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|Are US Tax Cuts Really Helping Economy? by kerryvienne: 8:52pm On Mar 29, 2019|
I just came across a news article which shared that Trump administration is going for a tax cut to fuel the growth of economy.
The officials, on the other hand, are disagreeing to this. They believe in the long run, this action will not be helpful. Is anyone here good at economics and can help me understand how this is possible?
|Re: Are US Tax Cuts Really Helping Economy? by Warship: 10:14pm On Mar 29, 2019|
Calvin Coolidge is one of US greatest president whose tax cuts, lead to economic growth and prosperity.
The fastest way to prosper a society, is to;
1) increase the citizens incomes.
2) reduce the citizens expenses.
3) empower each citizen to produce more cheaper and quality goods & services.
Taxes are part of citizens expenses that are income to the government.
When citizens expenses increase and incomes reduce, with time, the economy do stagnant leading to a poorer society and underfunded government.
In Summary, Trump's tax cut will reduce the expenses of the US citizens therefore, freeing more money for savings, lending, investment, etc which are instrumental to economic development and prosperity.
Initially, the revenue of the US govt will nosedive but if the freed up tax is reinvested by the citizens, it will generate more revenue for the government than previous revenue.
|Re: Are US Tax Cuts Really Helping Economy? by Milpitas: 9:09pm On Feb 12|
I think tax cuts are good for the economy. They increase the expendable money for investors and other business people to use for, well business.
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|Re: Are US Tax Cuts Really Helping Economy? by bigpicture001: 9:12pm On Feb 12|
Tax cut boost economic growth alot
|Re: Are US Tax Cuts Really Helping Economy? by Tarkus: 3:51pm On Feb 26|
If you define economy as the spending power of the people, then tax cuts will help boost the economy. If you factor in the government debt, then they may not.
At the end of the day, these are two separate issues.
1. The government debt SHOULD be reduced by reducing government spending, not by taxing the population.
2. By reducing taxes on individuals, they keep more of their money, which for most people means they will spend more money, which will boost the economy. By reducing taxes on small businesses, they can reduce prices OR expand their business, both of which boost the economy. Small businesses are the backbone of the US economy, and their health is a great indicator of economic growth. For example, if you reduce taxes on a chimney cleaning business, if they reduce their prices, more people can afford to use their services more often. That means they spend more money on fuel going to customer locations, they may hire more people, they will probably spend more money replacing equipment more often, etc. In the end, the small business spends more money, creating more jobs in their own business or the businesses they spend money with.
When taxes are low, the economy blooms. High taxes stifle economic growth, and eventually lead to outsourcing, which helps someone else's economy, not ours.
|Re: Are US Tax Cuts Really Helping Economy? by rightpools: 11:34am On Mar 28|
I think it is hard to tell what exactly could a tax cut mean for the future. I guess it kind of depends on the future. Many citizens will benefit from the tax cuts today and for the near future, but who knows what this means for them later. Depending on how long the virus will hold the economy back, the government, once back in business, may not be able to support these jobs they once had for many citizens before the virus broke out. So although it may mean security for the near future, in the far future it could mean a high unemployment rate and so on. Brick & mortar and service-based businesses like the pool industry in which I work in or
some cleaning companies out there will suffice to survive, but public jobs may not strive well.
So I really think we need to evaluate the situation a little more thoroughly so we can understand the bigger picture and make wiser decisions.
|Re: Are US Tax Cuts Really Helping Economy? by Yosupbro: 9:45pm On Mar 29|
You mention Calvin Coolidge's tax cuts. I honestly believe he was the greatest president the United States ever had. If he'd stayed president I don't think we would have even had the great depression. This is really what it comes down to, great presidents stay out of the economy, and bad presidents muddle with it.
Tax cuts are great but really, we should just aim to keep the government out of the economy.
|Re: Are US Tax Cuts Really Helping Economy? by acc8: 6:09pm On Mar 30|
I believe that tax cuts will help the economy. With increasing income- citizens can stimulate the economy. Especially after this global pandemic. <a href="https://www.headlockedmedia.com/ "></a>
|Re: Are US Tax Cuts Really Helping Economy? by BurnabyRenos: 2:05am On Apr 30|
It's tough to say what will happen with a tax cut. It may benefit in the short-term with increased spending from folks. I think we need to take a look at how other countries have handled economy shutting events in the past and formulate a plan based on that. I think nations have proper economic boosting procedures set in place, it will be more of seeing how we can benefit in the short-term.
|Re: Are US Tax Cuts Really Helping Economy? by Lakudra: 8:36am On May 10|
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|Re: Are US Tax Cuts Really Helping Economy? by SFConcrete: 12:05am On Jul 08|
Great topic! In the long run, I don't think the tax cuts will help my company. https://www.santafeconcretecontractors.com
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