A Quote by Judy Woodruff
They have two aspects. One is that they're unpredictable, and that often rich and more affluent households are slow to spend the funds. The other thing about tax cuts is that they're redistributive. So they tend, naturally, to benefit those who pay tax.
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What Mae West said about sex is true about taxes. All tax cuts are good tax cuts; even bad tax cuts are good tax cuts.
Trump himself stands to benefit dramatically from the tax cuts. One of the things they're cutting is the alternative minimum tax. Last time we have tax returns for him was in 2005, where he paid about $31 million because of the alternative minimum tax. He won't have to pay that, if this tax bill goes through. So, not only is he reordering our constitutional democracy, he is personally enriching himself - which is not new, because, of course, he's done it ever since he swore an oath to become president of the United States.
Research has shown that middle-income wage earners would benefit most from a large reduction in corporate tax rates. The corporate tax is not a rich-man's tax. Corporations don't even pay it. They just pass the tax on in terms of lower wages and benefits, higher consumer prices, and less stockholder value.
There is the general belief that the corporation income tax is a tax on the "rich" and on the "fat cats." But with pension funds owning 30% of American large business-and soon to own 50%-the corporation income tax, in effect, eases the load on those in top income brackets and penalizes the beneficiaries of pension funds.
We certainly could have voted on making the middle-class tax cuts and tax cuts for working families permanent had the Republicans not insisted that the only way they would support those tax breaks is if we also added $700 billion to the deficit to give tax breaks to the wealthiest 2 percent of Americans. That's what was really disturbing.
Budget cuts if you're not rich, tax cuts if you are. Less money for those who don't have any and more to those who do. That's how President Fredo says we're going to get out of the giant deficit hole he's dug. You can't put it any more simply. Rich people richer. Poor people poorer.
Why is it that half of the households in America pay zero income tax? We need some real tax reform.
There are a lot of misconceptions regarding the Bush tax cuts, all of them deliberately propagated by none other than President Obama and his pals. The biggest lie of them all is that these tax cuts will only affect the wealthiest two percent.
Should we freeze or postpone prospective tax cuts and avoid any new tax cuts until we are sure we have the money to pay for the war on terrorism and the war in Iraq.
The most pernicious of his [Obama] proposals will be the massive Make Work Pay refundable tax credit. Dressed up as a tax cut, it will be a national welfare program, guaranteeing a majority of American households an annual check to 'refund' taxes they never paid. And it will eliminate the need for about 20% of American households to pay income taxes, lifting the proportion that need not do so to a majority of the voting population.
Notably, the Trump tax cuts also doubled the child tax credit, reducing the tax burden on working families so that they have more resources to devote to their children.
It used to be that we taxed property - zapped farmers basically. And there were very rich people who didn't pay that much tax. So in 1913, they put in the income tax. It was incredibly popular. The tax we love to hate today.
Liberal Democrats are inexorably opposed to tax cuts, because tax cuts give people more power, and take away from the role of government.
Whenever I'm asked if the Trump tax cut is for the rich, I say yes. It is a tax cut for the rich. It is a tax cut for the middle class. It is a tax cut for small businesses. It is a tax cut for the Fortune 100.
Obama and Clinton wrongly believe that the corporate income tax is a tax on the rich. The reality is that rich corporations don't pay taxes - workers do.
All those predictions about how much economic growth will be created by this, all of those new jobs, would be created by the things we wanted - the extension of unemployment insurance and middle class tax cuts. An estate tax for millionaires adds exactly zero jobs. A tax cut for billionaires - virtually none.
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