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Trump tax reform! Latest CBO update shows increase in deficit projections of 1T (3 Viewers)

Sheriff Bart said:
"in the last 10 years our economy has only grown about 2% a year.  You look at other countries and you at look at what their GDP is and they're unhappy when it is at 7,8,9%.  And I speak to the leaders of the countries and they ask how we're doing, not well, not well.  Why?  GDP is down to 7% and I say we were down to 1% just a couple of months ago and we're going to change that around folks".

:mellow:
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Why can't we be more like Iraq, Turks and Caicos, Cote D'Ivoire, Nauru (WTF is this?) and Ethiopia?!!

 
James Daulton said:
How could you possible do away with this now?  It's baked into the price of houses.  You'd have to slowly unwind it over like 10 years or more to effectively do it in such a way that homeowners don't get screwed. 
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Well there ya go, you answered your own question. Previous homeowners would be grandfathered in. It would be rolled out over a number of years. 

 
"The third principle in tax reform is tax relief for middle class families. In a way and I've been saying this for a long time but they have been the forgotten people but they won't be forgotten any longer I'll tell you that. We will lower taxes for middle income Americans so they can keep more of their hard earned paychecks and they can do a lot of things with those hard earned paychecks.  And that really means buying products, ideally things made in this country, but that means they will go out and spend their money and it will be a beautiful thing to watch.   This includes helping parents afford child care and the costs of raising of a family that is so important to Ivanka Trump.  Very important to everyone in this room but so important to my daughter."

 
tim why should eliminating the mortgage deduction credit be on the table fill us in bromigo

 
Biggest applause by far was when he said McCaskill needed to be voted out if she didn't support his tax plan and when he wrapped up.  It sounded like the place was empty and indifferent to everything else.

 
He also said GDP can go MUCH higher than 3%.  I saw and interview this morning with Warren Buffett this morning and he thinks we'll be at 2% for some time.  Sooo......

 
roadkill1292 said:
SWC said:
tim why should eliminating the mortgage deduction credit be on the table fill us in bromigo
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We actually need @NCCommish for this job.

Basically, it's an unnecessary giveaway to those with the largest mortgages.
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most people in america do not have the largest mortgages and it helps the hell out of dummies like me and everyone i know you do this you would literally crush me at tax time brohan and most of the other guys on the floor if you dont like the rich guys getting fatter thats one thing but thats throwing the baby out with the bathwater if you ask me take that to the bank brochachos

 
SWC said:
most people in america do not have the largest mortgages and it helps the hell out of dummies like me and everyone i know you do this you would literally crush me at tax time brohan and most of the other guys on the floor if you dont like the rich guys getting fatter thats one thing but thats throwing the baby out with the bathwater if you ask me take that to the bank brochachos
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He doesn't care . It's the have & have nots. Pure jealousy.He wants to punish you because own a home 

 
SWC said:
most people in america do not have the largest mortgages and it helps the hell out of dummies like me and everyone i know you do this you would literally crush me at tax time brohan and most of the other guys on the floor if you dont like the rich guys getting fatter thats one thing but thats throwing the baby out with the bathwater if you ask me take that to the bank brochachos
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I'm sorry, gb, basic tax math doesn't support your statement. 

 
no im pretty sure that if you take away the mortgage deduction that id be hurtin i am not sure what you are getting at i mean i am not smart but i do my own taxes and i feel pretty sure about that one take that to the bank brohan 

 
SWC said:
tim why should eliminating the mortgage deduction credit be on the table fill us in bromigo
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Sorry, been working.

There's a lot of people who can answer this better than I can. I'm somewhat new to the subject, but my understanding is that people who earn $100,000 or more receive around 90% of the benefit, while poorer rent owners can't become home-owners. It's essentially a subsidy for the upper middle class and the wealthy.

But in any case, it's not really worth talking about since it's not going anywhere.

 
SWC said:
no im pretty sure that if you take away the mortgage deduction that id be hurtin i am not sure what you are getting at i mean i am not smart but i do my own taxes and i feel pretty sure about that one take that to the bank brohan 
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It depends on the details.  There's also talk about increasing the standard deduction.  If that gets increased enough, you may have not needed to itemize in the first place, bromingo.  

 
it helps everyone who owns a home not just the rich and upper middle class whcih believe me brother i aint and when we incentivize homeownership we incentivize housing starts home renovations and jobs and commodity markets related to those things so you have an impact beyond just the credit so in short think it sounds dumb to me but hey bromigos no one is handing me a letter in math take that to the bank 

 
well i appreciate you guys trying to explain it anyhow but i am not for it right now take that to the maybe later bank tax brothorities 

 
SWC said:
most people in america do not have the largest mortgages and it helps the hell out of dummies like me and everyone i know you do this you would literally crush me at tax time brohan and most of the other guys on the floor if you dont like the rich guys getting fatter thats one thing but thats throwing the baby out with the bathwater if you ask me take that to the bank brochachos
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Forbes arguing why it needs to go.

 
timschochet said:
Sorry, been working.

There's a lot of people who can answer this better than I can. I'm somewhat new to the subject, but my understanding is that people who earn $100,000 or more receive around 90% of the benefit, while poorer rent owners can't become home-owners. It's essentially a subsidy for the upper middle class and the wealthy.

But in any case, it's not really worth talking about since it's not going anywhere.
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100,000 is upper middle class?

 
timschochet said:
Sorry, been working.

There's a lot of people who can answer this better than I can. I'm somewhat new to the subject, but my understanding is that people who earn $100,000 or more receive around 90% of the benefit, while poorer rent owners can't become home-owners. It's essentially a subsidy for the upper middle class and the wealthy.

But in any case, it's not really worth talking about since it's not going anywhere.
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If they can figure out how to do this without crashing the housing market it may be doable.  That market is very sensitive to inputs, though, so it's a tough one to get right.

timschochet said:
Reducing the corporate tax rate, while removing some of the deductions, makes sense to me- in general. Of course, the devil is in the details, I don't know what those details are, and I highly doubt we'll find out today or anytime soon. 
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If Congress could put something together that removed deductions for large corporations that have gamed the system and reduce the effective tax rate for small business we'd see some dramatic results.  Small business drives this economy and they tend to pay "retail" taxes while large corporations have lobbyists to carve them out exemptions.

Sheriff Bart said:
He also said GDP can go MUCH higher than 3%.  I saw and interview this morning with Warren Buffett this morning and he thinks we'll be at 2% for some time.  Sooo......
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GDP did just hit 3%.  Buffett said it just felt like 2%.  

Sheriff Bart said:
"Fourth and finally we want to bring back money from overseas."
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Definitely something that should be done.  The way we tax this is pretty crazy.

 
Sheriff Bart said:
"The third principle in tax reform is tax relief for middle class families. In a way and I've been saying this for a long time but they have been the forgotten people but they won't be forgotten any longer I'll tell you that. We will lower taxes for middle income Americans so they can keep more of their hard earned paychecks and they can do a lot of things with those hard earned paychecks.  And that really means buying products, ideally things made in this country, but that means they will go out and spend their money and it will be a beautiful thing to watch.   This includes helping parents afford child care and the costs of raising of a family that is so important to Ivanka Trump.  Very important to everyone in this room but so important to my daughter."
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So, he paid lip service to this but no details?  Only detail was lowering the corporate tax rate to 15%?

WHAT COULD GO WRONG?!

Oh, Kansas?  Right...

 
Sand said:
If they can figure out how to do this without crashing the housing market it may be doable.  That market is very sensitive to inputs, though, so it's a tough one to get right.

If Congress could put something together that removed deductions for large corporations that have gamed the system and reduce the effective tax rate for small business we'd see some dramatic results.  Small business drives this economy and they tend to pay "retail" taxes while large corporations have lobbyists to carve them out exemptions.

GDP did just hit 3%.  Buffett said it just felt like 2%.  

Definitely something that should be done.  The way we tax this is pretty crazy.
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"Billionaire investor Warren Buffett says it still feels more like a 2% economy to him despite the government today boosting its second-quarter GDP growth estimate  to 3%. I would guess we are in a 2% growth economy now. Every now and then we think we are accelerating, and every now and then that maybe there's a double dip. It just seems to be a couple of percent."
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Sheriff Bart said:
"Billionaire investor Warren Buffett says it still feels more like a 2% economy to him despite the government today boosting its second-quarter GDP growthestimate  to 3%. I would guess we are in a 2% growth economy now. Every now and then we think we are accelerating, and every now and then that maybe there's a double dip. It just seems to be a couple of percent."
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I'ts always an estimate.  They #### with the numbers for years after.

 
rodg12 said:
So, he paid lip service to this but no details?  Only detail was lowering the corporate tax rate to 15%?

WHAT COULD GO WRONG?!

Oh, Kansas?  Right...
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The consumer pays all taxes, so lowering this isn't really such a bad idea.  It won't end up at 15% (always start negotiations tilted in your favor), but even 20-25% would be a huge boon for employment and small business growth here.  It's one of the ideas that really should be enacted in some shape or form.

 
Getting rid of the mortgage deduction and increasing the standard deduction is way overdue. I've been getting ####ed over on this for 20 years.

 
Sand said:
If they can figure out how to do this without crashing the housing market it may be doable.  That market is very sensitive to inputs, though, so it's a tough one to get right.  
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What's the concern?  If the mortgage interest deduction goes away, buyers will spend less on houses, driving down prices and lowering home values?

 
roadkill1292 said:
We actually need @NCCommish for this job.

Basically, it's an unnecessary giveaway to those with the largest mortgages.
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Pretty much. It leads to rich people building huge houses which is why realtors love it and lobby to keep it. Most middle class filers don't even try to get it. And for those that do the return is minimal.

The reality is the actual return is to small to truly help the people it was aimed it, the middle class and those lower on the economic spectrum, and it's mostly become yet another giveaway to the wealthy 

 
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