GDP represents a large, 10,000-foot view of the economy...but ultimately means nothing to workers, who look to the stock market as an indicator of the economy because that's where their savings are.
DJI has gone up nearly 2000 points in the last month
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GDP represents a large, 10,000-foot view of the economy...but ultimately means nothing to workers, who look to the stock market as an indicator of the economy because that's where their savings are.
cawacko
Well-known member
It’s hard to fathom the lack of understanding about our economy, workers and the stock market being shown in this post.
It's not that complicated, cawacko...tax cuts do nothing for workers. In fact, most workers are seeing tax increases this year and are very mad at you for it.
We've spent the last 40 years doing the trickle-down you wanted. Nothing trickled down. So rather than own up to that false advertising, you exercise Dunning-Kruger to posture over a subject you ultimately know nothing about.
Airstrip One
Completely Effed
You should go round-up some workers and see if they know the current performance of the market.
The mentally ill people are those who bought into Trump's con.
Thanks to the Russia Tax Cut, many workers (some of whom are Trump voters) are getting hit with higher tax bills this year.
That's solely because of the Russia Tax Cut.
Tax cuts serve two purposes; transfer of wealth to the rich, and fiscal terrorism. Fiscal Terrorism is the deliberate manufacturing of budget deficits, through tax cuts, to force punitive cuts to programs to which you're ideologically opposed, but lack the courage, will, and support to repeal through conventional legislation.
In other words, no one shares your view that we should do away with government spending, so you manufacture budget crises with tax cuts in order to have an excuse.
It's all bad faith.
Airstrip One
Completely Effed
Can you name the taxes that are being raised? Rich people are losing SALT deductions, of course.
If they have a 401k, they sure do!
Since the start of the Russia Tax Cut, the market is flat.
1/2/18: 24824.01
2/6/19: 25104.90
+280.89
+1%
So since the start of the Russia Tax Cut that you support, the market is up just 1%.
The market hasn't performed that poorly in 10 years.
CATO INSTITUTE:
"Who Gained from the Tax Cuts?
By Chris Edwards
Share
The Tax Policy Center (TPC) has released a new analysis of the Tax Cuts and Jobs Act passed in December. The analysis examines the distributional effects of the individual income tax changes separately from the corporate and estate tax changes.
In the abstract of the new report, TPC suggests that high earners got the best deal. They say, “The individual income tax cuts as a percentage of after-tax income will be largest for high-income households.”
In the table, I have presented TPC’s new data for 2018 in a different way. The table shows the average impact for households within each income quintile, as well as the top 1 percent.
Columns 3 and 5 in the table show that lower- and middle-income groups received the largest relative individual income tax cuts from the GOP law. They received the largest percentage cuts in their taxes.
DOW high on December 3rd of 2018 - 25980
DOW low on December 26 - 21712
The simple math 25980 - 21712 = 4268
So clearly the DOW fell over 3000 points in December 2018. It actually dropped over 4000 points in December at one point before it recovered slightly by the end of the month.
https://finance.yahoo.com/quote/^DJI/history/
Well the big thing is the cap on deductions; not just SALT, but mortgage interest, student loans, medical care, and charitable contributions (which the qualifying deductible amount was raised significantly).
There is also the tax increases on those in the bottom brackets as you shifted the income brackets around and raised the rates at the bottom.
And the dumb Trumpanzees are in a rage about it.
Face it; the Russia Tax Cut was a huge flop. Which is why Conservatives didn't even mention it during the election last year.
I did not post that "we should do away with government spending."
Try again and don't attempt to put words in my mouth next time.
Right, but you capped deductions...so in the long run, most lose out.
cawacko
Well-known member
It’s not even about the tax cuts. He doesn’t understand the basics of the economy. For starters only a small number of people have 401’s. It’s not even half the country. But even for those who do they don’t sit at home and say “i’m drowning in debt and not making enough money but all that matters is how my 401K is doing which I won’t access for another 20 to 30 years”.
No one does that. How the economy is going to people is not based upon their 401K. It’s pure ignorance.
Tax cuts didn't work, dude.
We didn't get the wage increases you promised.
They didn't pay for themselves.
Most are now seeing higher tax liabilities because you eliminated and/or capped deductions, or you set the deductible amount so high only the wealthy could do it (see: charitable contribution)
The market has grown just 1% since.
And I check my 401k every day. Why don't you?
When it comes to the economy, we have the past 40 years of Conservative failure as the empirical evidence your belief system is utter shit.
If you all were educated about the economy, you wouldn't keep making the same dumb mistakes over and over.
I do that. I look at my 401k every day. It's irresponsible not to.
Workers don't give a shit about GDP growth. What they give a shit about is if their retirement savings are gaining in value. Your Russia Tax Cut led to the worst market growth in 10 years.
So you cheerlead a GDP growth rate, which workers don't give a shit about. Workers give a shit about their savings, and those are directly impacted by market performance.
You would know this if you had any savings, which you obviously don't.
Filing status 2018 tax year 2017 tax year
Single $12,000 $6,350
Married, filing jointly $24,000 $12,700
Married, filing separately $12,000 $6,350
The Standard Deduction for married couples went from 12K to 24K.
Head of household $18,000 $9,350
The standard deduction doubled.