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Message
House republicans vote to increase debt substantially
Posted on 7/13/14 at 11:33 am
Posted on 7/13/14 at 11:33 am
And people wonder why Romney lost.
The current GOP is completely fiscally irresponsible, just like Bush. It is 95% of the reason I am against them right now.
Can't link because on phone, but the article is on CNN.com. they voted for a massive business tax cut and said frick paying for it, run up the debt some more instead.
Everyone analyzing says the same, it wouldn't even begin to pay for itself, business would just pocket the hundreds of billions and smile.
Just reinforced my opinion of how bad the current GOP is fiscally.
The current GOP is completely fiscally irresponsible, just like Bush. It is 95% of the reason I am against them right now.
Can't link because on phone, but the article is on CNN.com. they voted for a massive business tax cut and said frick paying for it, run up the debt some more instead.
Everyone analyzing says the same, it wouldn't even begin to pay for itself, business would just pocket the hundreds of billions and smile.
Just reinforced my opinion of how bad the current GOP is fiscally.
This post was edited on 7/13/14 at 11:43 am
20
Posted on 7/13/14 at 11:35 am to Tiger n Miami AU83
At least you know what you're getting with democrats, republicans not so much.
Posted on 7/13/14 at 11:36 am to Tiger n Miami AU83
I'm fine with a tax cut. Wish they would cut some more spending too.
Posted on 7/13/14 at 11:37 am to Tiger n Miami AU83
GOP has just become the pro war version of Dems. They're useless. There's nothing conservative about mainstream GOP.
Posted on 7/13/14 at 11:37 am to Tiger n Miami AU83
Posted on 7/13/14 at 11:39 am to BlackHelicopterPilot
Posted on 7/13/14 at 11:40 am to BlackHelicopterPilot
No, it is a 267 billion cut for business with no offsets at all. Someone please link and paste the first page of the article.
I really don't understand it at all. Maybe someone can explain what the frick they are thinking. Seriously.
I really don't understand it at all. Maybe someone can explain what the frick they are thinking. Seriously.
Posted on 7/13/14 at 11:41 am to Tiger n Miami AU83
"Neither party is mine, jackass or the elephant."
Public Enemy
Public Enemy
Posted on 7/13/14 at 11:42 am to Tiger n Miami AU83
quote:
The bill, H.R. 4178, would make permanent something called "bonus depreciation": a significant and recent benefit for businesses. Bonus depreciation allows companies to deduct 50% of the value of new equipment or assets in the year they are purchased. It's considered a "bonus" because the provision provides a much greater and much faster tax benefit than traditional depreciation.
The idea first became law under President George W. Bush in 2002, who said it was meant to be temporary. The tax benefit has been extended repeatedly until the end of last year. At that time, it expired along with a slew of other temporary tax provisions called "tax extenders" because they have gone through this process so often.
It extends a previous provision that accelerates depreciation. So, the capital investment gets the same amount of depreciation, just over a shorter time frame.
I haven't a position yet. But, that is what it does
Posted on 7/13/14 at 11:43 am to Tiger n Miami AU83
quote:
Can't link because on phone, but the article is on CNN.com. they voted for a massive business tax cuts and said frick paging for it, run up the debt some more instead.
What the hell? What year is this? They still make phones that allow you to browse and post on the internet but can't copy and paste a URL?
If you're 90 years old, just admit it. Don't blame your phone grandpa.
Posted on 7/13/14 at 11:46 am to Willie Stroker
In my 30's son. frick off. Ill do as I please.
And thanks bhp.
And thanks bhp.
Posted on 7/13/14 at 11:47 am to Tiger n Miami AU83
I agree the republicans suck but in no way do I consider bonus depreciation a tax cut..
Posted on 7/13/14 at 11:49 am to BlackHelicopterPilot
A measure passed in 2002 meant to be temporary and they want to extend it again 12 years later and just put it on the credit card. Run up that debt another 250-300 billion per year. Who gives a frick, right?
Not like corps aren't taking in record profits and sitting on record piles of cash. They need MOAR! And the American people can just foot the bill with another trillion in debt over 4 years. Murica! frick yeah!
Not like corps aren't taking in record profits and sitting on record piles of cash. They need MOAR! And the American people can just foot the bill with another trillion in debt over 4 years. Murica! frick yeah!
Posted on 7/13/14 at 11:50 am to TROLA
quote:
I agree the republicans suck but in no way do I consider bonus depreciation a tax cut..
That's because it isn't. Anyone with a basic understanding of accounting knows better.
Accelerated depreciation means they take more of the writeoff immediately, but that same writeoff isn't available a few years from now, so the same businesses will be paying higher taxes then.
Posted on 7/13/14 at 11:50 am to Tiger n Miami AU83
quote:And if they hadn't we'd be enduring the "Republicans won't compromise and are recklessly threatening to default on the debt".
House republicans vote to increase debt substantially
quote:Oh. Yea. The democrats are so much more fiscally responsible...
The current GOP is completely fiscally irresponsible
Posted on 7/13/14 at 11:52 am to BlackHelicopterPilot
quote:If so, it's not a tax cut at all. Just change to timing. OP should know better.
It extends a previous provision that accelerates depreciation. So, the capital investment gets the same amount of depreciation, just over a shorter time frame.
Posted on 7/13/14 at 11:53 am to Tiger n Miami AU83
You don't know the difference between debt and deficit, but that's neither here nor there. The use of 'substantial' is laughable in terms of this cut in terms of US debt.
Im sure if the GOP house had their way, they would couple this with an entitlement cut.
Very substantial OP, would not read again.
ETA: use of the word 'cut'
Im sure if the GOP house had their way, they would couple this with an entitlement cut.
Very substantial OP, would not read again.
ETA: use of the word 'cut'
This post was edited on 7/13/14 at 11:56 am
Posted on 7/13/14 at 11:54 am to Tiger n Miami AU83
quote:
Can't link because on phone, but the article is on CNN.com. they voted for a massive business tax cuts and said frick paging for it, run up the debt some more instead.
If done correctly tax cuts spur growth, which increases tax revenue. It's why states (see: startupny.gov) and municipalities (see: the LSU-Downtown corridor) create "economic zones" that charge lower taxes than surrounding areas.
Tax increases increase revenue in the very near term, tax cuts increase it long term. Where you (and everyone else) SHOULD be focusing your attention is toward the out-of-control spending because having high defcits amidst historic high tax revenues means revenue-generation isn't the problem. Spendibg is, and focusing elsewhere shows a lackluster grasp of the situation.
Posted on 7/13/14 at 11:54 am to Tiger n Miami AU83
quote:
A measure passed in 2002 meant to be temporary and they want to extend it again 12 years later and just put it on the credit card. Run up that debt another 250-300 billion per year. Who gives a frick, right?
Not like corps aren't taking in record profits and sitting on record piles of cash. They need MOAR! And the American people can just foot the bill with another trillion in debt over 4 years. Murica! frick yeah!
Could that be disingenuous?
I'm truly asking.
What is the current Depreciation rate on those capital investments?
If it is 10% per year, for example...Then the difference in Tax is zero by the end of 5 years, right?
50% Immediately Vs 10% per year x 5 years = 50%?
I really do not know. But, you seem to imply that the 287B is a constant and ADDITIONAL deduct.
Posted on 7/13/14 at 11:55 am to Bestbank Tiger
Those businesses usually dispose of the assets before it reverses. And recapture rules don't get it all back at all.
Bottom line, it's 267 billion added to our debt per year. Brilliant. Anyone who thinks the GOP cares about fiscal responsibility is nuts.
Romney would have been a disaster fiscally. He wanted the same. Tax cuts that were unpaid for, just add more debt.
Bottom line, it's 267 billion added to our debt per year. Brilliant. Anyone who thinks the GOP cares about fiscal responsibility is nuts.
Romney would have been a disaster fiscally. He wanted the same. Tax cuts that were unpaid for, just add more debt.
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