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View Full Version : Kudlow: Tax Cuts 2.0, 3.0 and 4.0 May Be Coming




Swordsmyth
07-19-2018, 12:58 AM
Here are some highlights from his comments (you can watch the whole interview here (https://www.cnbc.com/2018/07/17/watch-larry-kudlow-talk-live-about-the-economy-at-the-delivering-alpha.html)).On the economy: “We are getting 3 [percent growth], and it may be 4 for a quarter or two. It may be plus, I don’t know. But that’s all to the good.”
“In some respects, we are in the ninth year of a recovery. … When I was a young economist at the Fed and Wall Street, it was usually labeled by economists of all stripes 2 percent growth was a growth recession. It was not a recovery. It was not really an expansion. … Just consider this possibility: We have been in a growth recession since the middle of 2009, and you can go back further if you like. Now, if we get the kind of [GDP] numbers that you’re suggesting and I’m suggesting … that may be the beginning of the recovery. … It is possible that a ‘real’ business growth cycle is right there in front of us for the next four, five, six years.”
On the budget deficit: “Yeah, gigantic deficits are not good, and we’re going to run, as a share of GDP, we’re going to run 4 or 5 percent. I’ve seen worse. I mean, in the Reagan years, in the beginning, you cut taxes, the first order is you lose some revenues, no question. But it’s like investing in a business. You may have to borrow to make a good investment. I don’t mean cash flow daily. I mean a good long-term investment. And I see the same thing happening now. The Trump tax cuts, yes, we will lose some revenues in the very short run. I believe we will get it back and more. … But the point is yeah, you’ll get your [deficits of] 4 and 5 percent [of] GDP. It’s far, far from the worst thing I’ve ever seen. Far from the worst thing.”
On additional tax cuts: “I don’t want to go too far on this. … But there are a number of people on the Hill, for example, who would like to make a lot of the tax cuts, the individual tax cuts, permanent. So not only did we have a successful tax cut, but we want to keep it that way. And then you may see, frankly, not only a [tax cut] 2.0, but you may see a 3.0, and you may see a 4.0. I’m an old Reagan tax reformer. Lower the rates, broaden the base. A lot of that was done in the last bill. Much needs to be done going forward. So some of those ideas are circulating and I think will come to fruition.”

More at: https://finance.yahoo.com/news/kudlow-tax-cuts-2-0-174537943.html

Swordsmyth
07-30-2018, 09:26 PM
President Donald Trump is mulling a plan to go around Congress and implement a technical tweak to the tax code that would result in a nearly $100 billion tax cut, according to a new report.
The New York Times reported Monday (https://www.nytimes.com/2018/07/30/us/politics/trump-tax-cuts-rich.html) that the Trump administration could adjust rules around capital gains taxes, allowing investors to adjust the value of their investments for inflation. Such a move would result in a tax cut of roughly $100 billion over the next 10 years:


Under current rules, an asset was bought in 2000 for $1 million and sold for $5 million today, the investor would be taxed on the $4 million difference.
But under Trump's plan, the original value of the asset would be adjusted for inflation.
For tax purposes, the value of the purchase in 2000 would be adjusted to just over $1.4 million, meaning the taxable amount would be $400,000 less than under current rules.


More at: https://www.businessinsider.com/trump-tax-cut-capital-gains-inflation-index-plan-2018-7

Zippyjuan
07-31-2018, 11:49 AM
Oh Yeah! More borrowing/ debt to give more money to the wealthy!

https://www.businessinsider.com/trump-capital-gains-inflation-index-tax-cut-is-it-legal-2018-7


According to independent analyses, Trump's plan would mainly benefit wealthy Americans, who make up a larger portion of asset sales. The Penn-Wharton Budget Model estimated that the change would cut taxes by $102 billion over 10 years, with 97.5% of the benefit from capital-gains inflation indexing going to the top 10% of income earners. In fact, according to its estimate, 63% of the benefit would go to just the top 0.1% of income earners.

May be illegal anyways. Congress controls tax laws.


To implement the tweak, the Treasury Department would adjust the meaning of the word "cost" from the Revenue Act of 1918. Capital-gains indexing advocates say the original meaning of "cost" has not been clearly defined.

But in 1992, the administration of President George H.W. Bush considered making the same change Trump has now proposed and found that the Treasury Department had no legal grounds to make the switch.

In a report from the Justice Department , Assistant Attorney General Timothy Flanigan determined that the meaning of the word "cost" was not ambiguous, since the term had been defined over time by a series of legal rulings and additional legislation from Congress.

"The Department of the Treasury does not have legal authority to index capital gains for inflation by means of regulation," the report concluded.

Brian Gardner, the director of Washington research at the investment bank Keefe, Bruyette & Woods, wrote in a note to clients that a lawsuit would be "almost certain" if the Trump administration went through with the plan.

"We think there is a good chance the administration would lose a lawsuit in court if it came to that," Gardner said.

In addition, making the switch would create regulatory and logistical nightmares, says Len Burman, a fellow at the Tax Policy Center.

Swordsmyth
09-10-2018, 06:29 PM
House Republicans on Monday released plans for a second round of tax cuts, which follow comprehensive tax legislation enacted in December, just two months ahead of the midterms. House Ways and Means Committee Chairman Kevin Brady (R-Texas) on Monday unveiled the package of three bills touted as a sequel to the 2017 GOP tax law.

JUST INTRODUCED: Tax Reform 2.0. Focused on permanence, retirement, and innovation. Learn more ➡️ https://t.co/3SLO4U0A42
— Ways and Means (@WaysandMeansGOP) September 10, 2018 (https://twitter.com/WaysandMeansGOP/status/1039253999965429760?ref_src=twsrc%5Etfw) "Last year we said goodbye to America’s old, broken tax code," said Brady. "Under our new system, we’re seeing incredible job growth, bigger paychecks, and a tax code that works on behalf of families and American businesses. Now it’s the time to ensure we never let our tax code become so outdated again. We look forward to bringing these bills to the Committee soon.”
The three pieces of legislation proposed by Republicans on the tax-writing House Ways and Means Committee would make permanent lower individual rates, eliminate the maximum age for some contributions to retirement accounts and allow new businesses to write off more start-up costs, among other provisions Reuters reported (https://www.reuters.com/article/us-usa-tax/house-republicans-release-second-round-of-proposed-tax-cuts-idUSKCN1LQ2LS).


For those curious to read what is contained in the proposals, the bills introduced today as part of this Tax Reform 2.0 package can be found below: H.R. 6760 (https://waysandmeans.house.gov/wp-content/uploads/2018/09/H.R.-6760-Bill-Text.pdf), the Protecting Family and Small Business Tax Cuts Act of 2018, sponsored by Rep. Rodney Davis (R-IL), and cosponsored by Rep. Mark Meadows (R-NC), Rep. Mark Walker (R-NC), House Ways and Means Committee Chairman Kevin Brady (R-TX), and all other Ways and Means Committee Republicans.
H.R. 6757 (https://waysandmeans.house.gov/wp-content/uploads/2018/09/H.R.-6757-Bill-Text.pdf), the Family Savings Act of 2018, sponsored by Rep. Mike Kelly (R-PA), and cosponsored by Rep. Paul Mitchell (R-MI), House Ways and Means Committee Chairman Kevin Brady (R-TX), and all other Ways and Means Committee Republicans.
H.R. 6756 (https://waysandmeans.house.gov/wp-content/uploads/2018/09/H.R.-6756-Bill-Text.pdf), the American Innovation Act of 2018, sponsored by Tax Policy Subcommittee Chairman Vern Buchanan (R-FL), and cosponsored by House Ways and Means Committee Chairman Kevin Brady (R-TX) and all other Ways and Means Committee Republicans.


More at: https://www.zerohedge.com/news/2018-09-10/tax-reform-20-republicans-unveil-second-round-proposed-tax-cuts

oyarde
09-10-2018, 07:09 PM
Well , it is true , that 2 percent crap is just stagnation .

timosman
09-10-2018, 07:56 PM
Well , it is true , that 2 percent crap is just stagnation .

It's not without its upsides for DNC. We are fighting to increase the minimum wage or some other nonsense. :cool:

Swordsmyth
10-22-2018, 07:55 PM
U.S. President Donald Trump, speaking to reporters at the White House as he left on a campaign trip to Texas, said on Monday his administration planned to produce a resolution within two weeks calling for a 10 percent tax cut for middle-income people."We're putting in a resolution sometime in the next week or week-and-a-half, two weeks," Trump said. "We're giving a middle-income tax reduction of about 10 percent. We're doing it now for middle-income people."
Trump said on Saturday his administration was studying a tax cut to be rolled out some time around the beginning of November just before the Nov. 6 congressional elections, even though lawmakers are out of town campaigning and Congress is not in session.
Trump's fellow Republicans are seeking in the elections to hold on to their majorities in the Senate and House of Representatives.
The president clarified on Monday that the proposed tax cuts would be unveiled before the election but would have to go through Congress afterward.
"We won't have time to do the vote" before the election, Trump told reporters. "We'll do the vote after the election."
The president, who was traveling to Texas to campaign for Republican U.S. Senator Ted Cruz, said the latest tax cut plan was not meant to help businesses but was for middle-income earners and would be "on top of the tax decrease that we've already given them."

More at: https://www.yahoo.com/news/trump-says-eyeing-10-percent-middle-income-tax-192219289--business.html

enhanced_deficit
10-22-2018, 08:04 PM
Awsome, probably should do full series upto tax cuts 10.0 between now and midterm polling day.
Beauty of this is that these like the last one that mostly went to richest top 1% will also be "revenue neutral".

Grand children be so proud of this cut spending regime.

National debt hits $21 trillion (http://www.ronpaulforums.com/showthread.php?520482-National-debt-hits-21-trillion&)


http://2.bp.blogspot.com/_JTd2KOgmF9A/Spg0T8_kONI/AAAAAAAAAjA/Ad30fXp1zP0/s400/How_will_I_pay_for_this.jpg


Tea Party Revolts Against Obama's Budget as Debt Exceeds $19 Trillion
thefiscaltimes
Feb 4, 2016 - But Senate Budget Committee Chair Mike Enzi (R-WY) and House Budget Committee chief Tom Price (R-GA) issued a joint statement tonight saying Donovan wasn't welcome to testify because the administration wasn't serious about addressing the mounting national debt – which reached an historic $19 Trillion



Developing.. Tea Party has switched to Coffee?

Why Tea Party no longer holds rallies to protest mounting debt? (http://www.ronpaulforums.com/showthread.php?522714-Why-Tea-Party-no-longer-holds-rallies-to-protest-mounting-debt&)

https://www.gannett-cdn.com/media/2018/05/25/USATODAY/USATODAY/636628457694767678-052518-debt-annual-interest-Online.png

r3volution 3.0
10-22-2018, 08:10 PM
Kudlow crowed about the stock market at the absolute height of the housing bubble.

He's a chimpanzee and now, evidently, one for sale.

Swordsmyth
10-22-2018, 08:11 PM
Awsome, probably should do full series upto tax cuts 10.0 between now and midterm polling day.
Beauty of this is that these like the last one that mostly went to richest top 1%
Are you a socialist now?
Do you support progressive taxation?


will also be "revenue neutral".

Grand children be so proud of this cut spending regime.

National debt hits $21 trillion (http://www.ronpaulforums.com/showthread.php?520482-National-debt-hits-21-trillion&)


http://2.bp.blogspot.com/_JTd2KOgmF9A/Spg0T8_kONI/AAAAAAAAAjA/Ad30fXp1zP0/s400/How_will_I_pay_for_this.jpg


Tea Party Revolts Against Obama's Budget as Debt Exceeds $19 Trillion
thefiscaltimes
Feb 4, 2016 - But Senate Budget Committee Chair Mike Enzi (R-WY) and House Budget Committee chief Tom Price (R-GA) issued a joint statement tonight saying Donovan wasn't welcome to testify because the administration wasn't serious about addressing the mounting national debt – which reached an historic $19 Trillion



Developing.. Tea Party has switched to Coffee?

Why Tea Party no longer holds rallies to protest mounting debt? (http://www.ronpaulforums.com/showthread.php?522714-Why-Tea-Party-no-longer-holds-rallies-to-protest-mounting-debt&)

https://www.gannett-cdn.com/media/2018/05/25/USATODAY/USATODAY/636628457694767678-052518-debt-annual-interest-Online.png
We really should cut spending but high taxes aren't the answer.

enhanced_deficit
10-22-2018, 08:24 PM
No, not really pro-forced Obamacare socialist, but pro tariffs, pro gun control, pro gay weddings progressive protectionist.

That said, borrowing from China to give to top 1% is the conaservative/free marketing thing to do in your view?

BTW did free-markets champ Kudlow say anything about ending socialism of forced health care buying or team leader Hon. Adelson does not support such causes and no one talk about that even though non-RINO "conservatives" control all branches of gov?


Developing..
insert youtube video "I'm a puppet"

Swordsmyth
10-24-2018, 09:07 PM
The top Republican lawmaker on tax policy in the U.S. House of Representatives said on Tuesday that he is working with the White House and Treasury to develop a new 10 percent middle-class tax cut plan that President Donald Trump began touting over the weekend.Representative Kevin Brady, who chairs the tax-writing House Ways and Means Committee, said the plan would be crafted in "coming weeks" and would advance in Congress if Republicans retain control of the House and Senate in midterm elections on Nov. 6.
"President Trump believes American families deserve to keep more of what they work so hard to earn. We agree," Brady said in a statement.


"What President Trump is doing on the (campaign) trail is, he's just describing what he wants to be in the tax bill that moves next year," Trump economic adviser Kevin Hassett told MSNBC on Tuesday.
"You could expect in our budget, and also in our approach to legislation next year, that we're going to be pursuing a big reduction in government spending."

More at: https://www.yahoo.com/news/house-republican-tax-lawmaker-says-toward-trump-tax-200306120--business.html

TheCount
10-25-2018, 05:25 AM
One round of tax cuts per election, announced beforehand but written afterwards.

Chester Copperpot
10-25-2018, 06:38 AM
test1

Chester Copperpot
10-25-2018, 06:39 AM
test1

test2

nobody's_hero
10-25-2018, 06:41 AM
One round of tax cuts per election, announced beforehand but written afterwards.

Beats the hell out of announced beforehand but never delivered.

Swordsmyth
10-25-2018, 02:09 PM
One round of tax cuts per election, announced beforehand but written afterwards.
Would you rather not have tax cuts?

Zippyjuan
10-25-2018, 04:36 PM
The top Republican lawmaker on tax policy in the U.S. House of Representatives said on Tuesday that he is working with the White House and Treasury to develop a new 10 percent middle-class tax cut plan that President Donald Trump began touting over the weekend.Representative Kevin Brady, who chairs the tax-writing House Ways and Means Committee, said the plan would be crafted in "coming weeks" and would advance in Congress if Republicans retain control of the House and Senate in midterm elections on Nov. 6.
"President Trump believes American families deserve to keep more of what they work so hard to earn. We agree," Brady said in a statement.


"What President Trump is doing on the (campaign) trail is, he's just describing what he wants to be in the tax bill that moves next year," Trump economic adviser Kevin Hassett told MSNBC on Tuesday.
"You could expect in our budget, and also in our approach to legislation next year, that we're going to be pursuing a big reduction in government spending."

More at: https://www.yahoo.com/news/house-republican-tax-lawmaker-says-toward-trump-tax-200306120--business.html

Like that "big reduction" in spending they gave us last year? Just election year promises because voters are not happy about the rising debt. They are also suddenly not talking about Repeal and Replace Obamacare because voters like it.