Home Forums Hunting & Shooting Hunter's Campfire This Is Gonna Blow Our Economy Into Orbit!

Earlier this evening, leaders in the House and Senate released the final details of the tax reform bill, which is expected to be voted on early next week. House Speaker Paul Ryan sought out NAM President and CEO Jay Timmons tonight not only to communicate key details of the deal, but also to seek manufacturers’ counsel and support.

All told, the bill is a major win for manufacturers, and we will continue to work to ensure it gets across the finish line. We will make sure our elected leaders understand that if they want to stand with manufacturers and their employees, they will support this bill.

Here are some of the key provisions:
• Corporate rate of 21%, effective January 1, 2018
• No corporate alternative minimum tax
• Territorial tax system
• No “excise tax” (Section 4303), which was present in the House version
• Full expensing for five years, with a gradual reduction of deductibility after that
• R&D tax credit
• Interest deductibility
• Repatriation of 15% rate for cash and 8% rate for earnings reinvested in hard assets, with an 8-year window to pay the tax
• Top individual rate of 37%, with 20% deduction for business earnings of pass-throughs
• Permission for oil drilling in ANWR

While we certainly wish policymakers had been more aggressively pro-growth in some aspects of the final agreement, this legislation represents historic progress for manufacturers and for all Americans. We will continue working in the months and years ahead to make even more progress.

To get this bill across the finish line, though, we will need you to keep raising your voices and speaking out. While we are closer to meaningful tax reform than we have been since 1986, let’s not let up now.

Best,


Aric Newhouse
SVP, Policy and Government Relations
National Association of Manufacturers

ANWR drilling sounds good.........

It’s not passed and signed by trump yet. Hope they get it done.
There are some things like estate tax /death tax that I wish was eliminated.
But this is a start.

The stock market likes it too! For those who are sitting on the sidelines, now is the time to jump in!

It will undoubtedly boost the economy, and it better do.it fast, since it will add ,$4.5 trillion to the debt immediately.

Someone said my poor ass is going to have to pay more under this bill.

Maybe I should hang on to that child tax credit.....

If you think this tax plan is good I have some non flooding property in Houston and New Orleans and some wildfire free acres in California to sell you.

Or sell the kid....

I know a good baby broker through my church. 😉

No you don't.

You don't even have two brain-cells to rub together.

Every 1 % GDP nets the gov 2.2 trillion in new revenue.
3 % GDP 6.6 trillion in one year.
Do that for 4 years and you have 26 trillion +.
A rising tide lifts all boats.

dave

Screwing our enemies always sounds good.

Although slightly better, this is hardly a blip on the 10,000 page tax code.

The entire tax code should be thrown out and start over--but that ain't happening with this bunch in congress.

I'm still not sure if I'll be better or worse off.

You libs are really a pc. of work.

You ain't got a damn clue! Just sit back and shut up!!

I guess there were not enough Agriculture Subsidies in it to suit you?

Yep .... but just keep in mind, the individual provisions will expire by the end of 2025, but most of the corporate provisions would be permanent. So ..... there is a relative degree of certainty for individuals through 2025 .... but in 2026 I guess we are back to where we are today.

That depends on who holds the balance of power between now and then.

If the Dems gain control this will be rolled back before then.

If the Republicans continue to hold power, we will get the other half of the loaf before then.

The Dem's never seemed concerned about the trillions in debt added during the Obama administration while the economy stagnated.

The Dem's squawk about the "cost" of the tax cuts. It is not a cost. It is our tax money. The government doesn't produce anything. They take money from the working citizens and spend it. The government doesn't have a revenue problem, it has a spending problem. Dollars that aren't passed to the government as taxes are spent on goods and services or are saved or invested.

Higher taxes are a drain on the economy and increased overhead for businesses and passed on to consumers. Lower taxes spur the economy creating more revenue for the government, and more jobs. Win/win.

How the Dem's can wring their hands and claim the sky is falling if the tax cuts get passed is beyond me.

Very well said!

Trump has said that cutting regulations has already boasted GDP to 3.3% for 2017. It would have been 4% if not for all the hurricanes.
The Kennedy tax cuts touched 6% GDP several times.

So who sold it to you?

I assume the Death Tax is off the table? That was one of Trump's big issues.

Certainly not the tax overhaul I was hoping for, but I guess it’s a start.

if all this money is going to go back into the economy and additional tax revenue then why do they have individual provisions expire at all? I can't get past these tax cuts are going to generate all this tax revenue, but at the same time, we have to find ways to pay for the tax cuts by altering the tax code for individuals.

per Reagan, reduce spending! if you reduce gov programs (and I would start at State Dept) at the same time as revenue grows...... guess what?? deficit goes away in a short time. never happen though. congress is addicted to the power gazillions of $ brings along with it

The middle class never had it as good when taxes where higher and corporations paid more in taxes.

Now the middle class has shrunken enormously while corporations have lowered their taxes considerably.


Workers wages has been stagnant for 40+ years while corporations have seen their taxes slashed right and left and managers had their incomes exploded.



Seems like a winning combo..

The tax cuts are great. It's the tax give-a-ways that are the problem.

Corporations can't lower their own taxes. They are also at the highest in the world. Is it reading or comprehension you have a problem with? Ed k

The middle class (I'm not sure how's it is defined currently) has shrunk because most who've left it went upward into the upper class.

If your wages have been stagnant for 40+ years, you suck as an employee.

Bingo. Problem is we have a growing "loser class" These are grown adults who smoke weed and live like teenagers.

+1 The real problem with these types is that they have never worked in or for the private sector. They don't understand where the money comes from, only that it's there and they like to spend it.

That right there is bullshyt with a capital B. According to IRS statistics 60% of working Americans make less than 20.00 an hour and that ain't a middle class income today.

What is a middle class income?

Last I heard a middle class income is defined as 50,000.00 - 150,000.00 per year but that was a couple three years ago.

I guess it depends on where one lives. A family could live like royalty here on 150k, and quite comfortably on 50k.

When Reagan did this he had to increase taxes 4 times later to cover deficit. No evidence corporations
will spend money on expansion. Much will go to stock holders and salary increases for corporate
officers. No trickle down. Changes for small business will be good, most will spend the extra money
quickly. No proof economy will expand at 3.0% or higher. Middle income tax relief is temporary and
corporation tax reduction is permanent. Proof Trump and congress is only for wealthy. Glad I,m
retired. 55% of voters oppose these tax changes, when will congress listen.

I live in a rural area of upstate NY. The median personal income for males in this county was 28,000 according to the latest statistics and ran 27 - 29,000 in three surrounding Counties. The median household income {more than one person working in most} in all of those counties is still under 50,000. Most folks ain't livin high on the hog around here.

Things are absolutely booming here. Contractors can't find help, and people begin a bidding war each time a house is listed for sale. Help wanted signs can be seen in front of nearly ever business. I assumed the whole country looked like that. Guess I was wrong.

Back to your calling my earlier post bullchit, are you making the same money you were 40 years ago?

"After the tax cuts, real GDP grew at 5.8% in 1964, 6.5% in 1965, and 6.6% in 1966. The unemployment rate declined from 5.2% in 1964 to 3.8% in 1966, falling all the way to 3.5% in 1969. Although Kennedy did not live to see it, the rest of us did."

In todays dollars I'm actually making considerably less now than I was in the '80's. Back then I worked as a forklift operator in a grocery warehouse. Now I build high end/custom 1911 pistols. Big difference in the amount of training and skill required.

Not me. I've never done better than now.

Economy is booming in California. Can,t find enough workers. Problem is wages in some areas have not
keep up. My son can,t find enough mechanic for his business. New tax bill will be good for him.
mechanic,s wages have keep up if you uptodate on licenses and new technology. Get behind and you are out.
Most people I know who are out of work are on disability.

The economy is booming here in north Florida. It was like a light switch was turned on when Trump was elected. I’m an owner operator truck driver and freight is solid and we’re finally able to get some decent rates. My broker has been quoting rates through the roof because she doesn’t have the trucks to run what she has already. Many hang up but call back in a couple of hours. I’m just not money motivated to run all I can so my broker gets frustrated with me. Good times !

To give you an idea of the rates we’re getting , 405 miles round trip for $1200 + fuel surcharge drop and hook containers. That paid half that before Trump was elected. I don’t see that holding as the winter and spring are our slower seasons but it hasn’t dropped off yet and Christmas freight is done weeks ago.

Based on the number of fishing charters people want, I would say the economy is booming. Biggest season of my career coming up.

If the tax cuts heat things up anymore than it already is there is going to be some real wage gains for working America. That is unless the amnesty and open borders crowd don’t screw us.

Great that the economy in your area is booming.. shows you what 8 years of Obama did.

Oh.. and this funny fact:

"In the future, corporations would be required to pay about a 10 percent minimum tax on overseas income above a certain level. The provision is billed as a way to discourage the movement of jobs and profit overseas. But the fine print of the new global minimum tax would make the problem worse, several tax specialists said.

“The overall effects of this are going to be unambiguously bad for the workers that it’s ostensibly designed to help,” Clausing said.

There are three reasons, according to nonpartisan tax experts. First, a corporation would pay that global minimum tax only on profit above a “routine” rate of return on the tangible assets — such as factories — it has overseas. So the more equipment a corporation has in other countries, the more tax-free income it can earn. The legislation thus offers corporations “a perverse incentive” to shift assembly lines abroad, said Steve Rosenthal of the Tax Policy Center.

Second, the bill sets the “routine” return at 10 percent — far more generous than would typically be the case. Such allowances are normally fixed a couple of percentage points above risk-free Treasury yields, which are currently around 2.4 percent.

As a result, a U.S. corporation that builds a $100 million plant in another country and makes a foreign profit of $20 million would pay roughly $1 million in tax versus $4 million on the same profit if earned in the United States, said Rosenthal, who has been a tax lawyer for 25 years and drafted tax legislation as a staffer for the Joint Committee on Taxation.

Finally, the minimum levy would be calculated on a global average rather than for individual countries where a corporation operates. So a U.S. multinational could lower its tax bill by shifting profit from U.S. locations to tax havens such as the Cayman Islands."


#MAGA

The 600 pound gorilla in that room is health insurance.

I have no problem saying that the last 4 years under Obama business has been good. It's only getting better.

I second this!

+1

Yeah...everyone said "That muzzy S.O.B. is finally gone. Now we can get back to business!" It was like a switch was pulled right after the election.

The real question is how much better those years would of been under Romney, or a real Republican.

Are you starvin" him, I thought it used to be an 800 LB gorilla?

But yes, I hear stories of people paying $1000 to $2000 per month for health insurance. I also wonder how many $50,000 household incomes spend
$3000 per year on cigarettes, more than that per year on beer, whiskey, etc, and perhaps an even $1000 per month on pot, coke, crystal, or any number of other drugs. Choices!!

Don't know. I take a pile of business owners fishing. They all complain they can't hire enough people and they all say the economy is screaming. Been like that for four years. First thing they cut is fishing trips to Alaska. The great recession was brutal and we lost most of the construction crews that came up to fish. When I start commercial trolling more than guiding, it's time to get worried.

The median household income in the US is 59K. The term "middle class" is poorly defined and politicians like it that way. Politicians always talk about the middle class because most people think they are part of it. If you want to look at income distribution you need to look at the household income quintiles which start with the lowest 20% of the income distribution and move up 20% at a time from there. The middle class roughly includes some people in the second quintile (2015 mean income 33K), the third and fourth quintiles and people from the bottom of the fifth quintile (upper limit of the fourth quintile was 112K in 2015). So the middle class might include people with household incomes from 35K to 150K depending on where you live since living costs vary a lot by region.

Reasonable economist estimates are he cost us 1.5% GDP growth per year.

Our GDP should be about 2 trillion a year more than it is currently.

The only people who might pay more are those who pay a lot of state & local taxes as only $10,000 is deductible.

7/30/15 Facts Are Facts=> Obama Owns Worst Economic Numbers in 80 Years, Since 1932
Wall Street Journal reported:
The economic expansion—already the worst on record since World War II—is weaker than previously thought, according to newly revised data.
From 2012 through 2014, the economy grew at an all-too-familiar rate of 2% annually, according to three years of revised figures the Commerce Department released Thursday. That’s a 0.3 percentage point downgrade from prior estimates.

The Daily Caller reported:
Over the first five years of Obama’s presidency, the U.S. economy grew more slowly than during any five-year period since just after the end of World War II, averaging less than 1.3 percent per year. If we leave out the sharp recession of 1945-46 following World War II, Obama looks even worse, ranking dead last among all presidents since 1932. No other president since the Great Depression has presided over such a steadily poor rate of economic growth during his first five years in office. This slow growth should not be a surprise in light of the policies this administration has pursued.

Bow: U seem to have forgotten the economic disaster he inherited. And considering the Republicans did not exactly help in any way, he did what he could.


Seems to be a common theme among rightis.

Yeah. People were starving to death all over the country. Everybody was lined up for miles at govt food kitchens. It was worse than the Great Depression. Oh yeah. That was before the MSM invented Fake News, right?

Things were so bad in Ak you were swallowing Zeros BS.

Yeah. He stopped terrorism and closed the borders and ended chain migration too, didnt he, or is that what hes fixing to do from behind the scenes?

I heard of one CEO complaining about the tax cuts. This chap is the leader of a non profit organization. He claims the money will flow to the Compitition now. Boohoo.

How about moving to an area with more opportunity? Everytime I see some one bitching about the poor economy in the area they live I question their motivation and or intelligence. The fact is many people never earn a decent income because the lack the motivation to seek one out.

The economic disaster he inherited got worse.

Reagan inherited far worse from Carter and did far better.

When you come up for air, tell us how good the great mans asswhole smells.

Northman,

After the bursting of an asset bubble, economic recovery is the norm. What was different under Obama was how slooooooow that recovery was. We should of bounced back in less then half the time it took. Obama's policies prevented the creation of millions of jobs and cost our economy trillion of dollars.

You've mastered stupid.

trust me, the employees of a non-profit org., make a profit

also closed down the disgraceful GTMO.... oh woops, still working on that, too.

Bush had a fair to great seven of eight years, and he did it with interest rates rising from about 2% to 7.75% short term interest rates. The Dow did very good in the Bush years except his last year. Perhaps the economy could not withstand the high interest rates or $ 4.75 diesel fuel cost. Now, what was short term rates with Obama? It was manipulated by him to keep rates at a whopping 0% for the first seven yrs and a whole .25% the last year he was in office. When it went to .25% interest rates the Dow plunged . That was very cowardly of Obama and company to keep rates at 0% for seven yrs just to make the stock market look better than it really was . Now , Yellen has no problem raising rates again now that we have a republican majority. Liberals are azzholles in the highest degree, and if we go into a downturn the coward liberal will blame Trump. Asssholes for sure. What would the Dow be if O would have raised rates to what it should have been ? The Dow would have never went to 18K and everyone knows this, even the liberals but they dont have the balls to say the truth. The last yr of Obama was a good year for me. The first 3 were really bad , Bush 's first 4 were ok, the last four yrs were very good and I am just making this year what I was making in 2008.

He's the king as far as I can tell.

What i don't understand is why folks think a tax cut costs money.

It brings more money into the real economy but they do need to cap spending.

That is what undid the Regan tax cuts.
They thought they had all of this new money coming in so instead of cutting the dept they raised spending.

Both sides tried to be the sugar daddy of the country.

This might not be perfect but it needs to start somewhere.

If all goes well, those of us who make less than a couple hundred grand a year will be able to order pizza one more time per month.

Of course they are borrowing the money for that pizza from their kids but what the hell, party on!

https://legalinsurrection.com/2017/...ng-into-u-s-in-quest-for-iran-nuke-deal/


Obama allowed Hezbollah cocain dealing in USA!