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Roberts and Schiff panned Trump's tax cut; Ron Paul: '[It] won't work without spending cuts'

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posted on Dec, 21 2017 @ 12:48 PM
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Here's what Trump fans don't want you to know. Some of the biggest alternative voices out there from the right are panning Trump's tax cut. I'm talking about Ron Paul, Paul Craig Roberts, and Peter Schiff.

I'm not surprised by it at all. All three of these men believe that the fiat monetary system will crash and burn eventually. The tax cut appears to be getting us closer to that day no matter how you slice it.

I can already imagine how Trump fans will reply to this. They'll say, "Hardcore libertarians believe anything involving the current economic system will fail eventually." I don't know how so many of them agreed with that back when they supported Ron Paul, but they no longer believe it now that they support Trump. Is it schizophrenia or a memory as bad as that of Jeff "I don't recall" Sessions?


I deplore the tax cut that has passed Congress. It is not an economic policy tax cut, and it has nothing whatsoever to do with supply-side economics. The entire purpose is to raise equity prices by providing equity owners with more capital gains and dividends. In other words, it is legislation that makes equity owners richer, thus further polarizing society into a vast arena of poverty and near-poverty and the One Percent, or more precisely a fraction of the One Percent wallowing in billions of dollars. Unless our rulers can continue to control the explanations, the tax cut edges us closer to revolution resulting from complete distrust of government.

The current tax legislation drops the corporate tax rate to 20%. This means that global corporations registered in the US will be taxed at a lower income tax rate than a licensed practical nurse making $50,000 per year. The nurse, if single, faces in 2017 a 25% marginal tax rate on all income over $37,950.

A single person is taxed at a rate of 33% on all income above $191,651. 33% was the top tax rate extracted from medieval serfs, and approaches the tax rate on US 19th century slaves. Such an upper middle class income as $191,651 sounds extraordinary to most Americans, but it is so far from the multi-million dollar annual incomes of the rich as to be invisible. In America, it is the shrinking middle and upper middle class incomes that bear the burden of income taxation. The rich with their capital gains from their equity holdings are taxed at 15%.

Even single individuals who earn between $1 and $9,325 are taxed at 10% on their pittance.
www.paulcraigroberts.org...



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edit on 21-12-2017 by antiantonym because: (no reason given)




posted on Dec, 21 2017 @ 12:51 PM
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a reply to: antiantonym

Everyone hated Reagan's tax cut too....until it worked. Give it a chance.

Come back and talk to us in February.


+7 more 
posted on Dec, 21 2017 @ 12:53 PM
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originally posted by: Martin75
a reply to: antiantonym

Everyone hated Reagan's tax cut too....until it worked. Give it a chance.

Come back and talk to us in February.


Until it worked? He left office with a historic debt..



posted on Dec, 21 2017 @ 12:55 PM
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a reply to: antiantonym

Of coarse it won't work. They haven't balanced a budget in decades.

Now it may increase revenue but that is speculation. Even if it does they will spend beyond their budget as they did with Reagan who left us with massive national debt. Maybe not Obama level but high .



posted on Dec, 21 2017 @ 12:57 PM
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originally posted by: luthier

originally posted by: Martin75
a reply to: antiantonym

Everyone hated Reagan's tax cut too....until it worked. Give it a chance.

Come back and talk to us in February.


Until it worked? He left office with a historic debt..


WHich funded the enormous boom that happened in the 90's.

I despise Reagan. But believe that his economic policies, for the most part, helped shape a decade of positive growth.



posted on Dec, 21 2017 @ 12:58 PM
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a reply to: antiantonym

As long as the tax codes include deductions and 10's of thousand pages to describe it, the little and middle guy will not die as virgins.

I don't forsee much change with this tax plan in either reducing the complexity or getting rid of deductions. So there will continue to be no virgins among the upper middle to lower class.

edit on 001231America/ChicagoThu, 21 Dec 2017 13:00:42 -0600000000p3142 by interupt42 because: (no reason given)



posted on Dec, 21 2017 @ 12:58 PM
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originally posted by: luthier

originally posted by: Martin75
a reply to: antiantonym

Everyone hated Reagan's tax cut too....until it worked. Give it a chance.

Come back and talk to us in February.


Until it worked? He left office with a historic debt..

If you don't understand then you need to do some research. I don't have time,sorry.



posted on Dec, 21 2017 @ 01:00 PM
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a reply to: bigfatfurrytexan

I don't believe that. They lowered interest rates which was the main cause of growth. The snl scandal enveloped the economy when it mixed with his cuts.

The boom in the 90's also led to a big bust. The tax cuts aren't the problem it's the spending.



posted on Dec, 21 2017 @ 01:03 PM
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a reply to: Martin75

I understand just fine. Reagan left with a massive increase to the national debt. One of the largest up to that point.

He was in a recession and most of his credit for tax cuts raising revenue was from the fed lowering interest rates and coming out of the recession. Which was later what led to all the terrible investments that busted.



posted on Dec, 21 2017 @ 01:03 PM
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originally posted by: luthier

originally posted by: Martin75
a reply to: antiantonym

Everyone hated Reagan's tax cut too....until it worked. Give it a chance.

Come back and talk to us in February.


Until it worked? He left office with a historic debt..


Why do people act like Reagan never raised taxes after the cuts? Like, 10 or 11 times.



posted on Dec, 21 2017 @ 01:04 PM
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a reply to: MOMof3

Exactly he had to for ssi.



posted on Dec, 21 2017 @ 01:06 PM
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originally posted by: luthier
a reply to: bigfatfurrytexan
The tax cuts aren't the problem it's the spending.


I won't disagree with this. The only benefit the tax cuts are going to really have, if you can call it that, is increasing wages. But the real beneficiary there is Uncle Sam, who will just reap more tax revenue from higher wages.

The cost side of the equation was already pushing it into a deficit. Lowering the revenue side won't help.



posted on Dec, 21 2017 @ 01:09 PM
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a reply to: bigfatfurrytexan

I would have faith if they didn't treat guys trying to balance the budget as complete lunatics.

Look at crazy rand Paul trying to freeze spending so the budget balances 8 years later. What a nut. Says his own party.



posted on Dec, 21 2017 @ 01:09 PM
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Ron's looking great. Good to see him out of the belly of the beast at his age.



posted on Dec, 21 2017 @ 01:09 PM
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a reply to: antiantonym

Of course there will be spending cuts.

One step at a time. Besides, those cuts will be somewhat in relation to revenues. They will come.



posted on Dec, 21 2017 @ 01:10 PM
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the fiat system will crash, they always do.

the only way we have a chance of paying down the debt is to cut back on spending- and there's no shortage of places we could be cutting it back.

We could start by actually properly taxing huge corporations like walmart, but completely tearing down and rebuilding the CIA and FBI from scratch would save a ton. Both of those agencies are completely out of whack and involved in deep seeded corruption right to the top.

We could nix any number of corporate welfare handouts, or stop bailing out companies that drive themselves under with huge CEO bonuses.

Maybe cut a few trillion out from black book projects.

The system will fail sooner rather than later, because we refuse to do anything to try and save it.



posted on Dec, 21 2017 @ 01:14 PM
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originally posted by: nwtrucker
a reply to: antiantonym

Of course there will be spending cuts.

One step at a time. Besides, those cuts will be somewhat in relation to revenues. They will come.


First step would be to freeze spending. But they have been fighting that for decades.

It's basically drinking wine in the desert.



posted on Dec, 21 2017 @ 01:21 PM
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originally posted by: MOMof3

originally posted by: luthier

originally posted by: Martin75
a reply to: antiantonym

Everyone hated Reagan's tax cut too....until it worked. Give it a chance.

Come back and talk to us in February.


Until it worked? He left office with a historic debt..


Why do people act like Reagan never raised taxes after the cuts? Like, 10 or 11 times.


well not really

Ronald Reagan raised taxes 11 times? The real story

And remember the House was Democrat controlled all 8 of the Reagan years.


edit on Dec-21-2017 by xuenchen because: q++++



posted on Dec, 21 2017 @ 01:22 PM
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a reply to: luthier

He raised taxes 11 times for Ssi? He had to raise them because the cuts were too deep and the deficit tripled. I only Remember a one time increase for soc sec.



posted on Dec, 21 2017 @ 01:24 PM
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a reply to: xuenchen

Democrats like taxes, thats news?




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