Mnuchin: Tax plan will cut deficits by $1 trillion

[DonViejo]

Source: The Hill




BY NIV ELIS - 09/28/17 12:34 PM EDT

The tax cuts proposed by Republicans and the White House will stimulate enough economic growth to overcome expected deficits, Treasury Secretary Steve Mnuchin said Thursday.

“We think there will be $2 trillion of growth. So we think this tax plan will cut down the deficits by a trillion dollars. That's a large number,” he said in an interview on Fox Business Network’s "Mornings with Maria."

The impact of the tax cuts on the deficit are a major hurdle for Republicans as the seek to pass a tax overhaul. The framework released Wednesday for the bill is already drawing criticism from Democrats and ruffling feathers among fiscal conservatives in the party. While many economists agree that tax cuts stimulate the economy, there is skepticism that whether revenues from extra economic growth would produce enough tax revenue to pay for the cuts.

The Center for a Responsible Federal Budget has estimated that the GOP's tax proposal would add $2.2 trillion to the deficit.

Read more: http://thehill.com/policy/finance/352887-mnuchin-tax-plan-will-cut-deficits-by-1-trillion

[global1]

1. What A Crock....

These people are delusional.

[NCjack]

41. Perhaps, Treasury Secretary Steve Mnuchin is not delusional, but is betrumping us. nt

[appal_jack]

57. He's Mnipulating the data. k&r, nt

[lark]

2. Same old right wing 1%er lie that's been spewed and disproved since Raygun.

Tax cuts hurt the economy and DO NOT create jobs. The 1%ers just park the money in overseas banks and do nothing to create jobs. Every time huge tax cuts have been done, the economy faltered. Yet, R's have created such an echo chamber and have lied so consistently on this, that way too many Americans believe in the lie that tax cuts create jobs when they never ever have done so.

SMH.

[Motownman78]

55. Don't people realize it costs NOTHING

Income Tax wise to hire employees?

[Honeycombe8]

3. That is a crock of sh*t. Bush's tax cuts ADDED $1 Trillion Dollars to the deficit.

This is not rocket science. You decrease revenue, you increase debt. It's SIMPLE.

[louis-t]

23. bush claimed $500 billion deficit would be "cut in half"

by his tax cuts. Instead, the deficit nearly tripled.

[Honeycombe8]

54. Tax cuts are the #1 goal of Repubs. They's say anything, do anything to get 'em. nt

[Laurian]

4. Bullshit from a freeloading asshole.

I dislike this creep almost as much as Trump.

[Eliot Rosewater]

5. I work for $9 an hour as a convenience store clerk and I think I like this idea.

My biggest concern is the rich are taxed too much, and if a rich person tells me that I will do better if they are taxed less, than why not give it a try?




















We did...for many years, and it turns out, it doesnt work, has never worked.

The ONLY tax cut that stimulates the economy is for people who will instantly spend every penny of the cut. I.E. lower middle class , pretty much all other tax cuts do the OPPOSITE.

[SunSeeker]

9. This plan RAISES taxes on the poor. It raises the lowest bracket from 10% to 12%!

Why that is not a headline is beyond me.

[Eliot Rosewater]

11. The plan is a windfall for trump, even though he doesnt pay taxes as far as we know

I give up, BTW, if there isnt 75% opposition to this, anything less means we are too stupid to live.

[scarytomcat]

50. me too... Didn't Trump say in a recent speech that taxes would not be raised on the lowest brackets?

someone should get this out to the people

[IronLionZion]

42. Ironically, the rich stimulate the economy less because they spend less

they tend to save more of their surplus money which doesn't create many jobs.

It's a nonsensical notion to think that a wealthy business owner is going to use their surplus to raise wages or hire more workers unless they have an increased consumer demand for their products and services. People get rich by spending less than they have to and saving it.

[Yonnie3]

6. Is he a liar or just stupid?

I guess he could be both.

[mitch96]

28. He and is ilk are just totally out of touch with main stream America

He is just talking to HIS base... the 1%...
m

[lapfog_1]

7. sure we are losing money on every transaction

but we are going to make it up with VOLUME!!!

[mahatmakanejeeves]

10. "We think there will be $2 trillion of growth."

But if there isn't,...

[davekriss]

12. In your dreams, Mnuchin

Cutting taxes can grow the economy when there is a crisis in capital accumulation which, when it occurs, is reflected in Reaganesque 1981 real interest rates. Interest rates are near record lows. No problems attracting capital, Mnuchin.

The economy is roaring thanks to Obama's perseverance despite Republican obstruction in 2009 and afterward. However, prior to that - during the Bush Republican birth of the Great Recession - we had a crisis in effective demand. 1930esque. Putting money in the hands of the working class is the way to dig out of that and, again, thanks to Obama, that was done.

Mnuchin, resign now because you are either delusional. a liar, or both - but you are not good for this country!

[Gothmog]

13. Munchin is an idiot

[briv1016]

49. Only if you think he believes what he says.

It's quiet reasonable for him to believe Donald's base will buy it.

[Bengus81]

14. HS....then we should be swimming in CASH in Kansas with the 0% tax bracket for Corporations..

Instead we have a budget shortfall of about $900 MILLION that's been adding up since Jan 2013 when REPUBLICANS in the Kansas House and Senate passed this tissue of LIES into law. Gov Brokeback is like Trump and so delusional he'll still claim it worked.

LUCKILY in the last election we got those Republican hardliners OUT and that 0% has been repealed back to the 2012 tax rate which is about 5%-6%. Revenue will start to flow back but it will take YEARS to undo the damage that Brownback and Republicans caused here.


TINKLE DOWN will NEVER work,it's been proven not to over and over and over............

[haele]

15. How are they going to make $2 trillion of growth over the next 10 years by cutting taxes?

Depending solely on "The Market" for economic growth puts a country's economy back into a vicious boom and bust cycle, especially in this continued business strategic trend towards profiting off venture capital and investments instead of actual production.

I suspect to get his numbers, he and his "think tank" of fellow billionaires plan to supplement the "growth" in his tax plan by:

- vacuuming up the Social Security trust fund by privatizing it and then figuring out some way of "removing from society" (or disposing of) anyone who is too disabled to work (i.e. - can't pay their own way)or over 50 who isn't working so there's no spending federal money on them. If people end up in prisons or work/poor houses, or if they die early or linger on in pain and madness in similar facilities.

Cut all the federal agencies to the bone, leaving only Congress and agency heads on the government payroll and requiring citizens to spend their own money to access "federal services". Transition the majority of the federal workforce to replicable robots or an increasing amount of prison/poor-house labor provided by private for-profit contractors.

Mnuchin and most of his cronies have no clue what it is to produce anything. They're into using other people's money as investments - leverage buy-outs, branding and residuals, "consolidation and re-organization", pump and dump. Businesses, labor, citizens and communities - all are disposable.

While high level tax cuts and reducing regulations/government spending is good for them, their economic math on a long-term economic macro-level sucks - unless, of course, at least quarter of the population suddenly disappears from the economy.

Haele

[onecent]

16. Well I for one don't want this to pass, I hope everyone reads it

that needs to take the vote and see how that will come about.

Dotard wants this bill passed by New years eve....ha ha

[groundloop]

17. This is fucking Trickle Down on steroids

And we've all saw how well trickle down worked the first and second times it was tried. These damned lying bastards are just pulling numbers out of their ass because there's no way in hell massive tax cuts for corporations and the wealthy are going to do anything but dig us deeper into the hole that Bush started.

[Bernardo de La Paz]

31. Please stop advocating violence. It is not the Democratic way or progressive or liberal or DU way.

[longship]

43. It's a joke, my friend.

What's a pnuch? And how is it violence?

[Bernardo de La Paz]

46. To answer your question: A punch is a violent blow intended to hurt and harm.

Calling it a joke, after the fact, is just a weaselly way to escape it. Purposely misspelling it (twice and then again) to obfuscate it does not create plausible deniability. It was quite clear you were not talking about asking him permission to apply lipstick to his face.

A punch is intended violence. When RW types talk about directing violence at Black Lives Matter protestors, or gays, or Hillary, we get similarly upset. If you call them on it, they will say, again after the fact, "It's a joke".

We can be witty without invoking the specter of violence against political opponents.

[longship]

48. Oh FFS!!

What's a pnuch?

I'll self delete. But again, what's a pnuch?

[left-of-center2012]

19. Drain the swamp

[50 Shades Of Blue]

20. And if a frog could grow wings he wouldn't bump his ass on the ground!

[SamKnause]

21. Slimy EVIL fucking LIAR !!!!!!!!!!!!

[COLGATE4]

22. As a previous poster, said, "What a croc"

[sdfernando]

24. Hey a-hole.....don't piss down my back and tell me its trickling down!

We tried it...it doesn't work! Rich a-holes just keep and off-shore the extra $$$

[DFW]

25. Isn't this the very definition of insanity AGAIN??

If you define insanity as doing the same thing over and over again and expecting a different result, then this is textbook insanity.

Except I don't buy it any more. By now, Republicans know it's a crock of shit. They've done it enough times, and the result has always been the same. I doubt they have economists on their team that are telling them that if they try it just ONE MORE TIME the outcome will be the opposite of every other time they've tried this scheme.

Therefore, they know what they're doing--making their pals rich with the hope of cashing in themselves on "highly paid positions" when they leave Congress. And the jobless miners in West Virginia will STILL think that by supporting this gang of thieves, that they're somehow making America great again--AND they'll remain jobless. Here, guys--have a pen with Trump's fingerprints on it. That ought to put food on your families' tables for a few years, right?

[Adrahil]

26. LOL.... unbelievable.... literally! NT

[DoctorJoJo]

27. Like The Kansas Miracle?

When Gov Brownnose and his ilk took over the state and implemented the Kock Brothers' dream of trickle down, right-wing prosperity, it was every Repub's wet dream. But now, strangely, none of them seems to point to Kansas as a shinning city on a hill, as it has been devastated economically. Hey Repubs: We are on to you--lining your own pockets is the very essence of your political souls! And now lying sack of shit, Trump, says he will not benefit from their Tax Cut proposal! What a joke!

JoJo

[Bernardo de La Paz]

29. Trickle down economics only works in Moscow hotel rooms. . . . nt

[Le Gaucher]

30. And I Think there will be 2 quadrillion of growth.

Everyone will become millionaires

[BeyondGeography]

32. Deep voodoo

But, hey, it never gets old for these guys.

[PatSeg]

33. If something works for them once

They will do it over and over again until the end of time. People bought this bullshit in the 1980s, so it must still work, right? The republican party is devoid of original ideas. They keep recycling the same old crap with a few minor changes here and there.

If you listen to any old republican political speeches, they have been saying the same things for decades - decrease spending, lower taxes, increase military spending, cuts to welfare programs, law & order, family values, and be very afraid of whoever is the demon of the day.

[BeyondGeography]

34. It was funny when the one guy who called bullshit denied saying it

[PatSeg]

36. Oh my god!

"I never said it"? It is really hard to deny something when it was on video tape. That is one of the few Bush quotes that I remember to this day.

[angrychair]

35. Ask KS and LA

How that worked for them.

[turbinetree]

37. For over forty fucking years this country has heard and seen trickle down BS

, but you on the other think its just fine a dandy to use taxpayer money to support your worthless day trips to see an eclipse and honeymoon-----------------FUCK YOU, you elitist Piece of dog sh*t.

And just think ass**** were still paying for wars on a f*cking credit card...................


Let's remind everyone that you were part of the f*cking problem when it came to tickle down economics, that cost the taxpayers over 800 billion dollars, and just for kicks, ass****, lets remind everyone what you accomplished with that program:

https://thinkprogress.org/mnuchin-onewest-foreclosure-memo-f4c065409e4d/



Not this time.......................your trickle down f*cking economics can go and twirl

[gilligan]

38. Where in the world

have we heard this before?
Same old shit different messenger.

[onecaliberal]

39. How many times are tneee fucks going to be allowed to destroy the economy with this bullshit

[Hugin]

40. Didn't learn a thing from Brownback's Kansas...

Did they?

[Maraya1969]

44. Tax breaks only stimulate the economy when given to the middle class and poor.

The uber-wealthy can only own so many yachts and mansions. Most of their money is in banks not located in the US.

If they put an extra tax on them though, even 1% it would bring plenty of money into the government to enact infrastructure and that would stimulate the economy

[workinclasszero]

45. What a load of shit!

Republicans looting the public treasury to the tune of TRILLIONS of dollars will DESTROY this country!

[Turbineguy]

47. And that is due to the

Magic Constant, "k" which appears in our calculation somewhere.

[Beartracks]

51. Trickle UP produces more dollar-for-dollar economic stimulus...

... than trickle DOWN.

==========

[Marie Marie]

52. More Mnuchin Magic Math

[mjvpi]

53. Since corporations are people they should pay taxes at the same rate that everyone else does.

Our constitution does not allow for special classes of people. Capital gains should be taxed at exactly the same rates that those of us who labor pay taxes. Get rid of all tax subsidies for all petroleum companies. Tax companies that move operations out of the country. Reform the tax code to not allow for shell companies to accumulate profits offshore. Go back to the days when to keep your money, you built your business. Get rid of special forms of CEO compensation. That's tax reform.

Pay off the national debt before anyone gets a tax break. Since Reagan we have continued to give tax cuts that actually only benefit the top of our economy. National debt and its interest are the responsibility of each citizen equally even though the tax cuts that have led us into debt have only actually benefitted a very few. The Social Security trust fund was not allowed to be used and replaced with "worthless T-bills" until Reagan tax breaks left the government in dire straights. Again, the shortfall was put onto each citizen equally while benefiting only a relatively few.

Progressive taxation is key to the American dream. Don't let our nation's productivity bleed out at the top of the economy. Only money that continually circulates in our economy does any good. The 1% playing in the Wall Street casino is in no way a sign of a healthy economy.

Tax reform should be to do something different, not the same things that got us into trillions of dollars in national debt!

[WinkyDink]

56. This hideous creature (she married you for your $$, Steverino) is a consummate liar.