American Enterprise Institute's Kyle Pomerleau and Center for American Progress' Brendan Duke join 'Power Lunch' to discuss the impact of the Trump-era tax cuts on the economy.
"We sent in over $5 billion to the U.S. federal government-and if 800 other companies would have done the same thing, no other person in the United States would have had to pay a dime of federal taxes or other income taxes," Warren Buffet said in the annual meeting this year. Mic drop, nuff said.
I am astonished that four people spoke during this interview, two hosts and two guests, and all of them are wrong. The tax cuts of 2017 did in fact pay for themselves. That came directly from government numbers. The Laffer Curve works moat of the time. Meaning slightly lower rates bring in more revenue than if the rates were kept higher. Tax rates are not the fault of the deficit and debt. We spent way way to much fiscal spending under both president's during the pandemic. We need a flat tax for income tax with the revenue going to pay for government spending. Simple flat rates for business and individuals. Secondly, we need a 1% national sales tax where 25% of revenue goes to closing the annual deficit, 25% of revenue goes to bolster social security and Medicare and 50% of the revenue goes to paying down the overall debt currently accumulated. Fiscal responsibility, broaden the base of taxpayers, and no harm to the economy. Win win policies. Why can't both parties get behind this plan. It will work.
I partly agree with you. But the truth is we have 34 trillion in debt. There’s no way at least in the short term that can be paid off unless we cut spending and yes probably raise taxes.
If you make less money you need to spend less. If you make more money you can spend more or less. What you can't do is make less money and spend more money. That is basic first grade math.🤓
Came here to write this. Also the fact the dude just non chalant says if we don't jack Tax's it will be harder for people to buy a house or start a Business is just wild. Just looney toons land
Thank you! It’s scary how the rate will change from 13% contribution to 6.5% that’s huge. We need to get him back in or all of generational wealth is lost
Please whoever reads this (unless you’re poor already sorry but truth maybe this will motivate you) I don’t care if you are a super Trumper or for whatever reason dislike him it’s imperative that we elect him for the financial stability long & short term of our families. I know a lot people “don’t like his personality” or his private life actions but truly who cares when it comes down to YOUR MONEY!! Inheritance taxes, gifting taxes, capital gains plus proposed ungained to be taxed..it’s scary. If you want your children, grandchildren so on to have any sort of financial benefits from your money this is the only way. Look at the world and our country right now it’s not good and scary. Ignore the narrative about personal attacks on Trump and focus on your WALLET!!
Sorry pal but you’re probably not wealthy so the tax cuts have nothing to do with you. You’re confused about inflation and taxes. Tax cuts on businesses, middle class snd the wealthy inject the economy with extra income to spend on various things. The wealthy will be fine regardless and there’s a ton of options to shift wealth and avoid the idiotic dem proposed tax plan. You little people are the ones who will suffer.
Somehow the greatest era of prosperity in this country was when the tax rate was the highest. It allowed a middle class to thrive and a smaller gap from middle to top earners. It also allowed the country to undertake massive achievements in infrastructure and national defense. Just sayin, you cant change the basic principles of humble arithmetic 🤷♂️
So we should cut government spending which will mean fewer people get paid which means a recession will be inevitable which means there will be fewer tax dollars which will mean further cuts in gov't spending which means less people get paid which means a depression sets in which further reduces tax revenues which leads to less spending which means businesses suffer and the spiral continues. Great plan. Where did you study economics?
It’s funny it’s not the government’s money. My money is my personal property. It’s not the governments property. This is laughable the government has to balance it’s books
@@JollyLamaCom The obscene amount of money this government wastes on pork bill, over seas, and wasteful social programs is ludicrous. It’s known that tax cuts puts money back into people’s hands… and they spend that money. Government spending is the problem. But I’m sure you are an economist or at least play one on television…
The four individuals, two hosts and two guests, are all intelligent individuals but they really miss a key point when talking about tax rates. Allowing tax cuts to expire leads to higher rates and raising rates on corporations and individuals has deleterious effects that cannot be easily quantified. The cost of higher rates will mean, to some extent, individuals or businesses will move to another jurisdiction or not expand. Examples of this are with states. States with lower tax rates are attracting businesses relocation, entrepreneurs, and retirees with purchasing power. Other states lose those individuals and businesses. Examples of this are New York and California. Both are beautiful states with rich histories and and great colleges yet they are losing residents, businesses and future business development. Policy makers and analysts need to include this in the dialogue about tax rate policy discussions. The opportunity cost is real for states or cities with higher rates and even countries are faced with this in a global marketplace
Two states with higher GDPs then most developed nations. Not sure that holds water since we've been hearing that for decades but yet the big companies stay despite taxes in those states. It may be true this time but time will tell if it's a trend or just a blip. My hunch is some will leave and others will come as government tends to start offering sweet deals when their revenue get hit.
You wont need as much of my Money! as Taxes! If you STOP Giving it away to other countries!!!!
Right !! Stop funding Ukraine war …. The US wanted this war
"We sent in over $5 billion to the U.S. federal government-and if 800 other companies would have done the same thing, no other person in the United States would have had to pay a dime of federal taxes or other income taxes," Warren Buffet said in the annual meeting this year.
Mic drop, nuff said.
I am astonished that four people spoke during this interview, two hosts and two guests, and all of them are wrong. The tax cuts of 2017 did in fact pay for themselves. That came directly from government numbers. The Laffer Curve works moat of the time. Meaning slightly lower rates bring in more revenue than if the rates were kept higher. Tax rates are not the fault of the deficit and debt. We spent way way to much fiscal spending under both president's during the pandemic. We need a flat tax for income tax with the revenue going to pay for government spending. Simple flat rates for business and individuals. Secondly, we need a 1% national sales tax where 25% of revenue goes to closing the annual deficit, 25% of revenue goes to bolster social security and Medicare and 50% of the revenue goes to paying down the overall debt currently accumulated. Fiscal responsibility, broaden the base of taxpayers, and no harm to the economy. Win win policies. Why can't both parties get behind this plan. It will work.
I partly agree with you. But the truth is we have 34 trillion in debt. There’s no way at least in the short term that can be paid off unless we cut spending and yes probably raise taxes.
If you make less money you need to spend less. If you make more money you can spend more or less. What you can't do is make less money and spend more money. That is basic first grade math.🤓
Came here to write this. Also the fact the dude just non chalant says if we don't jack Tax's it will be harder for people to buy a house or start a Business is just wild. Just looney toons land
Thank you! It’s scary how the rate will change from 13% contribution to 6.5% that’s huge. We need to get him back in or all of generational wealth is lost
Please whoever reads this (unless you’re poor already sorry but truth maybe this will motivate you) I don’t care if you are a super Trumper or for whatever reason dislike him it’s imperative that we elect him for the financial stability long & short term of our families. I know a lot people “don’t like his personality” or his private life actions but truly who cares when it comes down to YOUR MONEY!! Inheritance taxes, gifting taxes, capital gains plus proposed ungained to be taxed..it’s scary. If you want your children, grandchildren so on to have any sort of financial benefits from your money this is the only way. Look at the world and our country right now it’s not good and scary. Ignore the narrative about personal attacks on Trump and focus on your WALLET!!
People, can't pay their bills today with the Trump tax cuts. Do you believe allowing them to expire will help or hurt those people?
Sorry pal but you’re probably not wealthy so the tax cuts have nothing to do with you. You’re confused about inflation and taxes. Tax cuts on businesses, middle class snd the wealthy inject the economy with extra income to spend on various things. The wealthy will be fine regardless and there’s a ton of options to shift wealth and avoid the idiotic dem proposed tax plan. You little people are the ones who will suffer.
Because of Biden’s inflation
It’s a stretch to say it paid for itself? No, it’s a LIE
Depends if the interest rate on borrowed money to offset the tax cuts is less than the productivity growth created by the tax cut then it’s not a lie
The overall economy expanded with the Trump tax cuts. Individuals paid less in taxes. Is that a good thing or not?
How come we focus so much on $34T in debt and not $200T in assets?
Because of 7% deficit, means those assets holders must bear a fair share of closing the gaps!
@suziesuwandi2748 what? Is this bot? This makes no sense.
Just print more money and tax cut are the same 😊
2024
Somehow the greatest era of prosperity in this country was when the tax rate was the highest. It allowed a middle class to thrive and a smaller gap from middle to top earners. It also allowed the country to undertake massive achievements in infrastructure and national defense. Just sayin, you cant change the basic principles of humble arithmetic 🤷♂️
We need a tax cut for the middle class. Trumps corporate tax cuts did nothing to help me, a middle-class citizen.
😶🌫️Brendan was really a cute baby.
Tax cuts will always pay for itself. The government spending is the problem.
So we should cut government spending which will mean fewer people get paid which means a recession will be inevitable which means there will be fewer tax dollars which will mean further cuts in gov't spending which means less people get paid which means a depression sets in which further reduces tax revenues which leads to less spending which means businesses suffer and the spiral continues. Great plan. Where did you study economics?
It’s funny it’s not the government’s money. My money is my personal property. It’s not the governments property. This is laughable the government has to balance it’s books
Lol
@@JollyLamaCom The obscene amount of money this government wastes on pork bill, over seas, and wasteful social programs is ludicrous. It’s known that tax cuts puts money back into people’s hands… and they spend that money. Government spending is the problem. But I’m sure you are an economist or at least play one on television…
The four individuals, two hosts and two guests, are all intelligent individuals but they really miss a key point when talking about tax rates. Allowing tax cuts to expire leads to higher rates and raising rates on corporations and individuals has deleterious effects that cannot be easily quantified. The cost of higher rates will mean, to some extent, individuals or businesses will move to another jurisdiction or not expand. Examples of this are with states. States with lower tax rates are attracting businesses relocation, entrepreneurs, and retirees with purchasing power. Other states lose those individuals and businesses. Examples of this are New York and California. Both are beautiful states with rich histories and and great colleges yet they are losing residents, businesses and future business development. Policy makers and analysts need to include this in the dialogue about tax rate policy discussions. The opportunity cost is real for states or cities with higher rates and even countries are faced with this in a global marketplace
Two states with higher GDPs then most developed nations. Not sure that holds water since we've been hearing that for decades but yet the big companies stay despite taxes in those states. It may be true this time but time will tell if it's a trend or just a blip. My hunch is some will leave and others will come as government tends to start offering sweet deals when their revenue get hit.