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Tramp's/gops tax bill could cause a recession, warns Great Depression expert


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Economic historian Robert McElvaine says Republican plans will be 'catastrophic' for the US economy

 

 

Professor Robert McElvaine, a leading expert on the Great Depression, said the Republicans are “sprinting towards an economic cliff” as they attempt to introduce sweeping tax cuts that will be “catastrophic” for the US economy.

 

The changes constitute a key part of Mr Trump's agenda and he has repeatedly boasted of his plans to cut taxes.

 

Supporters say the bill will generate economic growth and create thousands of jobs but critics, including Professor McElvaine, have highlighted a Congressional Budget Office finding that people earning less than $100,000 will see their taxes rise while the super-rich, including Mr Trump, will pay less. 

 

The history professor said the provisions in the Act are similar to those passed by the Republicans in the years prior to the Great Depression. The 1929 crash was caused by the GOP’s “trickle-down policies”, including significant tax cuts for the rich, he added.

 

Claiming that Republicans have failed to recognise “that the trickle-down approach has never worked”, Professor McElvaine wrote in an article for the Washington Post: “The party is now trying to pass a scam that throws a few crumbs to the middle class (temporarily — millions of middle-class Americans will soon see a tax hike if the bill is enacted) while heaping benefits on the super-rich, multiplying the national debt and endangering the American economy.

 

“As a historian of the Great Depression, I can say: I’ve seen this show before.”

 

He added: “Republican policies in the ’20s…pushed to concentrate more of the income at the top. Nine decades later, Republicans are rushing to do it again — and they are sprinting toward an economic cliff. Another round of Government of the People, by the Republicans, for the super-rich will be catastrophic. The American people must call a halt before it’s too late.”

Professor McElvaine said Mr Trump “and other fabulously rich people” will benefit from the bill far more than almost every ordinary American will.

 

Criticising measures in the Act, he attacked Mr Trump’s plans to repeal inheritance tax, stop authorities taking into account the state taxes people already pay when determining their national tax bill, and repealing the Alternative Minimum Tax that ensures rich people always pay a certain amount.

 

He also said plans to stop large medical expenses, student loan payments and educational supplies being tax deductible would be “disastrous” for the American people.

 

Parts of the bill that reform the Affordable Care Act will see 13 million Americans lose their health insurance, the academic added.

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...And lightning bolts could shoot out of your ass... instead of rainbows.

 

Democrat National Communist Propaganda is entertaining.

 

DOW: +300 this morning.

 

 

1233545_179141705605930_48228735_n.jpg

 

Ha!

 

 

 

Senate GOP Passes Tax Plan - that Repeals ObdingaCare mandate!

 

Adolescent Communist malcontents:

crybaby2.jpg

 

Ha!

 

Trump-Make-America-Great-Again-3.jpg

 

MAGA

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2 minutes ago, benson13 said:

No MORON....the Corp's are being handed TRILLIONS of your Future Tax Dollars

 

and you're too stupid to realize it

My future tax dollars?     Man, you've really swallowed the kool-aid, haven't you?

No wonder your IQ is 32. 

 

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2 minutes ago, benson13 said:

No MORON....the Corp's are being handed TRILLIONS of your Future Tax Dollars

 

and you're too stupid to realize it

 

Really???

 

So they are going to TAKE MONEY from me and others and give it to the Corporations, huh???

 

Kinda like oblameo the great did with OUR tax dollars in HIS crony capitalism scheme, too!!

 

Got it.

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A slim majority of Americans (52%) oppose President Donald Trump's recent tax reform proposals, according to a new CNN poll conducted by SSRS, while only one-third (34%) say they support the Trump plan.

 

 

 

and from Foxaganda....being honest FOR A BIG CHANGE

Deficit be damned: As Trump pushes tax cuts, a majority wants ...

www.foxnews.com/politics/2017/04/26/deficit-be-damned-as...

Apr 25, 2017 · President Trump plans to unveil sweeping tax cuts ... As Trump pushes tax cuts, a majority wants more government. ... and most Republicans are against ...

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I'm not sure I would argue the tax cuts will cause a recession. However, we can't keep cutting taxes. At some point, the government needs revenue. Freedom isn't free.

 

Even "conservative" economist are saying this tax cut will add a TRILLION dollars to the debt. You borrow money to get out of a recession, you shouldn't be borrowing money when you don't need it. It's just not smart.

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rightwing Morons....the stock market is forward-looking and IS/HAS pricing in the tax cuts (hence the recent DOW performance).

 

 

Give it 12-24 mos when REALITY finally takes hold and you AGAIN realize you Morons have been Scammed with more gop Failed Trickle Down

 

 

Oh wait...you never have realized that you constantly get Scammed by your Corporate Whores 

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3 minutes ago, benson13 said:

according to GoofyAss, the AWOL Oil Puppets Depression was nothing....and was Over by the time President Obama was sworn in

 

 

but then, GoofyASS gets his "info" from Foxaganda and Russias Facebook

 

Basically it was over before oblameo was sworn in . The 3rd quarter of growth ended in March, 2009 , which is the standard for the end of a recession.

 

But YOU are a sh'itstain, so what do you fuc'king know??

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1 hour ago, benson13 said:

Denying you're you heh Mikey

 

 

I can't say I blame ya....it must be hell waking up every morning and looking in the mirror huh

 

Still have no clue WHO the f'uck you are ranting TO or ABOUT there sh'itstain!

 

BUT, it is comical as hell watching you make an absolute FOOL out of yourself!!!!!!!!!

 

Trust me, you are ALWAYS the best fuc'king LAUGH on this forum.

 

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Impartialobserver

The article in the OP is nothing more than subjective opinion. Can someone produce something that shows objectively how this tax cut would play out? 

 

 

 

chk the History of Failed Trickle down,,,,chk Kansas, Wis, NC....chk the RECORD DEBT it has caused....its no secret

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