Friday, November 24, 2017

Sherrod Brown Calls Orrin Hatch On His Bullcrap Re Trump Tax Deform (AKA Oligarchy Rocket Fuel)

Once you realize that trickle-down economics does not work, you will see the excessive tax cuts for the rick as what they are - a simple upward redistribution of income, rather than a way to make all of us richer, as we were told ~ Economist Ha-Joon Chang (dob 10/7/1963) In 2013 Prospect magazine ranked Chang as one of the top 20 World Thinkers.

Tax "deform". As opposed to "reform". Repub tax "reform" means tax cuts for corporations and the wealthy and scraps for everyone else (or even higher taxes). Which will, of course, increase the national debt.

Video: Senator Orrin Hatch (R-Utah) unloaded on Senator Sherrod Brown (D-Ohio) Thursday night (11/16/2017) after Brown accused Republicans of only protecting the rich in their new tax plan during a Senate Finance Committee hearing (2:13).

"Companies don't just give away higher wages" according to Sherrod Brown. Indeed, they do not. That a tax cut for corporations will cause them to pay higher wages or hire more workers is trickle down bullcrap. Demand causes corporations to hire more workers and a tight labor market forces corporations to pay higher wages.

Yet FOOLS like Rusty Shackelford continue to buy this bullcrap. The trumpy blogger recently wrote that it is his belief that Trump's tax cuts will be akin to "rocket fuel [for] America's economic engine".

Orrin Hatch's feigned outrage pisses me off. I'm sick and tired of these same lies from the Right, over and over. I don't give a damn about Hatch being from the "lower middle class". He's about to create a HUGE mess.

The following from an article by Paul Gambles, a Securities Fundamental Investment Analyst and an Investment Planner.

...my empirically-based model of the new administration's tax, infrastructure and government spending policies (especially the tax policies) forecasts that they'd combine to make a bad situation far worse, derailing the U.S. economy and if enacted now, Trumponomics... would almost certainly tip America into a recession that would most likely become known as America's second Great Depression... (Trump's tax reform could tip America into recession and possibly serfdom. 3/6/2017 CNBC Commentary).

These wealthy-oriented cuts could trigger a "re-run of the 1930s" according to Mr. Gambles. So, calling them "rocket fuel" is accurate, I think. Rocket fuel that will propel us into full blown oligarchy. But this is what Trump supporters wanted, I guess. To cut taxes on the wealthiest while cutting services that many of them rely on.

Fortune Magazine says "Trump's tax cuts are the biggest wealth grab in modern history". But Republicans know the wealthy man is incredibly eager to share what he has with those in lower economic stratas. They just don't have enough wealth yet.

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SWTD #395

2 comments:

  1. Tax cuts followed up with increased spending is what we'll get. More funny math to justify the formula.

    I'm all for simplifying the tax code. And, I am pro business when and where it makes sense.

    Trump is not a true economic conservative. Kennedy was by far more of an economic conservative that Trump will ever be.

    Cut taxes during recessionary cycles and RAISE taxes during growth cycles.

    And, put money into rebuilding the infrastructure thereby creating construction jobs.

    BTW, the class warfare rhetoric does get kinda tedious after awhile.

    ReplyDelete

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