Harry Marks wrote:

DB Roy wrote:Authorities in govt accountability say that Ross had to choose between his job as secretary or the shipping company--that to keep both is unethical.

Supposedly the law on this does not apply to the President. That could be due to the emoluments clause? But either way, his lack of interest in ethics is wearing on the public and dragging down the Republican image. All contributing to the talk of a wave election in 2018.

Yes, laws on conflict of interest specifically do not apply to the President or VP. These exceptions are based on the policy rationale that any prohibition against conflicts of interests might impede their ability to carry out their Constitutional duties. However that is not due to the emoluments clause. That clause from the Constitution essentially prohibits bribes from foreign officials. Trump receives rent money from a state-controlled Chinese bank as well as hotel revenue from visits from foreign dignitaries. Here's a discussion of how the emoluments clause applies to Trump.

Old Reb wrote:If Mr. Trump and the rest of the Republican party don't get their s**t together REALLY quick and get this tax reform bill passed and signed by year end,they are going to get hosed at the polls in November, 2018.

This is a strange metric with which to view legislation that will have long-reaching consequences for Americans. But that does seem to be the goal: to score a quick political victory so that Republicans can stay in power (and continue with a majority in Congress). The goal is not to put forth the best tax reform possible.

I heard an economist on NPR say on Friday that this tax legislation is designed to reduce the tax burden of corporations in order to keep America competitive in the global marketplace. The fact that Trump has touted this tax reform as a boon to the middle class is simply not supported by the facts. As Bush used weapons of mass destruction to justify the war in Iraq, Trump seems to be selling something to the American people that will be shown in time to be just more false promises from a politician.

It seems to me that a tax cut that increases our deficit by more than a trillion dollars is not a tax cut at all, but a burden on future Americans. All to increase short-term economic growth by a couple of percentage points (and when the economy is already robust). I'm very skeptical that what is good for Corporate America is good for most Americans. I guess we'll soon find out. But it may be that passing this tax legislation will not be a feather in the GOP's cap after all. As we've seen with Obama's health care that was passed with good intentions, but not with wide bipartisan support, the GOP tax bill will come to be seen as an example of what is wrong in Washington and why extreme partisanship only hurts Americans.

Cutting the corporate tax removes an immense amount of revenue from govt coffers. If it's not replaced (and I don't see how it could be), programs have to be cut. As I said, school will be the first to feel the pinch but not the last. Yet Trump wants a trillion dollar infrastructure bill, a raise for the military, a 1200-mile long transparent wall, among other things. Who pays for this and how?? Then they also intend to gut Obamacare by getting rid of the penalty (why didn't they just do that in the first place instead all this repeal bullshit?) causing at least 13 million people to lose insurance.

Does anyone else wonder if the taxes will be cut and yet remain the same because Trump will use the cuts to finance his stupid wall?

I still have to believe it won't pass. I still think someone will get cold feet and pull out. To adequately study how these cuts will affect things, studies HAVE to be done!!! You just can't throw this out there and expect it to float and someone in Congress HAS to know this!! I have to believe it won't pass. I have to believe this!!

DB Roy wrote:I still have to believe it won't pass. I still think someone will get cold feet and pull out. . . .

It sounds like the GOP tax deal is pretty much a done deal. The House and Senate have a bill in the works and are expected to have the bill Trump for signing NEXT week. There's a real push to have it signed by Christmas.

But you hit the nail on the head. To cut taxes to the extent they are will force drastic cuts in public services. Far from helping the low and middle class, this bill is going to hurt many Americans. These politicians don't care because they're corporate bitches now. They could care less about the American people.

DB Roy wrote:Then they also intend to gut Obamacare by getting rid of the penalty (why didn't they just do that in the first place instead all this repeal bullshit?) causing at least 13 million people to lose insurance.

Why do you use the term "Obamacare"? It must be called something else, as Trump stated exactly two months ago:

Obamacare is finished. It’s dead. It’s gone. You shouldn’t even mention it. It’s gone. There is no such thing as Obamacare any more.

- President Trump
10/16/17
https://www.theguardian.com/us-news/201 ... e-care-act

Al Jazeera interview with Art Laffer.

"On economics this guy is very good" Laffer on Trump

In a speech on Wednesday, US President Donald Trump outlined the principles of a tax plan that would amount to the most sweeping changes to the US tax code in decades.

The plan would cut taxes for the rich and businesses, although Trump insisted that his tax plan would primarily help the working class, who would reap the benefits from the resulting economic growth.

This idea - that tax cuts for the wealthy fuel growth - was popularised by conservative economist Arthur Laffer. The "Laffer curve" goes so far as to suggest that tax cuts can actually increase a government's revenues. Laffer's curve and his advocacy of tax cuts have been the driving philosophy of Republican tax policy for decades.

But a 2012 survey of 40 top economists found that most of the profession disagrees with Laffer - and historically tax cuts and hikes haven't closely correlated with economic expansion and recession.

Laffer has advised President Trump on his tax policies and said his plan would be "phenomenal" for the United States and the world.

For this week's Headliner, we speak with Laffer about whether Trump's plan will make the US economy grow, or simply widen the gap between the rich and the poor.

Full interview: http://www.aljazeera.com/programmes/upf ... 52209.html

Even if this cut in some magical way put more money in govt coffers, how long would that take? Years. By then, who knows how many departments will close and how many will lose their jobs and how many schools will be forced to shut down and how many will lose their health care?

from Mr. Tulip's link wrote:This idea - that tax cuts for the wealthy fuel growth - was popularised by conservative economist Arthur Laffer. The "Laffer curve" goes so far as to suggest that tax cuts can actually increase a government's revenues. Laffer's curve and his advocacy of tax cuts have been the driving philosophy of Republican tax policy for decades.

I think the Laffer curve has been discredited. It was tried with the Reagan tax cuts, but his Budget Director David Stockman famously warned of "$100 billion deficits as far as the eye can see" and that's what we got. In the current bill, reducing corporate tax rates from 35% to 21% won't do anything. As Laffer admits in that interview, the effective corporate tax rate (after loopholes, tax attorneys etc.) is already lower than 20%, so all that appears to be just for show. For one example, GE has mastered the tax code, earning a tax rebate on record profits.

Laffer was associated with Kansas Governor Brownback's radical tax cuts. I haven't heard any good effects from that and Republican state legislators even reversed his cuts in the face of huge deficits and other problems.

But a 2012 survey of 40 top economists found that most of the profession disagrees with Laffer - and historically tax cuts and hikes haven't closely correlated with economic expansion and recession.

Well there ya go...

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Nobel economics winner says Trump tax plans spur inequality, tax avoidance
https://www.reuters.com/article/us-nobe ... SKBN1E11WK


STOCKHOLM (Reuters) - The U.S. tax overhaul supported by President Donald Trump and the Republican party will increase inequality and opportunities for tax avoidance, Nobel economics prize-winner Richard Thaler said on Thursday.

Obama doubled US national debt from $10 trillion to almost $20 trillion. Not sustainable. Cut the military.