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Post by throttle on Aug 23, 2024 14:21:16 GMT -5
That's quite hilarious that the Secretary of Commerce claims not to have heard of the Bureau of Labor Statistics, and in the same exchange she accuses Trump of dishonesty. I'd certainly want to trust wealth redistribution to persons of her caliber... NOT!
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Post by luapnor on Aug 23, 2024 15:08:15 GMT -5
another DEI hire... no surprise.
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Post by conchydong on Aug 23, 2024 15:13:46 GMT -5
another DEI hire... no surprise. If Trump wins I will ask him to be the US Ambassador to the Bahamas. I am a minority sort of.
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Post by illinoisfisherman on Aug 23, 2024 15:57:13 GMT -5
Four more years of the democratic revolution and our country will be ruined
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Post by resinhead on Aug 23, 2024 21:01:40 GMT -5
It’s all good! Joy Joy Joy!
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Post by biminitwisted on Aug 24, 2024 0:16:30 GMT -5
It's over, MAGA chucklefucks can go back to Mordor.
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Post by johngalt on Aug 24, 2024 7:42:30 GMT -5
Do yourself a favor and understand what causes inflation. You won’t like it. 😉 I can list 5 or 6 actions that caused our last inflation increase...and yes trumps tax cut and trump and Bidens bailouts are among them. But the bailouts saved companies and jobs, so at least folks had jobs during the high inflation. Tax cuts cause inflation?😂😂 Spoken like a true government employee. If that’s the case a 100 percent tax rate would be utopia. 👍
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Post by olmucky on Aug 24, 2024 7:46:02 GMT -5
What do you mean when you say "fix it"? Do you mean prices coming down? That ain't gonna happen whether it's her or the Donald in office.
Do you mean slow the rate of inflation to the historical norm of 2-2.5%? That's actually happening right now, so if you say the Dems caused inflation, well, they also "fixed it".
I find it amusing that a group of people think the president is just going to tell every single company in this country that they must lower their prices. Low info voters who are rules by their emotions buy into that stuff
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Post by cadman on Aug 24, 2024 8:23:05 GMT -5
I can list 5 or 6 actions that caused our last inflation increase...and yes trumps tax cut and trump and Bidens bailouts are among them. But the bailouts saved companies and jobs, so at least folks had jobs during the high inflation. Tax cuts cause inflation?😂😂 Spoken like a true government employee. If that’s the case a 100 percent tax rate would be utopia. 👍 Without offsetting spending cuts, tax cuts can cause inflation by putting more money into the system. it will also increase the debt and deficit spending. Trump cut taxes and increased spending.
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Post by illinoisfisherman on Aug 24, 2024 9:18:54 GMT -5
😂🤣😂🤣😂🤣
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Post by luapnor on Aug 24, 2024 11:42:37 GMT -5
Tax cuts cause inflation?😂😂 Spoken like a true government employee. If that’s the case a 100 percent tax rate would be utopia. 👍 Without offsetting spending cuts, tax cuts can cause inflation by putting more money into the system. it will also increase the debt and deficit spending. Trump cut taxes and increased spending. Printing money causes inflation.
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Post by nuevowavo on Aug 24, 2024 13:44:44 GMT -5
Without offsetting spending cuts, tax cuts can cause inflation by putting more money into the system. it will also increase the debt and deficit spending. Trump cut taxes and increased spending. Printing money causes inflation.
Cutting taxes without cutting spending causes "printing money".
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Post by olmucky on Aug 26, 2024 8:41:54 GMT -5
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Post by cadman on Aug 26, 2024 10:06:10 GMT -5
What were the major changes in the Trump tax cut? I know the estimate for individual tax returns was very minor, something like $500 per return at the same income. So just looking at nothing but individual tax returns only tells part of the story. The big cuts were in corporate taxes with the theory that would drive more competition and lower prices. It certainly did not drive lower prices as the inflation of 2022 demonstrated. How did it affect tax revenue? In 2016 corporate tax revenue was $299 billion In 2017, the year Trump took office it was $297 billion In 2018, the first year of Trump's tax cut, Corporate tax revenue fell to $205 billion and prices increased 2%, no price reductions for consumers In 2019, corporate tax revenue was $230 billion and prices increased 2.3% In 2020 corporate tax revenue fell to $212 billion and prices increased 1.4% In the 3 years after Trump passed the tax cuts, the loss in corporate revenue was cut by $244 billion while those same corporations raised prices by 5.7%
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Post by cadman on Aug 26, 2024 10:25:19 GMT -5
I forgot to mention the other problem with just looking at what individual tax revenue was. How much was the revenue increase compared to previous years? With an economy already growing at 2.28% average per year for the previous 4 years, how much would those same tax returns be generated without a tax cut?
GDP was 2.71% in 2015 and 2.24% in 2017 before the tax cuts, building on the recovery since the Great Recession. GDP did increase to 2.95% in 2018, but it fell back to 2.24% in 2019 close to the normal growth rate.
So unless you take the normal 2.28% for the four years before Trump and increased revenue based on old tax rates and that GDP growth, you can not determine if the Trump tax cuts led to a revenue increase or decrease. The statisticians who argue the tax cuts decreased revenue argue we would have had more revenue growth and less deficit spending had Trump not cut taxes based on the average GDP growth before the tax cuts and the average GDP growth after the tax cuts.
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