Mainecat Posted March 28, 2023 Share Posted March 28, 2023 GOP Tax Cuts Are Driving US Debt Ratio Higher: Analysis Although they are struggling to come up with a budget proposal of their own, Republicans are unified behind the idea that the federal deficit is the product of excess spending and therefore a problem to be solved by slashing government programs. Democrats, on the other hand, lay much of the blame for persistent budget shortfalls on the tax cuts that Republicans tend to push through every time they gain control in Washington. On Monday the liberal think tank Center for American Progress released an analysis laying out the case that GOP tax cuts are the driving force behind the country’s worsening fiscal outlook. The argument in a nutshell: “Tax cuts initially enacted during Republican trifectas in the past 25 years slashed taxes disproportionately for the wealthy and profitable corporations, severely reducing federal revenues. In fact, relative to earlier projections, spending is down, not up. But revenues are down significantly more. If not for the Bush tax cuts and their extensions — as well as the Trump tax cuts — revenues would be on track to keep pace with spending indefinitely, and the debt ratio (debt as a percentage of the economy) would be declining. Instead, these tax cuts have added $10 trillion to the debt since their enactment and are responsible for 57 percent of the increase in the debt ratio since 2001, and more than 90 percent of the increase in the debt ratio if the one-time costs of bills responding to COVID-19 and the Great Recession are excluded. Eventually, the tax cuts are projected to grow to more than 100 percent of the increase.” https://finance.yahoo.com/news/gop-tax-cuts-driving-us-160437971.html Quote Link to comment Share on other sites More sharing options...
Deephaven Posted March 28, 2023 Share Posted March 28, 2023 Spending isn't the problem. Stupid spending is. The left are the kings of that. You can't get more inefficient than government so making it larger is a waste of MY and everyone else's money. 3 1 Quote Link to comment Share on other sites More sharing options...
Anler Posted March 28, 2023 Share Posted March 28, 2023 Double taxes on everyone! Quote Link to comment Share on other sites More sharing options...
Sleepr2 Posted March 28, 2023 Share Posted March 28, 2023 12 minutes ago, Mainecat said: GOP Tax Cuts Are Driving US Debt Ratio Higher: Analysis Although they are struggling to come up with a budget proposal of their own, Republicans are unified behind the idea that the federal deficit is the product of excess spending and therefore a problem to be solved by slashing government programs. Democrats, on the other hand, lay much of the blame for persistent budget shortfalls on the tax cuts that Republicans tend to push through every time they gain control in Washington. On Monday the liberal think tank Center for American Progress released an analysis laying out the case that GOP tax cuts are the driving force behind the country’s worsening fiscal outlook. The argument in a nutshell: “Tax cuts initially enacted during Republican trifectas in the past 25 years slashed taxes disproportionately for the wealthy and profitable corporations, severely reducing federal revenues. In fact, relative to earlier projections, spending is down, not up. But revenues are down significantly more. If not for the Bush tax cuts and their extensions — as well as the Trump tax cuts — revenues would be on track to keep pace with spending indefinitely, and the debt ratio (debt as a percentage of the economy) would be declining. Instead, these tax cuts have added $10 trillion to the debt since their enactment and are responsible for 57 percent of the increase in the debt ratio since 2001, and more than 90 percent of the increase in the debt ratio if the one-time costs of bills responding to COVID-19 and the Great Recession are excluded. Eventually, the tax cuts are projected to grow to more than 100 percent of the increase.” https://finance.yahoo.com/news/gop-tax-cuts-driving-us-160437971.html Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted March 28, 2023 Platinum Contributing Member Share Posted March 28, 2023 (edited) Spending has risen far faster than revenue or population growth and historically revenue has always increased substantially after tax cuts. The idea that deficits are caused by increasing revenues from tax cuts is absolutely absurd. Fed, state and local governments collected around $8.5 trillion or close to $28K per person in 2022. Times the image by 8.5. https://www.usgovernmentrevenue.com/yearrev2022_US.html Edited March 29, 2023 by Highmark 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted March 28, 2023 Platinum Contributing Member Share Posted March 28, 2023 2018 $4.11 trillion 2019 $4.45 trillion 2022 $ 6.27 trillion spending increases are gooder Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted March 28, 2023 Gold Member Share Posted March 28, 2023 1 hour ago, Deephaven said: Spending isn't the problem. Stupid spending is. The left are the kings of that. You can't get more inefficient than government so making it larger is a waste of MY and everyone else's money. Pretty easy to pay less in taxes so your own tax dollars don’t go to stupid spending. Quote Link to comment Share on other sites More sharing options...
Pete Posted March 28, 2023 Share Posted March 28, 2023 I’m still waiting for my $1500 check from Biden like I got from trump. 1 Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted March 28, 2023 Share Posted March 28, 2023 2 hours ago, Deephaven said: Spending isn't the problem. Stupid spending is. The left are the kings of that. You can't get more inefficient than government so making it larger is a waste of MY and everyone else's money. conversely... not paying that debt - bad not having a plan to pay down that debt - worse electing people over and over from either party that have no plan to pay down said debt, can craft a plan to pay the debt mutually or alone and keep adding to the debt and continuously kick the debt can down the road - terrible good job boomers, you're helping fuck multiple generations behind you just to satisfy yourself... 1 1 Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted March 29, 2023 Gold Member Share Posted March 29, 2023 1 hour ago, Pete said: I’m still waiting for my $1500 check from Biden like I got from trump. Those were the good old days for those that qualified for the Trump Check…. I miss the days of Obama’s Payroll Tax Holiday. Big cuts to what you had to pay into Social Security were pretty epic. Quote Link to comment Share on other sites More sharing options...
Edmo Posted March 29, 2023 Share Posted March 29, 2023 Don’t need to “slash” anything. Just lower the costs a couple percent and you could actually balance the budget. More dem fear mongering. Bunch of a holes in Washington that want to keep on spending like it’s fake money. Quote Link to comment Share on other sites More sharing options...
stinkipinki Posted March 29, 2023 Share Posted March 29, 2023 Well inflation was caused by printing a shit ton of money we don't have to win votes. Spending money doesn't cause inflation, printing it does. This is what happens when you have a generation of woke liberal brats who don't want to work, build and create, but would rather mooch and get free handouts. Quote Link to comment Share on other sites More sharing options...
racer254 Posted March 29, 2023 Share Posted March 29, 2023 How is a possible that any middle class blue collar worker would complain about and fall for the gimmick that tax cuts, that put more money in your pocket are a bad thing. If you think you need to give more to the government, then why not just do it. Coming from someone who moved to another state to save on taxes this seems ironic. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted March 29, 2023 Share Posted March 29, 2023 34 minutes ago, stinkipinki said: Well inflation was caused by printing a shit ton of money we don't have to win votes. Spending money doesn't cause inflation, printing it does. This is what happens when you have a generation of woke liberal brats who don't want to work, build and create, but would rather mooch and get free handouts. All those wealthy biz people who took 900 billion in forgiven PPP loans are lowlife mooches also, what's your take on that? 1 1 Quote Link to comment Share on other sites More sharing options...
racer254 Posted March 30, 2023 Share Posted March 30, 2023 LETS GO BRANDON Quote Link to comment Share on other sites More sharing options...
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