The tax plan will pay for itself with economic growth, Steven Mnuchin

[still_one]

That has NEVER worked, and was demonstrated with the tremendous deficits that accumulated under Reagan.

"The scope of the president’s plan, as it has leaked out in recent days, has excited the markets even as it has worried fiscal hawks. If this feels like a familiar debate, it is because it has played out repeatedly in the past four decades as the dominant Republican orthodoxy shifted from deficit reduction to tax cuts.

Presidents Ronald Reagan and George W. Bush both cut taxes deeply on the promise of economic payoffs, putting aside concerns about deficits, which grew during their tenures. Mr. Trump at points during the campaign talked tough about deficits, promising not only to eliminate them but also to wipe out in just eight years the entire $19 trillion in national debt that has accumulated over the history of the United States — a pledge so wildly unrealistic that even he has since dropped it."

..........

"Mr. Trump’s plan reportedly will cut corporate tax rates to 15 percent from 35 percent, and cut taxes for small businesses and other firms that pay through personal income taxes as well. The administration has also promised tax breaks for middle-income Americans. And the plan may be paired with an expansive spending proposal to build new roads, bridges and other infrastructure.

Mr. Mnuchin argues that an ambitious tax cut would unleash businesses that now feel constrained by one of the highest corporate tax rates in the world. Corporations would be freed to build plants and create jobs in the United States instead of in foreign countries, and would bring home money that currently is sheltered overseas."

https://www.nytimes.com/2017/04/25/us/politics/white-house-economic-policy-arthur-laffer.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news&_r=0

https://www.bloomberg.com/politics/articles/2017-04-26/trump-s-15-corporate-tax-seen-as-gambit-as-he-unveils-plan

Don't let anyone fool you. This is just reagan's supply side garbage which not only proved a failure, and led to tremendous deficit spending, and set the stage for the financial collapse. This will be on the backs of the poor and vulnerable, and this time it it will be echoes of The Great Depression redux in my view if this happens

[spanone]

1. he should take his comedy routine to vegas

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[Cryptoad]

9. GOP Biz Model,,,,,,,,

If u owe too much $, reduce ur incoming revenue. Geeez, I never did good in GOP Math!

[world wide wally]

2. That is exactly what GW Bush said

[still_one]

7. His Dad realized what a disaster it was when he saw the deficits, and increased taxes in 1990

His son as you have pointed out, led to the financial implosion which almost threw us into a Great Depression.

[Cryptoad]

11. I thought I had heard that song and dance before!

[onecaliberal]

3. Yeah we haven't seen that disaster movie before.

[tonyt53]

4. My question is "Where in the hell are all of those people that screamed about Obama's spending".

All I hear are crickets. In a year we will be down-graded once again.

[unblock]

5. the math makes it obvious. cut the tax rate in half, the economy needs to *double* to pay for it

over-simplifying a bit, but if you cut tax rates by even just 10% (e.g., top rate going from 40% to 36% is a 10% cut) then the economy must grow by an additional 10% in order to offset this.

a 10% increase in the economy is more than double any economist's wildest fantasy of the effects of a huge tax cut, and changing rates from 40% to 36% wouldn't even qualify.

[HughBeaumont]

6. Well, yeah, if no one's fired.

But profit-taking and cost-cutting (read: mass firings) usually follows a massive tax cut.

Giving wealthy folks and giant entities more money isn't going to make them benevolent. Ask Carly Fiorina.

[kentuck]

8. How many times are we supposed to believe that lie?

Somebody get the hook and get that guy off the stage!

[still_one]

10. The Democrats have to stand up to this garbage. It also won't surprise me if they go after the

safety net programs to pay for it, and the Democrats need to do what ever it takes to prevent that, even if it means causing a government shutdown

[Cryptoad]

13. I think thats a safe bet,,,,,,,

they sho ain't going to cut any subsidies for the Rich.

[shockey80]

12. Break out the shovels.

The shit is getting deep. In what future century will republican voters catch on to this lie.

[El Mimbreno]

14. More trickle-down economics; piss on the 99%. nt

[Hugin]

15. It worked great in Kansas...

Oh, wait. It didn't.

Yesterday, on Faux and Frauds they were claiming it would encourage all of the Corps from stashing money overseas to bring it back here... Only problem is, they are paying ZERO taxes in their havens. Whoops, there goes another bullshit argument for a tax cut.