Fox is softening the ground for extending the Trump tax cuts.

HomerJS

Lifer

Feb 6, 2002

37,887

30,559

136

• Mar 5, 2025

• #1

The claim is the Trump tax cuts will spur economic growth. I like to learn from history. When Trump enacted the tax cuts in 2017 did they spur on economic growth or was the GDP trend similar to what was inherited from Obama. I want you to look up those numbers yourself and answer the question.

Did the Trump tax cuts work last time? Comment from what you find.

Trump tax cuts will create an enormous amount of economic growth, National Economic Council director says | Fox Business Video

National Economic Council director Kevin Hassett unpacks President Donald Trump's push to pass a pro-growth agenda on 'Kudlow.'

www.foxbusiness.com

 

JTsyo

Lifer

Nov 18, 2007

11,947

1,082

126

• Mar 5, 2025

• #2

They cut corporate taxes and the companies didn't raise pays or hire more people, they did stock buybacks.

 

Reactions: lamedude, Pohemi, sandorski and 4 others

pete6032

Diamond Member

Dec 3, 2010

7,924

3,415

136

• Mar 5, 2025

• #3

Real Gross Domestic Product | FRED | St. Louis Fed

View the annual rate of economic output, or the inflation-adjusted value of all new goods and services produced by labor and property located in the U.S.

fred.stlouisfed.org

https://fred.stlouisfed.org/graph/?g=1E6vz

 

R

RalphTheCow

Senior member

Sep 14, 2000

862

315

136

• Mar 5, 2025

• #4

Speaking of history, why did Biden never manage to get them repealed? Not enough votes?

 

pete6032

Diamond Member

Dec 3, 2010

7,924

3,415

136

• Mar 5, 2025

• #5

The Trump Tax Cuts’ Benefits Were Outweighed by Lost Revenue

With some of the law’s provisions set to expire, research offers lessons for lawmakers.

www.chicagobooth.edu

 

Reactions: Pohemi and hal2kilo

HomerJS

Lifer

Feb 6, 2002

37,887

30,559

136

• Mar 5, 2025

• #6

RalphTheCow said:

Speaking of history, why did Biden never manage to get them repealed? Not enough votes?

Click to expand...

F-I-L..............

Also we had a pandemic to deal with. The framing by the right on Biden raising taxes would have been disastrous.

IMO - by the time we started coming out of the pandemic I think Biden was just going to let them expire and use political capital on other things. Biden did get useful legislation passed.

 

Reactions: lamedude, Pohemi, hal2kilo and 3 others

pete6032

Diamond Member

Dec 3, 2010

7,924

3,415

136

• Mar 5, 2025

• #7

HomerJS said:

F-I-L..............

Click to expand...

What is F-I-L?

 

IronWing

No Lifer

Jul 20, 2001

71,731

31,675

136

• Mar 5, 2025

• #8

pete6032 said:

What is F-I-L?

Click to expand...

Father in law buster

 

Reactions: Pohemi, sandorski and iRONic

HomerJS

Lifer

Feb 6, 2002

37,887

30,559

136

• Mar 5, 2025

• #9

pete6032 said:

What is F-I-L?

Click to expand...

filibuster The brainwashing is underway. Dems had better pound out why tax cuts for rich are against the average person's better interest.

 

Reactions: hal2kilo and iRONic

Q

quikah

Diamond Member

Apr 7, 2003

4,151

710

126

• Mar 5, 2025

• #10

RalphTheCow said:

Speaking of history, why did Biden never manage to get them repealed? Not enough votes?

Click to expand...

It is impossible politically to raise taxes to any significant degree because tax cuts are essentially "free" since no one seems to actually care about the deficit. Until the US taxpayers has some actual negative consequences of the high debt expect things to continue as is.

 

GodisanAtheist

Diamond Member

Nov 16, 2006

7,809

8,871

136

• Mar 5, 2025

• #11

Ah, so we're back around on the "Tax Cuts will pay for themselves"

I can't believe people still believe any of this shit.

I'm only 40 and I've heard the same marketing slogan bullshit at least half a dozen cycles at this point.

 

Reactions: lamedude, Pohemi and hal2kilo

HomerJS

Lifer

Feb 6, 2002

37,887

30,559

136

• Mar 5, 2025

• #12

In case you haven't found it by now. BTW - Deficit went up 50% under Trump before Covid. Tell me again how tax cuts for the rich work. GDP growth by year. Same pattern vs Obama

• 2013: 1.8%
• 2014: 2.5%
• 2015: 3.1%
• 2016: 1.6%
• 2017: 2.4%
• 2018: 2.9%
• 2019: 2.3%
• 2020: -2.8% (due to the COVID-19 pandemic)

 

Last edited: Mar 6, 2025

Reactions: Pohemi and hal2kilo

lamedude

Golden Member

Jan 14, 2011

1,210

16

81

• Mar 6, 2025

• #13

RalphTheCow said:

Speaking of history, why did Biden never manage to get them repealed? Not enough votes?

Click to expand...

The Inflation Reduction Act was going to close the carried interest loophole (hedgefund mangers can classify their income as capital gains) but was removed to get Kirsten Sinema's vote.
If she would vote for the repeal of the TCJA is an exercise for the reader.
Silver lining is it was replaced with a 1% tax on stock buybacks and these tax cuts will close this loophole.