Update: Seniors and the new tax law.

Here is the Democreep take on the effects of the new tax law:

  • “This corruption is hollowing out America’s middle class & tearing down our democracy,” Sen. Elizabeth Warren tweeted.
  • Sen. Jeff Merkely warned that the bill “will haunt America for decades to come.”
  • Sen. Mazie Hirono tweeted: “The 1% are dancing in the streets tonight. Disgusting, disgusting outcome for millions of Americans who will suffer under this bill.”

Personally, I don’t care what these Democreeps are saying, and, frankly, I don’t care what Trump, McConnell or Ryan say. I listen to people who I trust and believe know of what they speak – Smith, von Mises, Hayek, Rothbard, Friedman, Sowell, etc.

We just tried the Democrat plan. President Obama got the tax increases he demanded to make “the rich pay their fair share.” He followed the Keynesian economic doctrine to the letter (footnote) and, still, we had the worst “recovery” since forever!

The liberal apologists have given every excuse in the book for the failure of Obamanomics. OK, let’s believe them. Let us further assume, that despite the successes of tax cuts under Presidents Kennedy and Reagan, the liberal apologists are correct and that these “successes” are bogus. We tried the Obama plan. It’s time to try a new plan. If, sadly, the Democreeps are correct and it is an abysmal failure, I will post that the economists projections I respected were wrong and will print a retraction. But, let’s see what happens with the Republican approach FIRST! (And, by the by, Senator Merkely, it takes only one vote in the House and Senate to change the tax law back to where it is today – so “decades” is slightly melodramatic. And, Senator Warren, our Democracy didn’t crumble yesterday – although the FBI is working on it.)

[Source: In Updated Charts, What 8 Seniors’ Tax Bills Will Be With Tax Reform, by Rachel Grezler]

Let’s take a look at the Democreeps favorite “at risk” citizens – seniors. As far as “throwing seniors under the bus”:

Senior Evelyn Thompson is essentially living on Social Security. She paid no income taxes in the Democrat iteration of taxation (82,000 pages of “iteration”). Her tax cut in dollars under the Republican plan is $0, BUT SHE PAYS NO INCOME TAXES WITH EITHER ITERATION OF INCOME TAX LAW. How do Democrats compute that in the “tax cut” playbook?

Philip Olsen is approximately at the median of income in the US. The Democrats wanted the new tax bill to fail and keep the old tax bill. Which plan do you think Mr. Olsen favors?

The Grahams are above the median income, have a lot of money in a 401K but have large medical expenses. They see no change in their taxes, Why is that, ask you? Because, answer I, THEY DON’T PAY ANY TAXES – like 51,000,000 other tax filers soon to rise to 81,000,000 tax filers under the new plan. If you took grade school arithmetic and know how to calculate averages, you understand that adding in 51,000,000 zeros (or 81,000,000 zeros) and then dividing by the total number of tax filers (including the 51,000,000 whose tax burden is $0) is NONSENSICAL.

The Lees are solidly in “the middle class.” These are people who will invest some of what they save. They get a 13% reduction in their income taxes.

If you listen to the Democreeps, the Garcias are the people who benefit THE MOST from the new tax plan. They’re RICH. You be the judge! (Senator Hirono, do you think the Garcias “are dancing in the streets tonight?”)

Let’s give this plan just two years. We gave Obama 8 years. Seems “fair” to me.

Roy Filly

Footnote: The Keynesian plan in trillions!

  1. The “Stimulus” – $1.1 trillion after interest is added
  2. The deficits under Obama (i.e., extra government spending): $7.917 trillion, a 68 percent increase, in just seven years.
  3. The Federal Reserve “Balance Sheet” increase: QE 1, 2, etc added another $4 trillion

About Roy Filly

Please read my first blog in which I describe myself and my goals.
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2 Responses to Update: Seniors and the new tax law.

  1. Bill Grisham CPA says:

    You left out one of the greatest of the recent proponents of liberty, Leonard E. Read who founded the Foundation For Economic Education. You also should include Frederic Bastiat, the best anti-socialism proponent, and also promoted by Mr. Read.

  2. Roy Filly says:

    Thanks, but you did note the “etc.” at the end. There are many I could have added.

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