CBO Grades Tax Plan, complete disaster for poor, wrking class, students, eldery

[JimRaynor]

Every credible report today, as well as historical theory, prove that you are wrong....

I am pretty much just paraphrasing exactly what Trumps tax plan outlines. Why don't you first attempt to read Trumps plan, vs talking about "credible" reports which you wouldn't understand anyhow without looking at the Plan first.

[BoxingTech718]

The working clas will get royally screwed.

[The Big Dunn]

Obama added more to the national debt than ALL other previous Presidents combined.

Let that one sink in.

Liberal Democrats only care about spending when Republicans are in charge.

The banking and auto industries were on the verge of collapsing. The housing bubble burst.He had to do this to save the country from collapsing.

Seriously, some of you are really unbelievable. You complain that Obama added to the debt, but forget that he did this to fix the global financial crisis and the recession from 2008-12, the worst financial crisis since the Great Depression of the 1930s.

At least give proper context.

[Sugar Adam Ali]

The banking and auto industries were on the verge of collapsing. The housing bubble burst.He had to do this to save the country from collapsing.

Seriously, some of you are really unbelievable. You complain that Obama added to the debt, but forget that he did this to fix the global financial crisis and the recession from 2008-12, the worst financial crisis since the Great Depression of the 1930s.

At least give proper context.

I wouldn’t say industries were collapsing

Banking and auto ‘industries’ were not on the verge of collapse. There were a lot of collapsing companies, but not industries. Cars and banking both would have still happened just like in Great Depression.

A lot of banks didn’t need tarp money and were forced to take it, and a lot of autos were fine

[1bad65]

I wouldn’t say industries were collapsing

Banking and auto ‘industries’ were not on the verge of collapse. There were a lot of collapsing companies, but not industries. Cars and banking both would have still happened just like in Great Depression.

A lot of banks didn’t need tarp money and were forced to take it, and a lot of autos were fine

Exactly.

Grubers dont understand free market forces.

That's what makes them grubers.

[The Big Dunn]

I wouldn’t say industries were collapsing

Banking and auto ‘industries’ were not on the verge of collapse. There were a lot of collapsing companies, but not industries. Cars and banking both would have still happened just like in Great Depression.

A lot of banks didn’t need tarp money and were forced to take it, and a lot of autos were fine

https://www.theguardian.com/business...h-banking-2008

The 2008 financial crisis led to the failure of a large number of banks in the United States. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012. In contrast, in the five years prior to 2008, only 10 banks failed. Yet you wouldn't say the banking industry was collapsing.

http://www.politifact.com/truth-o-me...bile-industry/

In November 2008, the New York Times ran the headline "GM teetering on bankruptcy, pleads for federal bailout". The Center for Automotive Research, an independent research group that gets some funding from automakers, predicted harsh outcomes if GM and Chrysler went belly up. Beyond the immediate jobs lost, there would be a partial collapse of the supplier industry that would lead to a 50 percent drop in production at Ford and the American-based foreign car plants. Imports would replace 70 percent of the lost GM and Chrysler production, the group predicted.

Not going to argue semantics. The point is Obama's adding to the debt at the rate he did was necessary to save the country. I think it fair to point that out.

[1bad65]

I wouldn’t say industries were collapsing

Banking and auto ‘industries’ were not on the verge of collapse. There were a lot of collapsing companies, but not industries. Cars and banking both would have still happened just like in Great Depression.

A lot of banks didn’t need tarp money and were forced to take it, and a lot of autos were fine

One more thing, not only did GM get a massive taxpayer funded bailout, because of the bailout, they get to avoid paying billions in taxes:

Despite making nearly all of its profits in the U.S., General Motors reportedly pays virtually no American taxes after receiving a taxpayer-funded bailout.

According to filing records from the Securities and Exchange Commission, the automotive company paid $5 million in federal taxes in 2015 despite its multi-billion dollar earnings, Fox Business reports. Its total federal, state and local taxes came out to zero. For the same year, GM paid more than $908 million in taxes to China, where it had significantly less income.

The reason? GM received a $51 billion bailout, which included a $45.4 billion tax deduction, from the federal government.

The bailout initially came as a loan, while GM gave the U.S. Treasury Department a 61 percent equity stake in the company. However, after the Treasury Department sold the car manufacturer's shares in late 2013, it incurred $10.5 billion in stock losses -- an expense GM refuses to reimburse.

Initially, President Barack Obama said the bailout was an "investment" that would cost taxpayers "not a dime" but would instead allow the U.S. to compete with China's outsourcing industry. However, GM plans to increase production in China by 65 percent by the end of 2020 as it works to import and sell the Buick Envision, one of its Chinese-made SUVs.

Fox Business estimates that the $45.4 billion deduction cost taxpayers approximately $75 billion, including losses related to pensions and retirement benefits.

But the automobile giant said it did no wrong.

"GM adheres to all applicable federal, state and local tax laws and regulations," GM told Fox Business in a March 31 statement. "Since 2009, we have also made significant investments in the U.S. – totaling approximately $17.8 billion – which have created approximately 6,250 new jobs and secured another 20,700 positions."

Source:
http://www.americanews.com/story/soc...-nothing-taxes

And here today the Democrats are kvetching about spending, deficits, and corporations not paying their fair share because Trump wants to cut our taxes.

[1bad65]

So Obama gave GM billions in bailout money, and GM was exempted from paying billions in taxes.

But the Dems are fighting those evil corporations who don't pay their fair share. They for the middle class doe.

Those grubers get snookered by the Democrats at every turn. Then they go out and defend the very Party lying to their faces. You really can't fix stupid.

[Sugar Adam Ali]

https://www.theguardian.com/business...h-banking-2008

The 2008 financial crisis led to the failure of a large number of banks in the United States. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012. In contrast, in the five years prior to 2008, only 10 banks failed. Yet you wouldn't say the banking industry was collapsing.

http://www.politifact.com/truth-o-me...bile-industry/

In November 2008, the New York Times ran the headline "GM teetering on bankruptcy, pleads for federal bailout". The Center for Automotive Research, an independent research group that gets some funding from automakers, predicted harsh outcomes if GM and Chrysler went belly up. Beyond the immediate jobs lost, there would be a partial collapse of the supplier industry that would lead to a 50 percent drop in production at Ford and the American-based foreign car plants. Imports would replace 70 percent of the lost GM and Chrysler production, the group predicted.

Not going to argue semantics. The point is Obama's adding to the debt at the rate he did was necessary to save the country. I think it fair to point that out.

Ok fine.. I’m not trying to be like siablo n bro bob and play semantics

I was just clarifying it was some major companies and not the entire industry.
You libs sometimes need straightening on economy

Have a good day

[The Big Dunn]

Ok fine.. I’m not trying to be like siablo n bro bob and play semantics

I was just clarifying it was some major companies and not the entire industry.
You libs sometimes need straightening on economy

Have a good day

http://wardsauto.com/news-analysis/w...al-crisis-2008

World’s Auto Makers Slammed by Financial Crisis in 2008

Perhaps you are underestimating the severity of the financial crisis on automakers around the world.