Cutting the capital gains tax will raise tax revenue

[turbinetree]

BY MICHAEL BUSLER, OPINION CONTRIBUTOR — 10/16/18 04:15 PM EDT 86 THE VIEWS EXPRESSED BY CONTRIBUTORS ARE THEIR OWN AND NOT THE VIEW OF THE HILL


Last Thursday, the House Ways and Means committee approved several tax reform bills collectively known as Tax Reform 2.0. These bills now move to the full House of Representatives where approval is likely. Then, the bill moves to the Senate where 60 votes are required for passage.

The Senate vote will occur after the election next month. Unless the GOP can get 60 Senate seats, which is a possibility, the tax reform bill will die in the Senate. Even with 60 GOP senators, the bill my not pass the house because of a cap on deductions for homeowners.

The bills have three parts.

First, it makes portions of last year’s tax reform bill permanent. Temporary tax cuts set to expire in 2025 will be made permanent as will the $10,000 cap on deductible homeowner expenses. Also, temporary deductions for pass-through business would become permanent.

Next, the bill encourages family savings by creating tax-deferred savings accounts. Lastly, the bill increases deductions for new businesses to encourage innovation. All three parts of the bill are generally viewed as positive, except it is believed that the deficit will increase.

https://thehill.com/opinion/finance/411650-cutting-the-capital-gains-tax-will-raise-tax-revenue



BULL SHIT............................FUCKING BULL SHIT......................this "opinion" and this fucking tax being permanent lands squarely on the backs of the poor, who can't save enough money to get a deferment from the IRS, and this lands squarely on the recipients of social security and Medicare to be cut, to pay for this "capital gains tax" hey dude, Reagan broke the fucking bank or did you forget ..............this libertarian................ Bull SHIT is more trickle down fucking economics.........................

[Gothmog]

1. Tax cuts do not grown the economy or pay for themselves

[gratuitous]

2. If only there was some way to make a campaign issue out of this

You know, somehow tie the ballooning deficit projections to last year's tax cut, throw in a little of the Senate Majority Leader's thoughts about cutting social security and medicare, and this horrible bill that won't do what Republicans claim it will do any more than last year's tax cut bill is doing anything the Republicans claimed it would do. But here's the Republican-controlled House doing it all over again, with the same empty promises, knowing full well it can't get through the Senate.

There's just got to be a way for Democrats to make this a millstone for the Republicans, but how? How???

[RainCaster]

3. Tell your friends, make it personal. Tell how these horrid policies have affected you & your family

What did you get from the tax cut? How many hundreds?

What did you lose with the cuts to the ACA?

Have your parents talked about moving in with you because they can no longer afford their medications?

Can you afford college for your kids after the government cut education?

Who do you know that has lost their job at GM/Ford/Carrier/HarleyDavidson?

Who will pay for this enormous debt? How happy will your grandchildren be about that?

Look at this from a long term perspective. Not how well the economy is doing this week, but how well it does historically when the GOP is in power. Show those curves (average income, unemployment, consumer confidence) alongside those that show the debt incurred by each administration.

[turbinetree]

4. I was just looking under the rules of both houses to see if a member can yield there time

for someone to speak.................like you and me, or whomever................

I really believe that I , you or whomever could deliver a speech from start to finish and explain this bull shit they are trying to pull, this 2.0 bull shit my ass....................

There should be a 1% tax on every wall street transaction, everyone of them, that's how you tax capital gains..............

[NickB79]

5. Tax deferred savings accounts only work for those with disposable income for saving

The vast majority of Americans without the ability to save get Jack shit.

[roamer65]

6. We need a simpler bill.

Make the tax cuts permanent for anyone making less than 100k. Repeal the cap on state and local tax deductions and make the top rate 55 percent. Limit personal deductions for children to 2.