Trump delivers for Christmas

The Donald decided to not wait until the new year. Keeping his promises and showing leadership. Good Trump is trumping Bad Trump by a fair margin in his first year.

The Tax Cuts and Jobs Act keeps the number of individual tax brackets at seven but reduces the rates to 10, 12, 22, 24, 32, 35, and 37 percent, increases the Child Tax Credit from $1,000 to $2,000 for singles and married couples, and roughly doubles the standard deduction.

On the corporate side, the bill reduces the corporate tax rate from 35 to 21 percent and also eliminates the Affordable Care Act’s individual mandate, which requires individuals to purchase health insurance or pay a penalty to the IRS.

Speaker of the House Paul Ryan (R., Wis.) said a family of four earning an income of roughly $73,000 can expect to receive a tax cut of about $2,059 under the new plan.

“The biggest tax reform in a generation is now the law of the land,” Ryan said. “As promised, the American people will begin the new year with a new tax code.”

“At a time when many Americans still living paycheck-to-paycheck, tax reform means more jobs, fairer taxes, and bigger paychecks,” he said. “Already, workers are reaping the benefits of reform as companies take steps to reward their employees and expand their businesses.”

And in other news hundreds of EPA staff are bailing out!

EPA administrator Scott Pruitt is achieving what President Trump appointed him to do. He is draining the swamp.

As I’ve argued before, the EPA has always had less to do with protecting the environment – Colorado gold mine, anyone? – than it does with killing business.

Essentially, it is a communist sleeper cell introduced to the heart of the U.S. government system by Richard Nixon in the mistaken belief that paying Danegeld to your enemies will make them leave you alone.

Previous Republican presidents – such as the Bushes – were far too squishy to dare reform it.

And something a bit different from Mark Steyn, he introduces a Welsh lady who worked with Dylan Thomas reading his classic Christmas story.

And there is more. Leadership on the climate front.

“Climate policies will continue to shape the global energy system,” a draft of the National Security Strategy slated to be released on Monday said. “U.S. leadership is indispensable to countering an anti-growth, energy agenda that is detrimental to U.S. economic and energy security interests. Given future global energy demand, much of the developing world will require fossil fuels, as well as other forms of energy, to power their economies and lift their people out of poverty.”

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42 Responses to Trump delivers for Christmas

  1. Phill

    I looked at the new US income tax scales and applied it against my Aus salary. If I was paying at the current US rates, my income tax would reduce by about $6k pa. Pretty handy. However, if my current Aus tax rate was reduced down to the new US scale, my tax would halve.

  2. Herodotus

    He’s also championing the return of “merry christmas” as a greeting rather than the wimpish “happy holidays” that has for years been symbolic of capitulation to PC.
    You have to admire a quality stirrer who is reversing the tide on many fronts.

  3. Malcolm

    I don’t think the so called tax cuts are effective and as Milton Friedman would say a ballooning budget deficit and government debt will ultimately have to be repaid. The US administration and Congress are incapable of making significant dents in the budget deficit. All Trump has achieved is to give more tax breaks to his wealthy mates and send the bill to the average middle working American who will have to pay higher taxes to fund this largesse in the future.

    Trump has looted the public treasury. He is a disgrace.

  4. Boambee John

    Malcolm,

    You could well take some lessons from Trump to your next Cabinet meeting.

    They might even help you in the polls. Twenty five down now, isn’t it?

  5. Mak Siccar

    Trump’s transferring power back to the people

    A great Christmas present under difficult circumstances.

    Merry Christmas to the blog host, all contributors, Cats and Kittehs.

  6. duncanm

    Phill – you are probably forgetting state taxes – but yeh…

  7. duncanm

    Note also households (families) and married people get a small tax break:
    https://www.tax-brackets.org/federaltaxtable

    Handy calculator here: https://www.tax-brackets.org/federaltaxtable#calculator

    (Don’t forget AUD/USD exchange in your numbers)

  8. duncanm

    md
    #2592703, posted on December 24, 2017 at 8:53 am

    SJW Assault Boosts Sales of Donald J Thump Bunny Picture Book

    its endlessly amusing having a master troll has POTUS

  9. Rabz

    the developing world will require fossil fuels, as well as other forms of energy, to power their economies and lift their people out of poverty

    In the meantime our beloved legislatures stuffed to the gills with foreigners, whores and quislings are falling over themselves in a mad rush to send this country back to the dark ages.

  10. Rafe

    Good morning Malcolm. What do you think of the deregulation agenda, draining the EPA wetland and his energy policy?

  11. Mother Lode

    I get the impression Malcolm might be one of those guys who only trolls for the sake of trolling.

    The thing about how tax cuts always benefit the rich, and confiscating less in taxes is the same as stealing money from treasury – it is boring and old.

    I think he has not quite hit his straps yet.

  12. Faye

    Malcolm Turnbull is part of the Australian swamp helping to destroy Australia. The trouble is, he doesn’t know it.
    His passion for climate change knows no bounds even to the point where little old ladies stay in bed to keep warm and water gets pumped uphill in order to go back down again. President Trump is showing up the rest of the useless ‘world leaders’. The best part is whatever President Trump does affects every other country in the world. Seriously, these countries including Australia, will have to sharpen up their act or else they will miss out on the ride of a lifetime.

  13. Barry 1963

    Was Bill Clinton the last US president to deliver a surplus and reduce the deficit?

  14. duncanm

    It’s interesting that Malcolm has already concluded that the tax cuts are not effective. 2 days in.

    Oh to be so incisive.

  15. md

    Barry 1963
    #2592780, posted on December 24, 2017 at 10:32 am
    Was Bill Clinton the last US president to deliver a surplus and reduce the deficit?

    Yes and no. The Clinton administration, like the Howard government, stumbled into the dotcom boom and the China manufacturing boom. It created an economic boom that delivered more tax and led to surpluses, both in the US and Australia. In Australia’s case you can add a mining boom that flowed from the China manufacturing boom. As always, it had nothing to do with ‘good economic management’. I remember that Swan, when under siege as treasurer, happened to mention that the Howard government surplus was caused by a massive company tax windfall. Notice that you never hear them using such issues to score political points. It’s the same with immigration, education, welfare, justice and so on; they connive with each other to keep these issues off the political agenda. The Left are running the agenda and the ‘conservatives’ collude with them so that they don’t have to handle any tricky election issues. For example, remember the Howard-Beazley ’98 non-election, where both parties and the MSM colluded with each other to keep One Nation and immigration off the agenda?

    But getting back to the US, in case you are thinking that all politicians are evil self-serving psychopaths, let me assure you that more often than not we are just talking about plain stupidity. I recall reading a lengthy article on the debate in Washington about what to do with the massive budget surplus that LUCK had delivered the government. The article mentioned such things as paying out the national debt, which would have taken a mere 10 years, given the size of the surplus. Others wanted to spend it on infrastructure and all sorts of worthy schemes. The point is that these people actually believed their own bull. They genuinely believed they would keep the budget in surplus and would put the windfall to good use. But, of course, as we all know only too well it was just a matter of three or so years before they were racking up record deficits once again.

  16. Up The Workers!

    “EPA STAFF ARE BAILING OUT”???

    That’ll do wonders for the environment.

    Sounds to me like a self-draining swamp.

    Should be more of them!

  17. Frank

    Was Bill Clinton the last US president to deliver a surplus and reduce the deficit?

    Might want to ask Newt Gingrich about how that one came about.

  18. Dr Fred Lenin

    Faye. Turnbull s has love of climate change would have nothing to do with his tie to the theiving goldman sachs gangsters .they are heavily into climate subsidy bludging ? Who knows where the Cayman Account turnbull owns disperses it’s investments wouldnt be in renewaballs would it?

  19. cuckoo

    Was Bill Clinton the last US president to deliver a surplus

    No, what he said to Monica Lewinsky was “Slurp us..”

  20. Tom

    The Trump presidency is the world’s most significant event since the end of World War II. Despite tenacious pushback, the corrupt political establishment in the world’s most powerful country is being purged by a constitutionalist, who is rebirthing the republic as it was originally intended. That is, politicians are the representatives of the people, but until Trump have been largely controlled by special interests. What Trump is doing is momentous, dangerous, exciting for democracy and a lesson for the rest of the world about how to extricate yourself from institutional corruption – though, as the Trump experience demonstrates, it’s a one-in-a-billion chance that you have a highly intelligent, alpha male billionaire who wins the presidency against huge odds and pulls the republic back from the brink of disintegration.

    Meanwhile, Australia is also reverting to its traditional role in world affairs: a backwater that catches up with the cutting edge a decade after the wave breaks. It looks as though another $A10-20 trillion of public money will have to be pissed against the wall in Canberra over the next decade before the Australian public revolts against the corrupt, unrepresentative ruling class swill thumbing their noses at our democracy.

    God bless Donald Trump.

  21. alexnoaholdmate

    Trump has looted the public treasury. He is a disgrace.

    Malcolm claims to be a conservative – his main gripe with Trump, apparently, is that he’s a fake and that we’ve all fallen for the scam.

    Donald Trump has just passed legislation that we here on Catallaxy have been discussing and dreaming about for over a decade – a dramatic reduction in taxes in order to give the economy a huge shot in the arm.

    It’s the conservative/libertarian dream, and Trump is doing it.

    Yet Malcolm is unhappy.

    Malcolm is a troll.

  22. Eyrie

    Yes, Tom. “God bless Donald Trump”. As James Mitchener had his Admiral in “Bridges at Toko-ri” say:
    “where do we get such men?”

  23. classical_hero

    “Looting the public treasury” is according to reports is going to be 1.5 trillion over ten years, yet doubling the debt is wise economic management. I don’t think that even m0nty is that stupid.

  24. Barry 1963

    Thanks md. I enjoyed your response. I agree with much of what you say.

  25. André M

    In the spirit of the new year season, couldn’t you guys get a fresh perspective? Like this one…
    https://www.youtube.com/watch?v=gFalijeStUc
    It’s old news to the rest of the world, but possibly new to many of you as it was certainly new to me.

  26. Boris

    Tax cuts are great but it is an easy part compared to any budget cuts. Trump and GOP urgently need to address the budget deficit. Doing in an election year would be hard.

    In the previous years GOP was constantly talking about deficit but now somehow they forgot about it.

  27. Zatara

    Tax cuts are great but it is an easy part compared to any budget cuts. Trump and GOP urgently need to address the budget deficit.

    Somehow I don’t think that was on the top of your needs hierarchy before the election.

    But merry Christmas anyway.

  28. H B Bear

    “Looting the public treasury” is according to reports is going to be 1.5 trillion over ten years, yet doubling the debt is wise economic management. I don’t think that even m0nty is that stupid.

    Yes. Sad. Just another low grade Malcolm. Imagine having your whole life condemned by your parents as they fill in your birth certificate.

  29. Garry

    America has Trump. We have nothing!

  30. Dr Fred Lenin

    Don’t you feel sorry for the u,n.communists ,all the time and other peoples money they have put into the agenda 21 plot . Negated by this Trump fellow ,destroying the “work “of years by the academic communists,
    The swamp is draining ,the public funding vanishing its a terrible scenario for the comrades . The removal of renewaballs subsidies would be a death blow to them and their crony capitalist mates . Three years of Trump then possibly another four after that ,could be the death of u.n.communism ,withdrawing USA and UK ,would be the end for tham Brexit will accelerate the demise of the EU commisars,as peopke see what a drain beaurocrats are on the economy ,had to happen the plan was crafted by socialists , we all know socialism can never work . Go Donald !

  31. Boris

    Somehow I don’t think that was on the top of your needs hierarchy before the election.

    I am not sure about the top but I always thought it was crazy that the richest country on earth can’t balance its books.

  32. Boris

    Twenty five down now, isn’t it?

    And all while trumps popularity is going through the roof. Oh, wait

    http://edition.cnn.com/2017/12/19/politics/trump-approval-new-low-history/index.html

  33. Zatara

    And all while trumps popularity is going through the roof. Oh, wait

    Poll: Clinton extends lead over Trump

    Enjoy those polls.

  34. Boris

    Enjoy those polls.

    And the polls on Australian PM are not from MSM?

  35. Barry 1963

    Where’s the wall, paid for by Mexico?

  36. Tel

    “Looting the public treasury” is according to reports is going to be 1.5 trillion over ten years, yet doubling the debt is wise economic management.

    Saved a few hundred million by cutting funds to the UN. Multiply by ten if you are looking at a 10 year time frame, plus whatever else they want to trim off. Then there’s cuts to foreign aid, that will help nicely.

    Getting more people working happens to also result in more tax getting paid and less money going into welfare. A lot of people seem to ignore this effect.

  37. Rafe

    What Tel said as usual.
    Trump is more concerned with cleaning up the mess right now. Popularity will follow for those who are sot suffering from the Trump Derangement Syndrome.

  38. Incogneto

    A few key resignation of late as a result of Trump and more to come. Apparently Dec 27th US date more ‘explosive’ revelations according to an insider on 4Chan:

  39. Incogneto

    FM! Not tech minded, trying to post a news article from a website via your link icon and it’s not posting..

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