Forget Politics, are we heading for a recession

[JustWinBaby]

(09-03-2023, 03:08 PM)masonbengals fan Wrote: From what I understand the only permanent tax cuts were corporate tax rates.

All other tax rates are restored to prior tax schedule levels.

Upon further reading. The only reason the personal tax cuts are not permanent is because not one democrat voted for them, so the only way to get them done was through budget reconciliation which has an expiration date.

Guess who will vote against it in 2025. The same people as before would be my guess.

I'm certainly no expert & far from rich, but I did receive a tax cut.

I never read the corporate cuts were permanent.  I'm not sure how you'd carve out, and "pay" for those without the usual budget tricks.  I thought it was all part of one agreement that expired in 2025.

And I'm not sure it matters - corporate profits end up, one way or another, in the pockets of individuals taxed at individual rates.  There may be a marginal impact with publicly traded companies where the reduction eliminates some double-taxation, and could end-up being taxed at individual cap gains rates.  But to the extent those are wealthy people, that's a 20% cap gains rate vs an average corporate effective rate that, I think, was something like 24% or possibly 28% prior to the 2017 cuts.

Also, there is already talk of Republicans in blue states wanting to lift or eliminated the SALT deduction.  And barring Repubs controlling the Senate and WH, along with a decent majority in the House, it's likely to simply expire.

I'll just add that, no, tax cuts do not trickle down.  But tax increases do.