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Trump lauds tax bill as middle-class boon

By Compiled by Democrat-Gazette staff from wire reports

This article was published December 17, 2017 at 4:30 a.m.

president-donald-trump-talks-with-reporters-as-he-departs-from-the-south-lawn-of-the-white-house-via-marine-one-in-washington-saturday-dec-16-2017-to-spend-the-weekend-at-camp-david-in-maryland-ap-photosusan-walsh

President Donald Trump talks with reporters as he departs from the South Lawn of the White House via Marine One in Washington, Saturday, Dec. 16, 2017, to spend the weekend at Camp David in Maryland. (AP Photo/Susan Walsh)

President Donald Trump on Saturday defended the Republican tax cut legislation as a good deal for the middle class.

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TimberTopper says... December 17, 2017 at 7:16 a.m.

Trump as usual is lying! The filthy rich and corporations are the ones getting the boon. The middle class are getting screwed. The problem is, that it will be a while before the Trumptards know what's been done to them.

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RBear says... December 17, 2017 at 7:22 a.m.

There is no way this bill can generate the kind of growth Trump is boasting about. The economy is almost at full employment with those unemployed either lacking the skills needed for the jobs available or suited only for minimum wage jobs that don't provide the wages needed to sustain a household. As I've stated, if Trump really wanted to help the average American the federal minimum wage would have been raised in this bill.
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Instead, it will pass along large cuts to corporations who will pass the savings along to shareholders instead of raising wages and salaries of employees. Other savings will be invested in automation in both manufacturing and services to take advantage of AI innovations. That will further undercut the average American in lost jobs. (There is a subtle alternative that could benefit the economy. Let's see if anyone in here gets it.)
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This cut, like the last one passed under the Bush administration, will not be able to pay for itself, driving the country deeper in debt. It's a rushed bill with lots of mistakes that should have been vetted more closely. It's just a hacked attempt by Republicans to score ONE legislative victory in 2017 when they had control of the House, the Senate, and the White House. It's more from the underachieving party who has also nominated unqualified federal judicial nominees who don't even understand the basics of the legal process.

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BoudinMan says... December 17, 2017 at 8:35 a.m.

The next time these teabaggers do something to help the middle class, well, it will be the first time.

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LevyRat says... December 17, 2017 at 8:55 a.m.

Talk about fake news! The dim wits in the media keep repeating that the personal exemption was "doubled"! Really?

I'm an over 65 conservative who voted for our buffoon President, so let me do the “math” to see my big “tax cut”.

In 2018 without my “big” tax cut, I would have been able to take a $6,500 Standard Deduction plus another $1,850 over 65 deduction and $4,150 personal exemption for a total of $12,500 “Standard Deduction” …. Now with my “big tax cut”, my “Standard Deduction” is $12,000. Big tax cut???

Corporate rates get cut from 35% to 21% and individual rates cut from 39.6% to 37% big “middle class tax cut”. LLCs no longer pay the top personal rate so they are cut from 39.6% to 25%, who most commonly uses an LLC, lawyers and what profession are most members of Congress? Lawyers.

May I have the Vaseline, please.

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WGT says... December 17, 2017 at 9:11 a.m.

There has got to be two people in Congress on the conservative side of this issue with the common sense to realize the long term effects of this tax cut is nothing short of devastating.
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Salient quote from the Internet-
“Republicans are aiming in their every action to create a situation where America is underfed, underpaid, under-insured, un-educated, un-informed, unsafe, unable to vote, overpopulated, overarmed, and overly paranoid. The question is, WHY?”

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PopMom says... December 17, 2017 at 10:17 a.m.

Levyrat,

Actually not all LLCs will qualify, and personal service companies--specifically lawyers and accountants got screwed. Apparently, engineers and architects get better treatment. There really is no rhyme nor reason as to which "businesses" get the 21% rate and which ones get walloped with 37%. We also are getting a $15,000 a year increase in taxes because we have lost our state and local tax deduction which is now capped at $10,000. I think that many people who think that they have tax cuts have not figured in the loss of the state and local tax exemption. There still may be hope if Susan Collins votes no, McCain is too sick to vote, and there is one more vote but I think Flake from Arizona is voting yes. This is a really messed up bill with changes for which there is no rhyme nor reason. This bill only will last a year though. It does not produce enough income to run the country, and there is going to be rioting when they try to cut back on Medicare, Medicaid, and Social Security.

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RBear says... December 17, 2017 at 10:45 a.m.

PM, saw that point regarding LLCs this morning on This Week. In fact, the LLC provision was thrown in at the last moment and apparently benefits Trump and some of his Republican cronies the most. The entire bill is a hack job that really doesn’t address the needs of the country. It’s more about maIntaining campaign promises than anything. There is no economic model that supports the growth assumptions Republicans have raised and their Laffer Curve models went out the door with the last cut. But I don’t think there’s a Republican voter who could even explain the Curve if they tried.

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DontDrinkDatKoolAid says... December 17, 2017 at 1:01 p.m.

The Laffer Curve has been proven twice in my life time. JFK, and Reagan. They knew how to apply the tax breaks. Trump is now on track of proving the Laffer Curve again.

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RBear says... December 17, 2017 at 1:16 p.m.

DDDK, it was applied a third time but failed during that one. You apparently didn't seem to be able to comprehend my analysis of the curve, pointing out we are past the optimal point and now in diminishing returns. When the marginal rate was in the 90 and 70 percent ranges it may have worked, but we are far beyond that where the decreasing the rates will not yield returns to pay for the cuts. Please provide more detailed explanation of why the curve will work now if it didn't work during the Bush cuts. Those put us $1.5 trillion in debt.

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TimberTopper says... December 17, 2017 at 1:26 p.m.

Koolaid, it didn't work for Reagan, as George H.W. Bush had to raise taxes to keep the economy/debt ratio in balance. Remove your head from the sand, or wherever it is! You are paying attention to too many of the bots and repeating what you've seen, thereby making you a Troll.

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