Steube Touts Trump’s Tax Cuts And Jobs Act: They ‘Undeniably Sparked Significant Economy Growth’

[@IRONFOX6-fy5se]

This a very disjonest statement. The big corporations need to pay the taxes they owe in order to reduce our deficit and create more jobs in the U.S.A. The working class needs their taxes cut in order to have more disposable income to buy food and pay off their credit card debt. This will in turn, dramatically INCREASE the profits of our businesses. MORE consumer spending will make our economy grow and create more jobs. People that are employed pay taxes. Let us get America back to work. In summary, I call this trickle up economy. This phenomenon does not work the other way around. Our history has proven this time and time again. We need to tax the shit out of the big corporations until they decide to invest in the U.S.A. by creating more jobs. F.China!!!

[@keilafleischbein59]

Taxing more won't reduce the deficit. Increasing GDP will. Learn how economics actually works. If you tax higher to alleviate the deficit, you're gonna get a higher deficit because businesses will leave the country and Americans will have less to spend.

[@keilafleischbein59]

If you tax the shit out of corporations, they're going to leave the country entirely and cater exclusively to the 1.5 billion people in China.

[@ManMuffinEater]

@@keilafleischbein59 Marginal increases across the board for personal income tax rates alongside spending caps will in fact reduce the deficit, and perhaps even balance the budget. The devil is in the details. The TCJA provisions for the QBI deduction, the expanded standard deduction, the child tax credit, and the elimination of many exemption loopholes should be extended, alongside its broadening of the tax brackets. However, the actual difference in taxes paid by allowing the marginal rates to revert to pre 2018 levels is negligible so far as the bottom three quintiles are concerned. From a fiscal standpoint, the additional revenue largely generated by the top two quintiles will allow for a greater degree of wiggle room when it comes to negotiating spending cuts. Even if DOGE pushes for its trillion dollar budget reduction, it won't be enough to close the deficit without more revenue. Finally, President Trump's proposals to eliminate taxes on tips and overtime will incentivize workers to put in more hours and up their game in terms of quality service, both of which will benefit the economy overall. The final piece of the puzzle is implementing capital restrictions on outbound investment to China, which can probably be accomplished both by direct legislation as well as increasing the capital gains tax rate on corporations that have substantial holdings in China. Likewise, taxing foreign income from China at a higher rate (say 25% to 28%) will send the signal that companies need to invest in America and her allies, rather than our enemies.

[@keilafleischbein59]

@ManMuffinEater the government takes 30% of our money and is still 36 trillion in debt. I don't want to fucking hear it about marginal increase in income tax. ABOLISH INCOME TAX.

[@elver__galarga2559]

Lower rent, basic grocery prices, and extremely reduce useless government spending; there I solved all your problems.

[@gregorycatren3442]

Trump just them "THE PROOF IS IN THE PUDDING""