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This is the Republican Party

C
Gmoney4WW said:
I wouldn't think that applies as directly to small business tax cuts? Or are we below the Laffer Optimum here as well?
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I don't know.

From the way my friends that own their own businesses describe it, I would think that taxes could and probably should be simplified and cut for small business owners. Not sure how to do it properly, but the environment does seem oppressive from an outsider's point of view.

Edit:
You are touching on one of the reasons the Laffer curve is just far too simplistic of a concept. There probably are different optimal tax rates for individual taxpayers, families, small businesses, large businesses, investments (capital gains), and industry types. There's no way you'll ever figure out the actual optimum for all those different categories and sub-categories with any kind of precision and get 219 congressmen to agree on it.
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This is the Republican Party

G
Clong83a said:
Sigh... More Laffer optimum misconceptions.

It's true. Consider the extreme example of a flat tax rate at 99%, stifling economic development. One year, the government decides to cut the flat tax rate down to 98%. Now, you've just doubled the income of everyone in the country! People spend significantly more than they previously did with this new excess, and the economic output of the country grows, say by 50%. That 50% growth in the economy more than offsets the 1% drop in tax revenues, and the federal budget can actually grow by cuts.

This is the part you understand well as it has been parroted for decades by pretty much every politician that ever wanted to pass a tax cut.

But it is not a general truth. Consider the inverse. Taxes are a flat 1% on everyone. The government cuts taxes in half one year, down to 0.5%! The government has lost HALF of its income and cannot operate unless the economic output of the country quickly doubles. The everyday tax payer.... barely notices the change and had their take-home pay increase by less than 1%. Economic output actually suffers, because despite the fact that people have (slightly) more cash, things like underfunded schools and roads hurt productivity and the government enters a downward spiral of diminishing revenues.

Reality is there is no flat tax, and it is not so simple. But that's not convenient for people who want to pretend the tax code and economy are simple things. Most of the US tax code is pretty far below the Laffer optimum already to the point that cuts actually have an outsized negative effect and don't pay for themselves. Almsot every actual expert agrees with that.

I like a tax cut as much as the next guy, but we shouldn't pretend that any budget holes won't need to somehow be plugged, either by increasing revenues elsewhere, or program cuts. Doing so leaves us in a position with no choice but to incur massive debt and argue endlessly about whose fault it is.
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I wouldn't think that applies as directly to small business tax cuts? Or are we below the Laffer Optimum here as well?
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🏀 News/Notes TU extends Konkol's contract

Chris Harmon
The University of Tulsa Extends Konkol’s Contract

TULSA, Okla. –– After leading the Golden Hurricane to an 11-win improvement in his second season at the helm, Tulsa men’s basketball head coach Eric Konkol’s contract was extended through the 2029 season, University of Tulsa Vice President and Director of Athletics Justin Moore announced today.

“I am honored to be the head men’s basketball coach at The University of Tulsa, and my family and I love calling Tulsa home,” Konkol said. “We are excited about the progress we have made together and proud of the culture we have built in our locker room, on campus, and in the community. We have a determined group of players, staff, administrators, and supporters and I’m grateful for their commitment to improvement.

“Thank you to President Brad Carson, (then) AD Rick Dickson, and our TU Board of Trustees for bringing us here two years ago and for their confidence in our vision for the future. I’m excited about working with Justin Moore to build on our progress and bring even greater success to this storied program, elite university and wonderful city. Reign ’Cane!”

The Golden Hurricane is coming off a 16-15 season in 2023-24. The 11-win improvement was the largest increase since the 1924-25 campaign. Tulsa was a force at home, finishing 14-4 in the Donald W. Reynolds Center. TU averaged 75.0 points per game, the most since the 2001-02 team.

Under Konkol’s leadership, three freshmen were named to The American All-Freshman team, only the second time three players from the same school were named to the team, and first time in TU history for any conference. He also coached the program’s third conference freshman of the year award winner and first National Freshman of the Year recipient.

A native of Amherst, Wisconsin, Konkol was named Tulsa’s 31st head basketball coach on March 21, 2022. He came to TU following seven seasons at Louisiana Tech, where he compiled a 153-75 record, the third-highest win total in school history. Konkol’s coaching career began at The University of Tulsa in 2000-01 as a graduate assistant under head coach Buzz Peterson and the 2001 NIT Champion Golden Hurricane.

(media release)
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This is the Republican Party

C
aTUfan said:
the people had more spendable income to put into the economy
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Sigh... More Laffer optimum misconceptions.

It's true. Consider the extreme example of a flat tax rate at 99%, stifling economic development. One year, the government decides to cut the flat tax rate down to 98%. Now, you've just doubled the income of everyone in the country! People spend significantly more than they previously did with this new excess, and the economic output of the country grows, say by 50%. That 50% growth in the economy more than offsets the 1% drop in tax revenues, and the federal budget can actually grow by cuts.

This is the part you understand well as it has been parroted for decades by pretty much every politician that ever wanted to pass a tax cut.

But it is not a general truth. Consider the inverse. Taxes are a flat 1% on everyone. The government cuts taxes in half one year, down to 0.5%! The government has lost HALF of its income and cannot operate unless the economic output of the country quickly doubles. The everyday tax payer.... barely notices the change and had their take-home pay increase by less than 1%. Economic output actually suffers, because despite the fact that people have (slightly) more cash, things like underfunded schools and roads hurt productivity and the government enters a downward spiral of diminishing revenues.

Reality is there is no flat tax, and it is not so simple. But that's not convenient for people who want to pretend the tax code and economy are simple things. Most of the US tax code is pretty far below the Laffer optimum already to the point that cuts actually have an outsized negative effect and don't pay for themselves. Almsot every actual expert agrees with that.

I like a tax cut as much as the next guy, but we shouldn't pretend that any budget holes won't need to somehow be plugged, either by increasing revenues elsewhere, or program cuts. Doing so leaves us in a position with no choice but to incur massive debt and argue endlessly about whose fault it is.
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Tulsa vs Arkansas state predictions

G
TU_BLA said:
What made you think that? I think we all knew he wasn't that guy the second we saw President take a snap from behind center. And how he actually didn't trust Dane Evans his 1st year starting and we had to wait until his SR season before the play book opened up a bit and the ball went all over the place. Then immediately after that we had a strong of QBs who may have struggled to tie their shoes properly if they were part of the playbook because the instructions were confusing.
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Sarcasm
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This is the Republican Party

R
Gmoney4WW said:
I love your logic. The government increases the things they spend money on regardless of what the income is. It's rare that they make cuts in one area to make up for increases in another. So let's cut taxes and increase expenditures, that certainly makes our debt less.(Sarcasm in case your addled brain didn't get it.)
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When you cut taxes, the coffers
TU 1978 said:
I’d like to know where this concern was when DonOld was adding trillions to our debt with tax breaks for the oligarchs.
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Large spending on things to make up for years of neglect (border, military, etc etc) would have been followed by 4 years of actual growth (not recession then depression slowed by the Fed trying to make Biden & Dems happy) instead of mainstream media lying to the American people.

The tax cuts helped the middle class, you know, the backbone of this country that the democrats are trying to force into extinction?
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