Trump calls for another round of tax cuts, further reductions to corporate tax rate

[DonViejo]

Source: The Washington Post



By Damian Paletta
June 29 at 5:14 PM

President Trump on Friday said he wanted to further lower the corporate tax rate, from 21 percent to 20 percent, as part of a second round of tax cuts later this year.

Trump, in an interview with Fox News to mark the six-month anniversary of the $1.5 trillion tax-cut law Republicans passed last year, said other parts of the new tax plan would be tailored to the middle class.

“One of the things we’re thinking about is bringing the 21 percent down to 20 and for the most part, the rest of it will go right to the middle class,” Trump said. “It’s a great stimulus.”

Trump said the tax plan would be ready by October, “maybe a little sooner than that.”

Read more: https://www.washingtonpost.com/news/business/wp/2018/06/29/trump-calls-for-another-round-of-tax-cuts-further-reductions-to-corporate-tax-rate/

[VMA131Marine]

1. The economy doesn't need "stimulus"

which this won't do much of anyway. This is just going to blow up the deficit even more and likely add to price inflation that is starting to take hold. If interest rates start to rise as well, then the interest payments on the debt are going to balloon to unprecedented levels. This is insanity!

[pazzyanne]

2. The first tax cut for the rich went so well!

tRump was just on teevee touting his wonderful strategy for the economy and how well it is working. Setting his base up for stage 2 tax cut. Yes siree, it will be great bigly.

[paleotn]

3. Yea, that worked so NOT well...

and was so underwhelmingly popular the first time. Dumb ass.

[PaulX2]

4. 1.5 Trillion My Ass

Try 7 Trillion in deficits.

[redstateblues]

5. More stock buybacks for the execs

[quartz007]

6. More tax cuts with no spending cuts to pay for them?

That is classic Ponzi scheme. Trumponzi makes the original Ponzi looks like a piker.

[Julian Englis]

7. Putin must want to speed up the bankrupting of the county. N/T

[sakabatou]

8. Here comes recession, round 2

[AZ8theist]

9. "Recession" my ass

Wait for a world wide DEPRESSION.

More tax scam for the rich IS JUST WHAT WE NEED......

[SergeStorms]

10. So he admits he lied about the first tax cut....

being for the benefit of the middle class then? Knowing that, why not trust him again, right?

[SWBTATTReg]

11. Bullshit, rump...bullshit...nt

[Recursion]

12. Honestly, the macro theorist in me is kind of morbidly curious about this

We don't actually have a model for what happens when a supply-side stimulus happens at this point in the business cycle, because even Ronald Reagan wasn't crazy enough to try it. I don't want to see it happen, but it will be like watching a train wreck: I can't look away.

[sandensea]

14. Economic theory aside, Paul Singer and the rest of the Caymans laundrettes are no doubt celebrating.

They can practically hear the money roll in to those Caribbean accounts, courtesy of Cheeto's trickle-down tax cuts.

We're being governed by a bunch of hurricane-buffeted rock piles in the ocean.

[Recursion]

15. Yep (nt)

[sandensea]

13. That's what they pay him for.

He's their bitch - a very Fellini-esque bitch, but just the same.

[olddad56]

16. don't try to make sense of this. It is Putin's plan to slowly bankrupt America.

He hasn't forgotten what we did to the USSR.

Trump is just the bearer of bad news.

[Snellius]

17. An election trick that may backfire

All the polling research has shown that the last cuts are not high on the list of voter approval. And may have an adverse appeal. Unlike the wealthy, hard-working bill payers know that you don't get something for nothing. Deficits are growing fast and, when it comes time to pay the piper, SS and Medicare will be first to go. Trump thinks that, like him, everyone is motivated by greed.

[Bengus81]

19. Agreed....look at the timing of this. Tax cut V2.0 instead of a War for mid-terms............

Step1.....announce and make some small tax cuts right before mid-terms-claim they will be for the middle class
Step2.....keep control of the House and Senate from the GULLIBLE who believe Trump about cuts for the middle class
Step3.....start meaningful GUTTING of Medicare,SS and end Medicaid. Do the final gutting of the ACA so it ends
Step4.....use all those funds to pay for tax cuts that only help the rich and corporations
Step5.....stuck with Trump and these asshats for TWO more years

[Bengus81]

18. Walgreen's paying an EFFECTIVE rate of 7.6% now,hell Trump you want em to pay 1-2%??