You might remember Kurt Eichenwald as the guy who had his screen open on tentacle porn then accidentally tweeted a photo of it out.
Or you might remember his as the guy who sold all his kids’ stocks off “in anticipation of a Trump victory”, before the 30% run-up.
Kurt has a view on the new GOP tax plan, and given his historic ability to make good decisions, I would not be terribly keen to take his advice. You’ve got to find it amusing when people who can’t even do their own tax returns administer us their opinions on how a complicated tax plan will “ruin the country”.
No real details have been released about the GOP tax plan – that’s if it even passes. The Democrats will certainly lie and act all hysterical about it. The Republicans have been bullied into it. Politicians wrote it, so you know it will have a tonne of unintended consequences, and pork-barrelling.
But everyone who is saying they hate it, its bad for poor people, and good for rich people, and will add trillions to the debt are bullshitting you, because there’s been no clear layout of the simplest effect: whether any individual’s taxes are going up or down. So there’s no way they can tell you what will happen in the future with growth, the deficit, debt, balance or payments or anything else.
One group of people whose predictions of it’s future success or disaster can safely be ignored are economists, who have never correctly predicted anything considered a “long term prediction”, due to their obsession with models being linear, and their baffling insistence on ignoring the possibilities of unforseen or unknown positives.
The current generation of human beings is the most prosperous in history. Aside of a zombie apocalypse, the next generation will be more prosperous. In a modern, Western, capitalist society, leaving more money in the hands of the people who earn it won’t end up making things worse. And corporations making the bulk of pre-tax profits weren’t paying the 35% company tax rate anyway. Any challenges we face in the future won’t be caused by tax cuts.
Eichenwald is an idiot, and his “USA is over. We killed it” statement is idiotic. Millennials, though, should feel free to leave the USA, and take these celebrities with you.