Wednesday, November 1, 2017
Bad time for massive tax cuts
Being the rich one pay less taxes they pay less than the nine others.
"Currently, the richest 1% hold about 38% of all privately held wealth in the
United States. while the bottom 90% held 73% of all debt. According to
The New York Times, the richest 1 percent in the United States now own
more wealth than the bottom 90 percent."
The nine others has to hold the debt of the others as the bill comes
with taxes that helps pay for food stamps and the things the poor uses as
the rich guy does not use food stamps. Oh what ever the poor others decide
it's not worth it so they stop going to the bar thus closing the bar related
is all the other poor people that close all the other bars as they all deside
they don't make enough money for that and would be better to live within
their means! Low taxes is like low funding as the poor takes in more tax
help than they pay out in taxes. The poor getting a $0.05 raise every 3 years
is not matching inflation so the tax dollars has to be used!
"Adjusted for inflation, minimum wage is worth less than 50 years ago."
Low taxes? Why! This is not a good time. The poor takes in more tax help than they
pay out in taxes. Government funding is needed as low taxes is low funding making
the government run like a small town with no funding. Make nothing got nothing.
It's like having most people in town staying home on the weekend because of their
help being taken away! How does that help having businesses in town closing
from the lack of sales? The increase from low taxes is nominally passed on to the
stocks / investors not the workers!!!!!
Lowering taxes to bring businesses back in to America is simple minded.
As in Ford! "The decision not to build the plant in Mexico, where Ford had
planned to build the next generation Ford Focus, was scrapped because
“we’ve seen decreasing demand here in North America for small cars,
and we simply don’t need the capacity anymore,” Fields said on
Fox Business News. Instead, he said, Ford will build it in an
existing facility in Mexico."
And businesses coming back for people that don't have the job skills
is a issue many businesses have! Low pay at work the jobs not worth the low pay.
Job Skills takes education and that takes money. The money comes first then
the education with such a divide in wealth!
Might we think about this?!
~~~~~Given how healthy the economy is, some economists are mystified over Trump's urgent push for tax cuts that are likely to be paid for by adding to America's mountain of debt.
"No other president in modern economic history has tried to do this," said Chris Rupkey, chief financial economist at MUFG Union Bank. "It just seems completely unnecessary. With unemployment at 4.2%, why on earth would we try to stimulate the economy?"
Normally, presidents ask Congress for deficit-financed tax cuts when the economy is weak. That's what President Obama did in 2009 during the Great Recession, and President George W. Bush did the same after the 2001 downturn.
"This is kind of an odd time to get fiscal stimulus. It's not like we're in a recession, or coming out of one," said Gus Faucher, chief economist at PNC.
Here's the problem: There will be another recession, eventually. And spending heavily to slash the corporate tax rate to 20% from 35% today could leave Congress with fewer options to tackle the next downturn. The current economic expansion is already the second-longest ever.
Noted in Kansas pointing in Oklahoma in the lack of funding!