Politics Thread

[Strange Brew]

https://www.cbpp.org/research/federa...down-on-costly

https://www.budget.senate.gov/chairm...icit-cbo-finds

https://taxpolicycenter.org/briefing...budget-outlook

Paul.


The 4.5T number is not due to new cuts.
The number is over 10 years so -450B/year (Projected).
That number will not cover the interest on the debt.

So, the problem is spending.

Further, taxing US companies has a similar affect as a tariff.

[paulxu]

Not "further" taxing.
Further tax cuts.
Those add to the debt. We were fine in 2000 before all these cuts.
We had a surplus and responsible people would use it to pay down the debt.
Yes, cutting spend helps too. But we were fine.

[Strange Brew]

Not "further" taxing.
Further tax cuts.
Those add to the debt. We were fine in 2000 before all these cuts.
We had a surplus and responsible people would use it to pay down the debt.
Yes, cutting spend helps too. But we were fine.

It’s an extension of the existing rates.

Responsible people? Name the last time Dems cut spending. The Clinton surplus was due to the R Congress.

Cutting spending is only way at this point.

[hoopster68]

Paul.


The 4.5T number is not due to new cuts.
The number is over 10 years so -450B/year (Projected).
That number will not cover the interest on the debt.

So, the problem is spending.

Further, taxing US companies has a similar affect as a tariff.

SB: The tax cuts approved in Trump's first term added appx. $1.9T to the national debt. Google it! Continuing these tax cuts will add to the debt. What is so difficult to understand? My solution is discontinue the tax cuts for both individuals and corporations (corporate is perpetual right now) while making "reasonable reductions" to spending. All areas of the federal budget need examination. Find areas to cut + add income by reversing the tax cuts; Trump can claim a victory; Johnson can plead for reason from the Freedom Caucus, while Schumer has to bring in the Dems. This is called legislating for the good of the country!

[Strange Brew]

SB: The tax cuts approved in Trump's first term added appx. $1.9T to the national debt. Google it! Continuing these tax cuts will add to the debt. What is so difficult to understand? My solution is discontinue the tax cuts for both individuals and corporations (corporate is perpetual right now) while making "reasonable reductions" to spending. All areas of the federal budget need examination. Find areas to cut + add income by reversing the tax cuts; Trump can claim a victory; Johnson can plead for reason from the Freedom Caucus, while Schumer has to bring in the Dems. This is called legislating for the good of the country!

No, they didn’t.

You can’t say my debt increased because I made less money.

Big cuts first. Then we can talk taxes.

Also, tax receipts have been going up last time I checked.

[hoopster68]

No, they didn’t.

You can’t say my debt increased because I made less money.

Big cuts first. Then we can talk taxes.

Also, tax receipts have been going up last time I checked.

SB: "No they didn't" ? The tax cuts added appx. $1.9T to the national debt. What can't you see? If you continue these cuts, the debt goes up even more.

[Strange Brew]

SB: "No they didn't" ? The tax cuts added appx. $1.9T to the national debt. What can't you see? If you continue these cuts, the debt goes up even more.

How did they do that?

[XU_Lou]

I hate to break it to you libs, but tax revenues have been range bound since the mid-1950s:




https://fred.stlouisfed.org/series/FYFRGDA188S

[XU_Lou]

Even as the top tax rates have plunged:




https://www.federalbudgetinpictures....aise-receipts/

[XU_Lou]

In fact, as the top tax rates have declined, the share paid by the rich has increased:



https://www.aei.org/carpe-diem/chart...n-on-the-rich/