Lot’s Of Tax Talk In The News
Yesterday we mentioned the White House is still saying the Trump Tax Cuts destroyed our economy and increased the deficit. Here are the numbers for tax receipts by year with 2019 just released.
FY 2019, $3.46 trillion ; FY 2018, $3.33 trillion ; FY 2017, $3.32 trillion ; FY 2016, $3.27 trillion.
With 2020 estimated at $3.71 trillion.
Now unless you believe numbers lie, ask yourself how the tax cuts took away from the economy. Receipts went up.
I will repeat once again, we don’t have a tax problem, we have a spending problem.
John F. Kennedy cut taxes to drive the economy. Ronald Reagan did it. Donald Trump followed that. In all three cases the economy took off.
If they raise taxes watch what happens.
People move money out of the economy and country. Corporations move out and take jobs with them.
We are heading to a possible recession not because we cut taxes, but because we spent too much. And if you believe spending more on Build Back Better would not accelerate the problem, you need to go back to school and study economics.
On corporations they want to raise the tax rate to 28%. The Trump team lowered it to 21%. His advisors wanted to go 15% by the way. The lower rate worked. It was 35% remember. If we raise it to 28% we will lose corporations and jobs. We will be higher than the competition and China specifically.
To me we need to be competitive and it makes no sense to raise this rate.
Now the administration did want to raise the deductions for state taxes from $10,000 that the Trump administration got through. Why? Simply because the blue states have high taxes and their voters want this deduction. You see if they can deduct their state taxes they pay less federal taxes than the people in low tax states. Why is that fair?
Federal tax is federal tax, pay your bill. You have an issue on not being able to deduct your state tax – well, then vote in your state to lower taxes. Don’t ask other citizens to pay your bill. It’s your problem.
The Supreme Court agreed and just threw out the Democrats challenge to the $10,000 limit.
If you live in CA, IL, NY, or NJ, you are either going to have to pay your state taxes or get the tax laws changed in the state. You do have a third choice – move to a low tax state like Florida, Texas, South Dakota, etc.
An offshoot of that, by the way, was this report this week.
The hottest job markets in America are in five different states, but they have a lot in common. The markets are in midsize cities, in states with low or no income taxes.
They are: Austin, Texas; Nashville, Tenn.; Raleigh, N.C.; Salt Lake City; and Jacksonville, Fla.
Progressives Are Way Out In Left-field
Wait, I guess they are in left field so that old baseball term is true! A few examples:
Senator Warren doubled down on her recommendation to the President to cancel student debt. What she made clear was she wants $50,000 per person canceled. Think about that.
You worked your way through – you lose.
You paid back your debt – you lose.
Your parents sacrificed vacations, good times, and things they wanted to play your bill – they lose.
You chose to not go to college so you didn’t occur debt – you lose.
You went to school at night and gave of yourself to better your life – you lose.
If you did anything that reeked of responsibility, you lose.
In fact you lose twice.
First for paying your bill, debt and obligation.
Second, because now you will pay for those who didn’t.
Editors Note: We have some readers who have strong thoughts on this and tomorrow we will turn this blog over to one to address this issue.
ABC never disappoints. Remember yesterday when we shared AOC’s comments on why we should not waste funds on hiring police because of subway crime because maintenance was the issue?
Well, here’s a story that came out yesterday.
Felony assualts in the NYC subway spiked more than 50% between February and March.
While crime has increased, ridership is 55% of what it was prior to the pandemic.
AOC, you know what we need?
We need more police, more arrests and less instant bail. We need law abiding citizens to be able to ride safely.
While we’re on that topic here’s an example of liberal nuttiness.
What we hear from them all the time about crime is guns. Gun violence. That’s the root of it all, they claim.
Then the Mayor deploys an anti gun unit (similar to what Rudy Giuliani did to clean up the city) and they call it a police state. They are against it. Then the unit arrests illegal gun carriers on the street like the four arrested Sunday. Illegal guns in a city with the toughest gun laws, all good, right? Wrong.
All four were on the street within hours because of bail reform, lax judges and a leftist DA.
The next time you hear gun violence remember this.