Whenever Nancy Pelosi finally…and mercifully…leaves the hallowed grounds of Congress, I have the perfect “next chapter” for her…the spokesperson for Planters, because she has got to be the biggest friggin’ nut on the planet. I would honestly take Dennis Rodman as our next foreign policy advisor vis-a-vis North Korea more seriously than I take this woman. I mean, he and that fat little troll with the cereal bowl haircut DO have a relationship of sorts. Anyway, it’s obvious that every single Dem will spew a bunch of lies and nonsensical partisan gibberish in trashing the Republican tax plan…fine. But here’s what this Dopey Democrat Ding-Bat had to say about the tax plan…“It is the end of the world. The debate on health care is life/death. This is Armageddon!” She also called it a “Frankenstein…that will come back to destroy.” Speaking of Ding-Bats, this broad makes Edith Bunker look like Margaret Thatcher. So…my Dennis Rodman comment doesn’t sound so crazy now, does it?
As with any major legislation, this tax plan is FAR from perfect, but it does the job…and then some. So, here’s genius Nancy Pelosi’s definition of Armageddon: 1) Corporate and small business taxes lowered to a zone of competitiveness, vs being one of the highest in the world. Juiced-up and sustained economic growth. Wage growth. Jobs, jobs, jobs. Armageddon? Only for rubber room residents . 2) The large, large majority of struggling middle class taxpayers will enjoy tax cuts. Increases in after-tax income projected for EVERY income group on average…that little nugget from the LEFT-LEANING Tax Policy Center. Armageddon? Hardly. 3) Even if you believed the watered down economic forecasts in most of the analyses (and I don’t…but for the sake of argument), and a trillion dollars of debt actually WAS added OVER THE NEXT DECADE due to these cuts, U.S. debt in 2027 would be $31T instead of $30T, but over a much larger economy, thereby reducing the critical debt to GDP ratio. But…Armageddon? Beyond absurd. But hey, let’s not be so rough on Nancy, though…I mean, delusion IS a symptom of psychosis, and that 17th facelift clearly wrapped her brain a little too tight.
A big part of the phony media onslaught against this tax plan is polling…like less than 30% of the country approves of the plan. Yeah? So? And Reagan’s highly lauded and historic 1986 tax reform only had 18% approval at passage. This is not only a common occurrence with any major legislation, but once Americans see lower withholding fatten their paychecks starting in February, and 4% GDP growth in 2018…a mere pipe dream in the nightmarish, economy snuffing Obama years…those numbers will skyrocket.
But here’s the much bigger point in that regard, and a textbook example of how the dangerous Leftist media drives public opinion to fit their horrendous Socialist ideology. Go google this tax plan, and I dare you to find one mainstream media site that doesn’t tell you to go run out and stock up on water, batteries, and freeze-dried food, because…well…the end of the world…IT’S-A-COM’IN! A media scam of epic proportion that would make Scam King Bernie Madoff proud. The fakest of fake news fakery. With that 24/7 drumbeat of disaster by 95% of the media for the past 6 months…of course…OF COURSE, the polling will look like the big steamy pile left on your pristine lawn by your neighbor’s crazy, neurotic pooch.
Kyle Smith of The NY Post offers a fantastic “not so tongue-in-cheek” perspective on how the Libs are all soiling their Tommy Johns over the fact that some well-to-do folks in high tax liberal states will see a tax increase due to the capping of SALT (State and Local Tax) deductions at $10,000…“Why do all these liberals have longer faces than Secretariat? The Trump tax plan was ingeniously designed to cut taxes on many Americans — but raise them on liberals. These people are always begging to pay more taxes. They finally got their wish!…Look at the end of federal deductions for state and local tax (SALT). That won’t affect most Americans much. But in the high-tax places where liberals cluster — places like Chicago, Beverly Hills and New York City, this means you get to fork over more taxes to the feds, your city and your state to pay for all those wonderful government services you can’t get enough of. Putting a cap on the deductibility of property taxes means people who live in mansions, or who live in the most expensive coastal areas, will get hit. Surely that’s good news for Democrats who believe in taxing the rich.” Brilliant dissertation. Just brilliant.
So when the Dynamic Duo of Dumbness, Chuck and Nancy wail about this like a couple of petulant little toddlers in dire need of a fresh Pampers, they are REALLY crabbing for their filthy rich friends in NYC and San Francisco. Poor babies. Have your personal assistant go fetch you another shrimp cocktail…you’ll feel better. And by the way…as a resident of a low tax state, I was pretty sick of subsidizing the federal taxes of these safe-space, sanctuary city loving snowflakes for decades. In a word…Screw’em. Ok, maybe that’s kind of two words.
High taxes (and regulations) will drive up the GDP…said no economist ever. Not a single Democrat voted for these tax cuts in the House or the Senate. How embarrassing for them. They voted for NO tax relief for struggling middle class families living paycheck to paycheck, AND maintaining the status quo of the highest, most uncompetitive business tax rates in the world. But watching these bumbling idiot haters of the “Are you gonna believe me or your lyin’ eyes” Party try to defend THAT over the next couple election cycles…while the economy expands faster than Michael Moore’s waistline…will be massively entertaining.
I’ll bring the popcorn.
I’m sure the middle class will be much better for the reduction of the top tax bracket from 39.6 to 37%. If the Drunken Republican was as “fair and balanced” as Feaux News claims it is, we would talk more about the blatant tax reductions for the wealthiest Americans that are unnecessarily packed in this Interest Payment Plan increase for the Chinese. But yes, let’s keep focusing on the “middle class” and act like this didn’t actually happen.
Taco Pepper is right (though he was being sarcastic)… the middle-income earners WILL benefit from reduction of the top rate, although not nearly as much as in the past because the top rate was barely touched this time.
To put this 2.6 ppt cut on the top income tax rate in perspective:
Kennedy’s tax cut: top rate declined from 91% to 70% (21ppt cut). Unemployment feel from 5.2% in 1964 to 3.8% two years later because of the booming economy. Tax revenue increased. All around, that was very good news for the middle-income earners!
Reagan tax cuts (1981/1986): top rate declined from 70% to 38.5% (31.5 ppt cut). Result: second largest peacetime economic expansion in U.S. history. During Reagan’s two terms and through 1993, the top 10% of taxpayers paid more of the tax revenue while the lower 50% of income earners paid less. More good news for lower-income earners!
Yes, the middle-income earners will benefit greatly from this latest tax cut because of cuts in their own taxes, the reduction in corporate taxes which will make America much more competitive, and they will even benefit from the very minor top rate reduction as these citizens will have more to spend on goods and services, creating jobs and opportunities for middle-income earners.
Let’s not forget the other “result” of the Reagan tax cuts.. exponential growth in the US deficit. Sure.. in the short term this looks like a great deal for the average tax payer, but when you have a single party controlling the White House and Congress and they only have an interest in cutting taxes without any conviction to cut spend, these tax cuts essentially equate to political bribery. God help any sane elected official whoever tries to step up and reverse this latest assault on the deficit, just like the ones launched by Reagan and GW 43 Bush. Yes, the reduction of the highest bracket may have been smaller by comparison, but it was still completely unnecessary in a state of relative economic health and expanding national debt.