CNBC Survey: Economic Optimism soars under Trump
- Thread starter UCFKnight85
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The CBO had already told us that under current law, mainly thanks to Obamacare and entitlements, deficits were set to soar to $1T per year by the early 2020's. We had extremely subpar growth at 2% or lower.
So yea- something has to give. Like, actual growth in the economy.
The estimate I calculated has me keeping $3,000 more of my money next year which is going to be great. There are some key house projects I can fund with that.
Thank you GOP!
So yea- something has to give. Like, actual growth in the economy.
The estimate I calculated has me keeping $3,000 more of my money next year which is going to be great. There are some key house projects I can fund with that.
Thank you GOP!
I didn't mean it like that. Our government has always had more of a spending problem than a revenue problem. I'd like to see reduced spending to go along with the tax cuts. A surplus would be wonderful.
Indeed. But until we bring back the line-item veto (which Congress won't do), and the SCOTUS has already shown how it can be Constitutional, or change procedures to prevent a lot of the pork additives (which Congress won't do), there will be pork and uncontrolled spending.
There is no such thing in either of the 2 parties. They both love porking their constituents. No one cares. Everyone knew this was going to be an issue, and it has been from the get-go, since Washington -- and usually porks the North (and now California) more than the South (even to this day).
The Republicans gave Clinton that power -- along with everything in the "Contract with America" (sans the Balanced Budget Amendment), and he was extremely popular as a result, hence why no party will do it for the other party again. In the case of Trump, the Republicans don't trust him with it ... he'd likely slash'n burn a lot.
I would vote for any candidate that would not only threaten to veto any and all bills until he got the power, but actually did that in an Executive role before, despite a 'Constitutional Crisis' in the state and shutdowns and other budgetary issues, calling him "Mr. Veto" and demonizing him in the media, until his Legislation finally 'caved in.' Oh wait, I already did vote that candidate ... twice (2012, 2016).
His name was Gary Johnson.
I can tell the difference between a critically thinking Liberal and an ignore the fire Progressive by if they recognize the ACA was never funded and insures less people with less coverage for far more cost than even socialized medicine would. Most are in denial in how the ACA isn't funded at all, and why that is the case.
It literally was Obama's fault, and even his own party wouldn't support him on those aspects. Same goes for the Paris accord, just like Clinton on Kyoto before that. The list goes on and on.
It'd be easier if you just updated your signature with a comment about Liberals and Progressives.
This needed to be done a long time ago. However the government makes snails look fast. Lets hope that they get to work on this after the new year.
The next thing should be some level of infrastructure bill. Given that the price of gas may permanently be $1+ lower than it's been due to the glut of supply, I think there's room to increase the gas tax moderately and fund projects.
Yeah, it's still $2+, but it hasn't gone up to $3 like most expected. The domestic energy companies have gotten lean, and are surviving, regardless.
The Saudis are glutting the market to spite Iran and push back against US shale production, and they will keep doing this until they're unable. And when that stops, and prices rise moderately to $50/barrel, US shale will ramp up again.
Barring WW3 in the Middle East I don't see any way back to $3+ gallon gas.
Barring WW3 in the Middle East I don't see any way back to $3+ gallon gas.
The Saudis capitulated that strategy at the end of last year. That's why gas rose for a bit. Then demand went down again.
AT&T just announced they were going to give all their employees a $1000 bonus because the tax plan was passed.
And that's actually shortchanging them. But it would be cool to see that happen across-the-board at many corporations in the US, no matter how much or how little.
It will be interesting to see what corporations do this time around. In all honesty -- compared to not just the Obama (which didn't address corporate at all) but W. tax changes (which did address some corporate, but not much) -- lot of things in the tax plan are going to force companies to make better investments back into personnel. The dividend and other changes are really going to force a lot of this too.
E.g., the W. incentives on bringing capital back into the US just ended up causing companies to just invest in their own stock, which was for control and price reasons, and didn't result in a lot of extra hiring. Now maybe we'll see a lot better re-investment.
Wells Fargo, Boeing, 5/3rd are also giving out bonuses and raises across the board. I thought Nancy said this was the worst legislation ever? I guess she forgot about all the slavery, 3/5ths, Jim Crow stuff...
Privatize Social Security and everyone will have a 401(k). It will be UUGGEE.
One of the biggest issues is the perception (and perhaps rightfully) that corporations and the American people are inversely related, meaning when corporations do well it's at the expense of the people and vice-versa. Higher taxes on corporations only furthers this divide. Lower taxes on corporations doesn't directly help but if corporations take it upon themselves to reward their workers with some of the tax savings that's a step in the right direction.
This perception is idiotic.
Regardless of what you think about EVIL CORPORATIONS! there is one fact: you will not make more money in a job if the company is not making money. Or barely making money. People do not see wage hikes or bigger bonuses when their company is eroding after tax earnings every year, or struggling with cash flow.
There's also the fact that nowadays most everyone has some form of 401k through their company. When that company buys back stock, or issues a higher dividend, it helps people directly.
PS- if you have a brain in your head, you'd be buying high performing US blue chip stocks that pay high effective tax rates. There are several companies paying 30% or more that are well positioned to have a breakout year in the markets next year when their earnings instantly appreciate by 10-14%.
I would love this, at least this way my generation will actually have a chance at seeing their social security inputs. Right now for my retirement calculations I assume $0 from SS.
Perception is reality for those not in the labor force or do not get a 401k. 18% of non-retired working age adults are not working. Add in the 8% that are working for small companies of less than 20 employees that are less likely to have retirement plans set up and you get more than 26% that either don't have a 401k or are unlikely to have a 401k. Even those with 401ks don't see the benefits of that appreciation until retirement. All of that to say increasing corporate profits either doesn't benefit individuals (26%) or has a long term payoff (those with 401ks), so the perception is an easy sell to a lot of people.
This is total nonsense. If someone doesn't have a 401K then ok- fine. It doesn't mean they can't, or don't, have a traditional IRA. Or a Roth. Those people still benefit when the stocks they carry, or ETFs they carry, are appreciating and paying higher dividends.
Corporations are nothing more than a collection of individuals.
Don't get me wrong, I agree and it's frustrating. There's a lack of financial literacy in this country. Just look at household credit card debt as evidence. I'd wager a guess that majority of people don't know what an IRA is. There's also a portion of the population that's been burned in the market before and won't enter back in. That was a common occurrence after the Great Depression too. The only point I'm making is that perception is easy to sell because people don't understand finances and are not sharing a common interest with the corporation (by holding stocks).
This diverts the discussion a little bit but a privatized social security does change this dynamic. Corporations doing well translates to everyone retiring with more money. It puts everyone on the same side.
The WashPo today, a publication that is essentially a DNC mouthpiece, actually ran a story saying that this tax bill will get rapidly more popular next year when people start actually seeing the benefits of the bill, instead of reading the utter nonsense being spewed by Democrats and the media.
^ This
And not only this, but corporate tax rates are not only lower in the EU, but corporate taxes pay for a far less percentage of revenue in EU nations too. It's the individual income taxes that make up the super-bulk of their revenue.
Higher taxes on corporations is a major reason why companies have outsourced and move things off-shore.
The Post is more anti-Trump than a DNC mouthpiece, but yes, they have started to bash Republicans any time they work with Trump or are even seen with him. But even they had to admit that the media have tried to destroy the positive realities of the bill.
Even the long-standing, critically thinking Liberal The Atlantic, pointed out that the more the Democrats fight the tax cuts, and people start seeing the benefits, they will find more people will like Republicans again ... much what happened with the ACA. So there's a lesson for politicians there.
"Why Don’t Most Americans Realize They’re Getting Tax Cuts for Christmas?
Four out of five taxpayers will see their bills reduced in 2018, but few of them expect to see the cash."
"President Obama also pushed through a tax cut for most Americans, but in a February 2010 poll, only 12 percent of respondents said they’d gotten a tax cut, versus 53 percent who said there had been no change and roughly a quarter who said their taxes had risen.
Those results aren’t exactly heartening for Republicans, though. Once people get in their head that a bill doesn’t help them, it’s surprisingly challenging to convince them otherwise. You won’t find a lot of people who remember Obama primarily as a tax cutter, and Obamacare only became popular when Republicans began seriously attempting to repeal it."
Those results aren’t exactly heartening for Republicans, though. Once people get in their head that a bill doesn’t help them, it’s surprisingly challenging to convince them otherwise. You won’t find a lot of people who remember Obama primarily as a tax cutter, and Obamacare only became popular when Republicans began seriously attempting to repeal it."
This is where the real, even if left-leaning, media is starting to differentiate themselves from the Fake News outlets that literally have to be negative about everything that is not from the DNC. I used to scoff at Trump's constant "Fake News" charge, but there is a point to be made with how much analysts will literally paint something negative to the point people will go against the realities of the bill.
The Dow is up another 100 points. The market cant' get enough.
We are on pace for the first year in history where the Dow added 5,000 points in a single year.
Democrats will have to convince everyone to hate this economic agenda as everyone gets wealthier!
We are on pace for the first year in history where the Dow added 5,000 points in a single year.
Democrats will have to convince everyone to hate this economic agenda as everyone gets wealthier!
![[roll]](http://l.yimg.com/j/assets/img/emoticons/classic/roll.r191677.gif "roll [roll]")
The problem is they won't see any tax savings until they file their 2018 returns in the beginning of 2019, well after the 2018 midterms.
Paychecks will be going up in February. Everyone will see it.
False.
People will see less withholding by February or so. Everyone's paycheck will be bigger by some margin.
They still should in their withholdings in 2018. In fact, most people notice that more than in their taxes ... although more and more on-line filings, if they use the same, compare last year's owed v. this year's.
EDIT: Bob and 85 just beat me to it
Actually, come this Feb, many will see less withholding in their paychecks so for some, they will see an immediate benefit.
I agree withholdings will be less if you do nothing at all based on the tax bracket changes and increase in standard deduction. However, most people are gaining money from the child tax credit increase. That won't be felt in your withholdings unless you go change it, only the Standard Deduction will be accounted for in the updated Withholding Tables.
Also, I have not seen how the withholdings will change. Currently withholdings are calculated based on the personal exemption ($4050/52 = $77.9 per exemption for a weekly pay check). The exemption is going away so there's no easy way to figure out the number of allowances needed to reach a specific amount of taxes withheld.
Also, I have not seen how the withholdings will change. Currently withholdings are calculated based on the personal exemption ($4050/52 = $77.9 per exemption for a weekly pay check). The exemption is going away so there's no easy way to figure out the number of allowances needed to reach a specific amount of taxes withheld.
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