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President Trump, every Republican senator, and the GOP majority in Speaker Paul Ryan’s House just put the future of their party on the line.

By enacting the largest tax cut since the Reagan administration, the heart of which is cutting the corporate rate from 35 to 21 percent, Republicans have boldly bet the farm.

They have rewritten America’s tax code to reflect their belief that cutting taxes on the private sector will produce the prosperity they have promised. If it happens, the GOP will reap the rewards, if not by 2018, then in 2020.

Democrats, as the Party of Government, egalitarian and neo-socialist, have come to see their role as redistributing wealth from those who have too much — to those who have too little. For, as men (and women) are born unequal in ambition, ability, talent, energy, personality and drive, free markets must inevitably produce an inequality of results.

The mission of Democrats is to reduce those inequalities. And as the very rich are also the very few, in a one-man, one-vote democracy the Democratic Party will always have a following.

Winston Churchill called this the philosophy of failure and the gospel of envy.

Republicans see themselves as the party of free enterprise, of the private not the public sector. They believe that alleviating the burden of regulation and taxation on business will unleash that sector, growing the economy and producing broader prosperity.

By how they voted Wednesday, Republicans yet believe in “supply-side” economics. In the early ’80s, this was derided as “voodoo economics” and “trickle-down” economics, and pungently disparaged by John Kenneth Galbraith as an economic philosophy rooted in the belief that, if you wish to feed the sparrows, you must first feed the horses.

The problem for Democrats is that Reaganomics worked, and is seen historically to have been successful. In 1984, growth was near 6 percent and Reagan rode to a 49-state landslide over Fritz Mondale who, at his San Francisco convention, had declared he would raise taxes.

Thus the importance of what happened Tuesday and Wednesday on Capitol Hill should not be underestimated.

On their legislative agenda, Republicans broke out of a slump. Though they got not a single Democratic vote in either chamber, they showed they can govern alone. On the lead item on the GOP-Trump agenda — taxes — they delivered. They shifted policy dramatically toward Republican philosophy. They wagered their future on their convictions. And the splenetic rage among Democrat elites suggests that they know they have suffered a defeat difficult to reverse.

Moreover, though the bill that came out of Congress is unpopular, the nation will not vote on Trumpian management of the economy until November 2018, after the early returns from the tax cut have come in.

And the Democratic Party has also been put into a tight box.

As Democrats have denounced the tax bill for exploding the debt by $1.5 trillion, how do they propose to pay for all the free stuff, including free tuition and infrastructure, that they will have on offer?

There are only two options: borrowing and growing the national debt themselves or raising taxes, as Mondale promised to do.

Another problem for Democrats is the new $10,000 limit on the tax deduction for state and local income and property taxes.


In blue states like Oregon, Minnesota, New Jersey, Vermont, Hawaii, the top state income tax rate is 8 to 10 percent. In Jerry Brown’s California and Andrew Cuomo’s New York, it hits 13 percent — before adding property taxes on homes and condos in Manhattan and second homes out on Long Island.

Virtually eliminating state and local tax deductions is going to cause some of the rich to consider relocating to low-tax or no-tax red states in the Sun Belt like Florida. And it is going to put pressure on blue state pols to cease adding to the state and local tax burdens that Uncle Sam is not longer helping to carry.

Stepping back from all the Sturm und Drang of 2017, the Trump-Republican record of achievement, of meeting commitments made in the campaign of 2017, is not unimpressive.

The largest tax cuts in decades. Elevation of Neil Gorsuch to the Antonin Scalia seat on the Supreme Court. A record number of new U.S. appellate court judges approved by the Senate. The U.S. is out of the Paris climate accord and out of the Trans-Pacific Partnership.

NAFTA is being renegotiated. Alaska’s Arctic National Wildlife Refuge will be open for drilling. The U.S. is at full employment, with minority unemployment near record lows. The stock market has consistently broken records, with the Dow having added 5,000 points. The Obamacare individual mandate tax is gone. Obama-era regulations have been cut and some eliminated.

And one year deeper into Russiagate, and still there is no proven collusion between candidate Trump and the Russians.

Indeed, the Robert Mueller investigators appear now to be coming under as much scrutiny and suspicion for how they behaved during the election and transition as Vladimir Putin and the Russians.

Patrick J. Buchanan is the author of a new book, “Nixon’s White House Wars: The Battles That Made and Broke a President and Divided America Forever.”

Copyright 2017

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  1. Thirdeye says:

    Buchanan doesn’t know shit about how to measure the performance of the real economy. He only knows how to parrot talking points on the economy.

    • Replies: @Twodees Partain
  2. The Dems will simply run on the mantra that it is all fake news covering Trump’s many collusions. Trump colluded with the Russians to steal the election from them. Trump colluded with his fellow oligarchs to rig the tax code and steal the economy from them. Trump colluded with the Israeli jews to help them steal a city they have occupied for decades. Ad nauseum.

    • Replies: @RadicalCenter
  3. More trillions to the welfare state of billionaires. The taxes they pay don’t begin to pay for their enormous burden on local cops, fire, infrastructure and social benefits we pay out to their imported “talent”. All to protect and swell the oligarch’s trillions. From their offices to their homes, they freeload off the rest of us. It was one thing when they actually employed AMERICANS, ran factories here, earned and kept their money HERE. None of that is happening for 40 years now. And I’m to pretend handing to them a 15% tax break bodes well for society? It bodes well for theirs.

    The rest? To hell with you.

    • Replies: @bluedog
    , @exudd1
  4. Randal says:

    Yes, it does appear Trump will sink or swim based upon not just whether the economy responds vigorously, but whether that response drives real noticeable benefits to his base. I’m not sure it will, but time will tell. Is the US in as good a position to respond to lower taxes as it was in Reagan’s time? Will the response drive jobs and increased income to Trump’s base, or will it just be absorbed by the rich and by cheaper immigrants? In any case it’s hostage to global economic trends and events, which are far less under the US’s control than they were in the 1980s.

    The largest tax cuts in decades. Elevation of Neil Gorsuch to the Antonin Scalia seat on the Supreme Court. A record number of new U.S. appellate court judges approved by the Senate. The U.S. is out of the Paris climate accord and out of the Trans-Pacific Partnership.

    NAFTA is being renegotiated. Alaska’s Arctic National Wildlife Refuge will be open for drilling.

    None of that, important as it is, strikes me as of much real interest to the people who voted Republican in 2016 instead of Democrat because Trump seemed different from the old establishment Republicans they’d come to despise as much as the Democrat establishment.

    If the economy turns up and that has good effects for the people in the Trump base (not the old Republican partisans), then he can win. But if there is no improvement in the situation for those men and women, then regardless of how well the “economy” is doing he has created a situation in which he will be destroyed as yet another rich lying Republican who pretended to be different but ended up just giving tax cuts for the rich and doing nothing about any of the other issues – nothing significant on immigration, nothing on anti-white discrimination, nothing to stop stupid wars (likely he’ll have engaged in at least one stupid war against either North Korea or Iran, or some other ME proxy disliked by Israel and/or Saudi Arabia) by 2020, with the usual disastrous costs and consequences), and nothing to help the white working class. They’ll either turn to a Democrat “anti-establishment” candidate or just turn away from voting.

    • Agree: bluedog
    • Replies: @RadicalCenter
  5. For a quick preview of what Trump (perhaps) has up his sleeve to save the day see:

  6. @Thirdeye

    True. He goes so far as to claim that “The U.S. is at full employment, with minority unemployment near record lows. ” Full employment must mean something entirely different to Buchanan than to anyone who actually lives here today.

    • Agree: RadicalCenter
  7. Renoman says:

    Trump’s a money man, he knows how to make money, if he succeeds the American people will follow him anywhere. The Alaska tunnel is exactly the kind of money making mega project that will carry him forward. This nonsense of hating Russia is just a load of crap, Russia is a huge pile of money just waiting to be mined. For God’s sake let’s go and get it, there’s plenty for everybody, no need to fight.

    • Replies: @Peter Akuleyev
  8. bluedog says:
    @Jim Christian

    Reaganomics at work and Trump just stole a page out of Reagans playbook…

  9. KenH says:

    Republicans see themselves as the party of free enterprise, of the private not the public sector.

    That might have defined the Republican party of the 70′s and 80′s but most Republicans of today only differ from the stridently anti-white, communist Democrats by a small degree. Republicans have been growing government/refusing to shrink government and spending like drunken sailors since the Dubya administration. A “cut” is now defined as slightly slowing the rate of projected growth. They love to lavish taxpayer money on the military industrial complex and Israel.

    Republicans are still allocating vast sums of money for refugee resettlement. Republicans are now the party of less big government and slightly less social engineering.

    As Democrats have denounced the tax bill for exploding the debt by $1.5 trillion,

    It’s funny how Democrats suddenly become deficit hawks when Republicans control the Congress. They were fine with budget deficits and exploding the national debt by ten trillion during Obongo’s reign of terror.

  10. @Renoman

    Trump’s a money man, he knows how to make money

    For Christ’s sake, if there is one thing everyone should be able to agree on, it is that Trump is a pretty crappy businessman. He inherited a lot of money and failed miserably as a real estate developer, and is even now heavily in debt. But he is brilliant at manipulating the media, and The Apprentice generated enough money and publicity to keep the Trump name. Those are all pretty basic facts.

    There is also no obvious connection between business acumen and political skill. So why pretend Trump was something he clearly was not?

    • Replies: @exudd1
    , @Anonymous
    , @TTSSYF
  11. nickels says:

    Companies will take the extra cash and do massive stock buybacks, thus enriching the 1% ever further and doing nothing for jobs or salaries.
    This is a fundamentally different corporate era than the Reagan days.

    • Replies: @exudd1
    , @FPD72
  12. exudd1 says:
    @Jim Christian

    Well said! Excellent comment. Thanks.

  13. Anonymous • Disclaimer says:

    Nice summary, Pat.

    The next hit on the Democrats will be sacking bureaucrats until that $1.5 trillion hole is plugged—unless some liberal justice dies first.

  14. exudd1 says:

    Very likely. Great comment. Thanks.

  15. Good article. I’m optimistic about this tax cut. Confidence is already sky high and the economy is accelerating. The lower corporate tax rates should invite investment; and since people follow fads, investment by a few big players may produce an avalanche.

    Politically, if the economy continues to improve over 2018, the Democrats will get crushed. Moreover, judging by today’s tweet, Trump intends to bludgeon the Democrats with his proposed infrastructure bill. A good infrastructure bill would put the knee-jerk Trump-hating Democrats in a dreadful spot.

    Things are looking good! What a time to be alive.

    • Replies: @bluedog
  16. I usually enjoy Pat’s columns but with this one he has gone of the rails.

    The best example of this is his following statements…

    “As Democrats have denounced the tax bill for exploding the debt by $1.5 trillion, how do they propose to pay for all the free stuff, including free tuition and infrastructure, that they will have on offer?

    There are only two options: borrowing and growing the national debt themselves or raising taxes, as Mondale promised to do.”

    This is completely untrue and many reputable analysts have shown that way too much money is being given to US military contractors and the Pentagon along with ridiculous amounts of monies being forwarded to Israel.

    Slash military spending and halt aid to Israel and there will be more than enough monies to provide for everything that the welfare of the general public requires.

    Both the military and Israel are sucking the financial life blood out of the United States. The military can no longer produce quality weapon systems art reasonable costs, can no longer train American youth to be quality soldiers, airmen\airwomen, or sailors, all the while increasingly relying on high-technologies that are so poorly developed they do not even meet their own specifications. And there has been absolutely no ROI as far as the monies going to Israel are concerned. In fact, supporting that state costs much more than just the paychecks it gets from the US every year…

    • Agree: Cloak And Dagger
    • Replies: @Paul Jolliffe
  17. Anonymous • Disclaimer says:
    @Peter Akuleyev

    “There is also no obvious connection between business acumen and political skill.”

    Yeah, I’ll bet most real estate developers don’t even know who their local politicians are. No connection whatsoever.

  18. bluedog says:

    Lower corporate tax won’t mean squat,all those jobs sent out of the country will remain out of the country as well as any growth from them,the only place lower corporate tax will make a difference are in fixed corporations that can’t be moved like Trumps casino’s.If anyone is dumb enough to swallow that old right wing line of lower taxes means more growth then we should be swimming in well paid jobs instead of the Fed. having to endlessly goose wall street with cheap money, and we would’nt have a $20/$21 trillion dollar debt,hell you could cut corporate tax to zero and it still would’nt beat the 35/50 cent an hour from the third world countries and the off-shore accounts to park their profits in…

    • Replies: @Wally
  19. @The Alarmist

    The Dems are slime. But Trump gave them real ammunition, for a change, by passing this tax bill.

    My mother, a native-born patriotic American citizen in her 70s, now living alone, recently retired after a long career of hard work, not having an easy time paying for the same house she was living in while working, and far from wealthy in terms of income or net worth, will be hit with a noticeable income-tax INCREASE under this bill.

    We could have supported a phase-out of the deduction for state and local taxes, but not this sudden $10,000 annual cap.

    A phase-in period of a few years would have given people in the higher-tax States time to adjust their affairs, especially by selling their homes and moving to lower-tax States where the deduction cap wouldn’t hurt them so much. Say, a cap of $20,000 on the state/local-tax deduction in 2018, then $15,000 in 2019, then $10,000 in 2020, etc.

    To hurt her further, her house will not fetch the same price that it would have because

    The Republicans claimed that they “couldn’t afford” to ensure that no regular American pays higher taxes, such as my mother, yet they apparently COULD afford to lower the rate for the very top bracket.

    Aaaaand, as a kicker, the individual income tax rate cuts are sunsetted, while the corporate tax cuts are putatively permanent. I’m all for corporate tax reduction, but not when their tax relief is larger or longer-lasting than any direct tax relief to many hard-working Americans.

    Hey, at least the tax code still has SEVEN individual income tax brackets and is terribly complicated.

    Bad policy and bad politics, as well.

    • Replies: @The Alarmist
    , @TTSSYF
  20. @Randal

    I’m for the drilling, and it does matter to me, though not a top priority.

    I’m also for renegotiating NAFTA, especially with Mexico, but I doubt that that will amount to much.

    I’d like the President to gradually bring our troops home, stay out of war with Iran, cooperate with Russia whenever possible rather than badgering and encroaching on them, BUILD THE DAMN WALL and stop the flood of both legal and illegal Third Worlders into my country, and make at least small reductions in military and domestic spending. Looking dubious so far.

  21. Corporations – all of which are Globali$t, disloyal to ordinary Americans – are going to invest their new tax savings in more Open Border$ Cheap Labor Lobby lawyers and propaganda and such, and they’re also going to invest those savings in more and more sophisticated computer automation, both of which will put and keep ever more Americans out of work.

    Meanwhile, this bill’s tax cuts for us plebs are grandfathered to end.

    Some kinds of cuts help, other kinds of cuts make you bleed.

    Most of all, I would wager that most of the Americans who voted to elect President Trump did not have the GOP $ellout E$tabli$hment’$ desideratum of tax rejiggering as their number one priority. Anyone care to guess what those voters’ actual Number One Priority was?

    • Replies: @Anonymous
  22. Dutch Boy says:

    The Reagan tax cuts (they actually had bi-partisan support, which shows how things have changed) were designed to deal with a specific problem: stagflation. Since we have not had stagflation for decades, subsequent tax cuts cannot be justified by appeals to Reagan. The fundamental problem is that neither party is willing to make the policy changes which would repatriate the productive economy the current policies have sent overseas. The Republicans pretend we can revive the economy with tax cuts and the Democrats pretend we can ameliorate the damage done to the working class with freebies paid for with increased taxation.

  23. Wow, what a lot of crying and lying by the left.

    Radical center

    Your mother in her 70s lives in a home where the local taxes on real estate and income are close to 20,000 per year. Right……does not sound correct but I will give you that, might be true in New York.

    Guess what, her standard deduction went from 12,600 dollar to 24,000 or 25,000 (assuming a qualified widow), so it seems to me the additional 12,000 plus offset that 10,000 loss in local tax deduction, more or less, which means she might actually be better off with the new plan unless the local taxes on property and income exceed 22,000.

    But you knew that, didn’t you. You just do not like Trump, the meanie.

    As for all the dolts or leftist trolls that cannot figure out that lowering the corporate rate to 21 % makes it far more advantageous for companies to do business here: guess what? You will see more industry here and more investment in the US. An awful lot of US companies have left the US because of the 34.5 % rate. You folks seem to feel the tax rate will make no difference, why do you suppose the other nations we trade with are yowling about this, in particular Germany?

    Look a lower corporate rate means companies can do project that simply make no sense otherwise. Companies have to hire folks to do such things. As it makes the US , by 1.5 % the more favorable tax rate in the industrial world, a lot of hiring will occur. If this is combined with a border wall and more restrictive immigration, you will see wage pressures and the working folks will see more of the pie.

    Buy you leftist really know that, don’t you. You are just pissed that you dear little Hillary was shown to be a vapid turd, the leftist dream of an effective single party state is gone and the plan of reducing the US to a Brail or Venezuela like existence with you and your other stunted statists utopians on top has ended, or at least it is more likely so.

    Keep publishing your attacks, it is very enjoyable to those on the Trump Train. We swim in your tears of frustration.

    Go Trump Go, no we are not tired of winning yet.

    P.S. No actual 19th century liberals were insulted in this note, just the dissatisfied dwarves that have utopian dreams of changing the US to their idiotic fantasy (with them on top of course), hoping by changing the world around them they can fill that hole inside them.

  24. @Bob's your uncle

    Apparently you haven’t read any of my many, many comments here on unz or elsewhere. AT ALL. EVER. Check out my views and proposals on both illegal and legal immigration, for example. Gun rights. Federal versus state and local power, Tenth Amendment. Needless wars and the military industrial complex and the role of Israel and its domestic lobby in pushing us into wars that harm america’s economy and waste our boys’ lives and engender resentment by hundreds of millions abroad. And on and on.

    Leftist? Hillary supporter? Attack someone who deserves it. Pay attention, man. You’re embarrassing yourself. I voted for Trump, dick.

    I don’t even believe that we should have a federal income tax. But so long as we do, I don’t like non-wealthy people, or productive honest wealthy people like successful small businesspeople, getting screwed for the sake of the very wealthy OR for the sake of the often slothful long-term low-income people through the tax code.

    As for property tax and income tax not coming out to twenty grand per year for a very non-wealthy in northern New Jersey, and it’s not New York, you haven’t got a clue, apparently. Great that you live elsewhere and haven’t spoken with ANYONE who lives in good parts of NJ, but you are utterly out of touch.

    My mother pays more than one thousand dollars PER MONTH on property tax — PER MONTH, NOT PER YEAR — and she hardly lives in a mansion. Never has.

    NJ has long has the highest residential property taxes of any State in the entire country and I believe on average still does.

    My family vigorously opposed the welfarist Jewish/African (and now Latino)/slacker/government-employee mooches who kept electing people who increased spending, income tax, sales tax, and especially property tax mindlessly over the decades. They worked hard, always voted, advocated with friends and neighbors, contacted their reps regularly, donated to campaigns what relatively little they could, and we LOST. Big time.

    Now we need to be lectured and lumped in with un-American scum by some totally uninformed prick like you who implies that you don’t believe my explanation of how much regular upper-middle-class people shell out in taxes where I was born and raised? Get out more and learn about different parts of the country before making comments like yours.

    And I don’t think trump is a meanie. I think he’s a sellout pussy who should have used executive orders, as promised, to end DACA immediately. He also should have made ending birthright citizenship, family reunification, and diversity lottery visas into his TOP priority, holding everything else hostage until he got some of that done, but he hasn’t.

    Merry Christmas, fuckwit.

  25. @Bob's your uncle

    See my comment at number 21, and hundreds of other places for years. Then go find an actual leftist to attack. And don’t forget to go fuck yourself. I mean that in the nicest Jersey Italian fashion, and in a good Christian way, of course, “Bob’s your aunt.”

  26. @Bob's your uncle

    Yeah, we’re winning so much that my country continues to become more Third World every month despite our boy’s rhetoric and tough tweets.

    Diversity lottery visas continue, despite recent talk talk talk.

    Chain migration continues, despite recent talk talk talk.

    No massive daily raids on construction sites and day labor centers as there should be.
    No tenfold increase in deportations as there should be.
    No imprisonment of people who hire illegal aliens instead of our countrymen, and no lethal force against aliens who try to resist apprehension and deportation.

    Sanctuary cities — part of our fifth column whose mayors and city councils and police chiefs should be prosecuted and then executed (let Steinle’s parents take the shot) — haven’t been much affected or even gotten nearer to being defunded and drastically punished.

    The guy we both voted for, spends more effort and political capital kissing israel’s ass, threatening Iran for no good reason, threatening North Korea unnecessarily, than actually trying to close the goddamn borders and force resources away from military contractors and connected bankers/financiers and African/Mexican/homo/barren-bitter-chuck federal “workers” towards regular normal Americans who work or want to work and raise families and love this decaying country with all our heart.

    Yeah, winning, RAH RAH. Learn Spanish, motherfucker, because The Don ain’t doing anything real to prevent that from becoming a necessity in the whole country as opposed to just SoCal, the Southwest, and Texas.

    • Replies: @KenH
  27. @RadicalCenter

    Bad policy, but good politics. The Repubes are only going to lose votes in states they would never win. Until the locusts decamp to low-tax states and turn them purple or blue.

    Trump needs to push for more abortions now.

  28. bluedog says:
    @Bob's your uncle

    The old propaganda line right vs left and there is not a nickles worth of difference between them…but you knew that right… as you go trolling along…

  29. KenH says:

    Diversity lottery visas continue, despite recent talk talk talk.
    Chain migration continues, despite recent talk talk talk.

    And also despite tweet, tweet, tweet. And let’s not forget for all of his bluster he just appointed a blonde bimbo to head DHS who opposes the wall and supports DACA amnesty.

    IMO he has done some good things, but after Obama there was no where to go but up. But he still hasn’t driven a very hard bargain with Congress when it comes to immigration issues. I hope that changes because we’re out of time and we don’t have several more election cycles to reverse demographic displacement policies currently in place.

    • Agree: RadicalCenter
  30. Radical center

    If you are not a leftist troll, well you have my apology. I must say I very much enjoyed your response, I do believe you come from New Jersey or at least the North East.

    That said, I come from New Jersey, so yeah I know the taxes, and guess what. 10 to 12 thousand is just in line with what I expected…which is not 20 grand (which you very strongly implied). So in fact I was correct. Your mother, as a “qualified widow” will get her standard deduction near doubled. any loss in the deductions of local taxes will be made up in that. Your condemnation of the Trump’s Tax plan was wrong.

    As in incorrect, Errant. Funny how you do not care to address that.

    It is also funny how you assumed the second half of my diatribe applied to you. Which is why I still doubt your background. In your assumption I was talking about you, (which was only the part related to local tax deductions). There was a lot of rage there, frankly you indicate so much of it and aim it at Trump. Hmmmm…. Change takes time, the tides are with the right at the moment. The tax plan was a huge win. Trump fights and no president has ever faced headwinds like this. Give it time young Jedi and you may yet see good things.

    Said another way, while the left is surely made up of dissatisfied utopians who are stunted, the same exists on the right as well. Those who expect perfection on this world, find scapegoats for all the ills of the world and generally find fault with everyone else, sure that the world would be just grand if they ran it. Unrealistic. Now is the time fro folks who have some interest in our escaping a complete collapse to celebrate. We may not win long term, but we now have a better chance of avoiding all of the issues you raised.

    so finally,

    Merry Christmas and good wishes towards all your.

    Bob’s your Uncle.

  31. bluedog says:

    You can’t avoid the issues unless you address them anymore than we can avoid what’s coming, trillions upon trillions in debt, trillions in the time bomb known as dirivitives, war drums beating in the distance and Trump wants to add another trillion or two to those many trillions that we will never be able to pay.No I didn’t vote for Trump because for the first time in 60 years of voting I stayed home and yes I know the right wing will say he did a hell of a job and like Bush vote him in for another four years well if there’s anything left to vote for that is

  32. Anonymous • Disclaimer says:
    @Auntie Analogue

    Corporations – all of which are Globali$t, disloyal to ordinary Americans – are going to invest their new tax savings in more Open Border$ Cheap Labor Lobby lawyers and propaganda and such, and they’re also going to invest those savings in more and more sophisticated computer automation, both of which will put and keep ever more Americans out of work.

    Yes, trickle down economics seems to have been an obvious failure. The rich have made it clear they care little for the economic well-being of their fellow Americans.

  33. TTSSYF says:
    @Peter Akuleyev

    So if Trump is a “pretty crappy businessman” and there’s “no obvious connection between business acumen and political skill”, does that make Trump a political genius?

  34. TTSSYF says:

    It’s interesting that you acknowledge that states with no or low state income tax will attract more residents than those with high state income tax but dismiss the idea that a country doing the same with the corporate income tax rate (i.e., lowering it to make it competitive with other developed countries) will have any effect on luring companies back to our shores.

  35. FPD72 says:

    1%? A large segment of the population owns stock through IRAs and 401k’s. They will benefit as well. A large percentage of my net worth is tied up in IRAs, which benefit from a rising stock market. I had the good foresight to get out of the market in January of 2008 and didn’t get back in until 2010 so I never went through the 201k experience. That was luck as much as anything else.

    Except for a three year period when I had 2-3 kids in college I always put a minimum of 5% into a 401k, with an equal employer match. Once the last kid left school I always maxed out my contribution. My income was never in the top 10%, much less the top 1%.

    Where’s the time preference and delayed gratification we HBDers are always writing about in iSteve? If you think corporations are getting an unfair break, back up your beliefs by buying stock in the biggest offenders.

  36. Wally says:

    Yawn. You lost.

    • LOL: bluedog
    • Replies: @bluedog
  37. I am in agreement with about everyone on Unz, I would hope, that none of this matters compared to the existential problem of the immigration invasion. Once we turn into a 3rd world country, this tax-bracket stuff will be the least of our worries. It’d be wise to note that even the top 10% of immigrants in terms of having-their-shit-together are not your Ron Paul libertarians, and will vote for THE STATE every time.

    That being said, I would like to set the record straight on the personal tax standard deduction thing. The Peak Stupidity blog does not normally get all wonky and shit, but I put in the basics of why this is nothing but a wash for the lower-to-middle middle-class taxpayer. I am luckily not living in the NE, say New Jersey, and have no plans to even visit the place, but for families like that of Radical Center, yeah, you or your Mom are losing out on the itemizing part. I mean that it’s a wash for families that don’t have businesses with lots of deductions or have houses paid off hence no itemizing.

    Let me lay it out quickly with one word: EXEMPTIONS!. Oh, one more word: GONE! Did you hear that from any talking heads on TV (PERSONAL EXEMPTIONS (@ $4,000 per family member) – GONE!)? No, I would not have, as I don’t watch TV, but I looked up stuff for 10 minutes after I read enough to give a crap about this tax bill. I turns out that:

    The personal exemption of $4,000 each is gone. This and the standard deduction are “top line” items (I explain this in my post). Therefore, for a family of 3, the $12,000 increase in the standard deduction is almost exactly-evenly wiped out by the removal of 3 X $4,000 in exemptions. For more than 3 your family loses on this. For a couple with no kid, you gain a $4,000 off the top (about $1,000 actual savings if you make together over $75,000 (25% taxes on the margin).

    Now, I will add one more thing. Oh, lucky day! The child credit (bottom-line item) has gone up by $600, meaning about equivalent to a top-line reduction of 4X that, about $2,400 (again if you are in the 25% on-the-margin bracket). Between the doubling of the standard deduction, the elimination of the exemptions, and the increase by $600 in the child credit, it’s one big ball of NOTHING.

    OK, I’m not gonna make this comment into a thesis, but listen, this whole thing is basically no cut at all for any family in the lower or middle of the middle-class. Is Peak Stupidity the only place you can read that? I dunno, it took me 10 minutes to figure out what I should have already known – we are not gonna get any Christmas presents from our Feral Gov’t evah!

    • Replies: @bluedog
  38. A couple of more things:

    A) I’m not tax attorney or accountant. I don’t say that to cover my ass, but to illustrate that, hell, nobody follows this stuff because they use turbo-tax or a tax guy. I do my own, taking about 30-45 minutes each time, and for about a decade I did them at the bar during 1/2 time of the superbowl. I don’t have a business right now, but I do realize things are more complicated then. I have done my own taxes even when I itemized a number of things, taking, perhaps 2 hours (I do tend to round off all numbers to the nearest 10 bucks, and work it out on a cocktail napkin).

    What’s my point? People don’t get this if they don’t see the forms and what each part does. Sure, you will see a different amount spit out of turbotax or told to you on the phone by your tax guy, but there are too many other variables each year for you to see right in front of you. THIS! IS! A! WASH! NO! CHANGE!

    B) The elimination of the Alternate Minimum tax is a good thing, I’ll give them that. Do you all know that it was designed specifically to nail about 25 or 50 specific people who the government thought weren’t paying enough about 5 – 7 decades ago? The government didn’t like how these people were not “paying their share” by following THE LAW. No, not thousands, 50 people or something! Because the dollar has lost >95% of it’s value since that time, this one make lots of people have to pay the higher of 2 different methods of calculation of each year’s take bill.

    A belated Merry Christmas to the House Ways and Means Committee, Kevin Brady presiding. I got your card, and FUCK YOU, too.

  39. bluedog says:
    @Achmed E. Newman

    Of course not but you can’t beat Peak Stupidity of the American people, when to them a tax increase is a tax cut,now the next thing to watch is if the tweet and tweeter will like Reagan and his tax cuts, simply return less to the states,then people can watch their property taxes go thru the roofs as states try to make up the lost revenue…

  40. @Steve Naidamast

    “Slash military spending and halt aid to Israel . . .”

    Sure, and why not free teleporters for everyone while he’s at it?

    Seriously, there is not now, and there has not been for decades any real way for a president to do those two things and survive.

    Not merely survive politically, but survive.

    Nixon was lucky to be forced alive out of office after his foreign policies ran headlong into his own national security state’s opposition.

    No president since has dared to reel in the military or to question the nature of our relationship with Israel.

    LBJ screamed at McNamara in 1967 to have our fighters recalled after the U.S.S. Liberty’s crew somehow got off a distress signal that they were being attacked by Israel.

    LBJ was quoted by Stanley Karnow in December of 1963 that the American generals had “better get me elected, and then they can have their damn (Vietnam) war . . .”

    LBJ knew to whom to listen.

    Reagan at Reykjavik had his November 1986 anti-nuke summit derailed by the simultaneous revelation of the Iran-Contra affair.

    Nixon’s attempt to thaw the Cold War with the USSR and Mao’s China came to nothing after he was Watergated.

    As soon as 9/11 happened, George W. Bush abandoned his campaign promise not to get us involved in nation-building, and promptly ordered the destruction of Iraq so we could re-build it!

    Both Obama and Clinton talked as if they were men interested in non-military solutions to world affairs, but both involved us in numerous conflicts around the globe, none of which had any importance to America. (Who cares who rules Libya? We got along fine with Gaddafi for decades. What did Obama think he was doing?)
    (Who told Clinton that bombing Serbia was in America’s best interest?)

    I haven’t even mentioned JFK. That he was murdered by his own national security state is all but certain.
    That today’s mainstream media continues aggressively to push the national security state approved narrative of that murder IS certain.

    I have the highest respect for Pat Buchanan, but even he has conceded in his writings that America changed for the worse after 11/22/63.

    Steve, you and I agree that the solutions you propose are the only responsible ones for America. But for the reasons that I’ve just briefly outlined, they are impossible.

    • Agree: bluedog
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