Posted on 02/09/2017 4:10:16 PM PST by Kaslin
RUSH: I mentioned this a couple days ago and the day before that, and even yesterday. And I asked some of you to call in and react to this, that is there a growing impatience among Trump supporters for what appears to be no movement on repealing Obamacare and tax cuts? We took some calls on this and it was not definitive in either way. Most of the people that called support Trump and so far still do 100%, and most of them said, “Hey, it’s only Day 18, it’s only Day 19. It’s not time to get panicky here.”
But some have become alarmed. Matt Drudge sent out a couple of tweets, one of them saying the GOP should be sued for fraud because they promised a quick repeal of Obamacare and quick action on tax cuts. And what we’ve had is statements like, “Well, we can’t get to Obamacare ’til at least next year, if then, and tax cuts, well, it’s a massive thing to unwind like Obamacare.” And some people: “You’re not doing this to us again.” There have been some Republican voters: “You’re not doing this to us again. You told us you needed all three. You need the House, you need the Senate, you need the White House to repeal Obamacare. Well, you’ve got it, we gave it to you. Action, let’s see some. Same thing on tax cuts.”
So today President Trump assured everybody that a big tax cut is coming and that he is on it, and it is not something that has been put on the back burner. It’s every bit front and center as it’s always been, rest assured. And the result of this is, from CNBC: Stocks have shot through the roof. The Dow Jones Industrial Average reached an all-time high after Trump promises a big-league tax announcement.
U.S. equities traded higher on Thursday after President Trump said that he would give an announcement regarding taxes in the next few weeks. Lowering the overall tax burden on American business is big-league. “That’s coming along very well. We’re way ahead of schedule, I believe,” said the president, “and we’re gonna announce something I would say over the next two or three weeks that will be phenomenal in terms of tax.”
Trump said this in a meeting with airline executives, another meeting, by the way, that went exceptionally well. The airline execs left the meeting thinking this was cool, this was really cool, this was great. Everybody having met with Trump comes out of the meeting just singing his praises and thinking it went phenomenally well. And it was in that meeting that Trump made his comments on taxes coming, tax cuts coming.
I don’t know if his announcement means he’s reached an agreement with McConnell and Ryan. If it does, that’s great. If it’s Trump applying pressure on them, that’s also fine, too. But, folks, I can tell you, the House Ways and Means Committee is moving on tax cuts. They’ve got a tax cut plan ready to go. Kevin Brady is the chairman of the House Ways and Means Committee, and they’re not sitting on their hands in there. Top marginal rate be down to 33%. It features some repatriation of foreign-held assets.
Everything I’ve been able to detect, there is a clear desire backed by energy in the Republican caucus to move these tax cuts forward and to get it done. Same thing with Obamacare. That’s a little more dicey, but we’ll just wait and see. But so far all good. Nineteen days I think this is into the Trump administration.
They better be a txa cut for the middle class and not just corporations and the elite.
How long before the media is full of “tax cuts for the rich”?
Wonder if the cuts will sunset like the Bush cuts because of weak kneed GOP like McCain
Have you seen the position paper on this?
The president has no possibility unilaterally to institute a tax cut.
I assume we all know this, right?
The tax cuts will certainly sunset if they increase the deficit beyond the ten year window, and are passed under the reconciliation procedures. And there’s no other way any tax cuts are going to pass.
The FedGov runs a $1 trillion deficit no matter what the tax rate is, or roughly 25% of the budget. So I say the time has come to abolish all taxes. Let them print the money they need every year, and we all end up paying taxes indirectly in the form of inflation. Only when the taxes hurt everyone will Congress ever sit down and seriously weigh the size and scope of government, eliminate pork, and exercise strict oversight over where and how money is being spent.
I pay around 43% and I make less then 6 figures. You work overtime and you pay 43% and the IRS calls it unearned income.
Then there are the other taxes layered on every product.
I also own stock and I want those taxes cut ‘biggly’.
Fed wants 15% if you keep the stock over a year and 28% if you do not. California wants 10.3% anytime. It goes up the more you make. It should be an even 10% tops. The massive taxes we pay I see do not fix the roads much. I am hitting or swerving around the same potholes for years.
obama never met execs who came away thinking the guy was smart. I bet those meetings were just a shakedown. Give money or else. That is why obama hung out with the hollywood crowd.
Ib et the economy by this time next year will be going like gangbusters as long as the rinos get out of the way.
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