishing statutory and effective tax rates.
At no point were companies or individuals ever paying a 70% effective income tax.

Attention rePuke....
Please identify in my post, where I used the words 'effective'...
-peace / a couple of dotards retards... I give up...