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What Are the Costs of the Trump Tax Cuts to You?
The Tax Cut and Jobs Act promised to add $1.8 trillion in revenue. Instead, it could add $2.3 trillion to the debt.www.thebalancemoney.com
no really, the entire globe was under a pandemic. It was all over the news, how did you miss it?
Reagan, bush, trump tax cuts
The government spends what it wants regardless of tax receipts. So it's total fiscal stupidity to slash revenues while at the same time increase spending.
no we aren't.
factstrawman
Because they've been given all of the wealth via their welfare handouts for the last 40 years.
You don't pay off the debt, you outgrow it via economic expansion. Giving rich people more money doesn't do that.
no, I have a hard time understanding right wing economic ignorance.
No it was coined by Wil Rogers in 1932 criticizing the policies of Herbert Hoover.
In the 1890's it was called the "horse-and-sparrow theory".
Are you capable of researching before you engage in false statements?
Not really.why not ?
truth is, we bring in more $$ to the Fed Govt than EVER BEFORE ... the problem is the Fed Govt is also SPENDING more than every before
its got nothing to do with the rich paying taxes, they do, they pay the bulk of taxes ... didn't you know ?
Not really.
Think of it this way: those in the top tier of taxation for income (and there are many more taxes than that, of which the rich don't pay) pay only 8% on income taxes while you and I pay around 13%. Why does more of our income get taken away than those who make more? Why can't we pay the 8% and use more of our income to invest and save?
It's been proven that the rich don't use wealth to invest in jobs and industry, there is no trickle down to us. They invest for quarterly profits...there is no long term investment for them. It's always now, now and now. They don't create anything...just trade paper to make profit. And most of their wealth isn't in their income. Which is a classic mistake folks like you make. When you take the entirety of worth...very little goes to pay for anything.
As far as spending goes, I don't necessarily disagree with you that it could be curbed...the problem is that everyone wants their shit and no one is willing to sacrifice, so the politicians say yes to everything. At least with Democrats, we know we have to pay the bills...the GOP just kicks the can to the next generation and have been doing it since Reagan.
And if the logic is that the right pays most of the taxes....why is nothing getting paid off? It's because those who are rich are continuously lobbying the government for their own agendas, needs, write-offs, etc. So, whatever they may contribute to taxes is zeroed out by their lobbying the government they have paid for.
The spending is the fault of the government only insofar that they won't stand up to the rich 1% who control them. In essence, the spending problem resides with the rich who in turn, influence government.
Historically, it's always been this way. Since the Revolution.
So, yeah...they pay taxes...and then make the government spend it to their own needs. So, are they really paying taxes...or are we just calling taxes to legitimize their power?
Meanwhile...you put in far more of your paycheck to the government...and you barely get anything out of it. But the rich do...does that seem fair to you? It shouldn't.
They can do that by paying off debt. Then they will have room to borrow.
They need to do that by borrowing more given chronic trade deficits.
The problem is not enough taxation, AND spending.over 10 years - like 50-75 billion a year in taxes not being taken by the Fed Govt and all the while, the Fed Govt is spending 1-2 trillion MORE each each than it brings in
the problem is .... spending
no, an actual global pandemic. Seriously, it was all over the news.excuses to spend trillions
correctthe Govt spends trillions more than it should because it doesn't have the revenue to spend - but there is no accountability
no, strawmanfact
4 decades straight they have been given welfare handouts.there has been none of that, stop saying something factually incorrect
I know exactly whyyou have no idea why we're 32 trillion in debt ....
No. We are that much in debt because republicans slash revenues while INCREASING spending.you think its because the Govt hasn't taken enough of people's money .... baffling man, just baffling
We are never going to, nor is there any reason to, pay OFF the debt. What a stupid thing to say.you didn't read that link - the impossibility of taxing people enough to pay off the debt which you also turn around and say isn't important anyway
The problem is not enough taxation, AND spending.
no, an actual global pandemic. Seriously, it was all over the news.
4 decades straight they have been given welfare handouts.
I know exactly why
No. We are that much in debt because republicans slash revenues while INCREASING spending.
We are never going to, nor is there any reason to, pay OFF the debt. What a stupid thing to say.
Pre reagan levalshow much more taxing do you want? be specific please
Lol yea, tens of millions of people dead. No big deal at allknee jerk reactions were on the news - how that all went did not have to happen, thank God the right finally stood up and said enough's enough and fought back against the insanity
I have already. Reagan, Bush, Trump tax cuts.link to "welfare handouts" or admit you're spreading misinformation
No, I know basic economics.I think you know what you've been told to think
GOP increased both deficits and debt more so than democrats do.you do realize that we'll have 12 of 16 years Democrat administration led ..... you cannot possible blame the spending on GOP when 75% of the time the country was ran by Democrats
strawmanso if there is no reason to pay off the debt, stop asking for taxing people more ... in fact, tax them LESS .... the debt is irrelevant right ?
Pre reagan levals
Lol yea, tens of millions of people dead. No big deal at all
I have already. Reagan, Bush, Trump tax cuts.
No, I know basic economics.
GOP increased both deficits and debt more so than democrats do.
End the welfare handouts the richest 1% and corporations have been getting for 4 decades, and increase revenue.and that will fix ... what ?
So the entire world is lying?tens of millions ?? see, its this kind of mis-information that people should know better. You've been TOLD that and so you believe it
So almost 10 million.6,815,589 people have died so far from the coronavirus COVID-19 outbreak as of March 16, 2023, 12:32 GMT.
It saved hundreds of millions of lives.which is a lot, no doubt BUT the hysteria and economic shutdowns etc didn't help, didn't need to be done and was massive mistakes that was spearheaded by liberals way more than conservatives
No, just the people who have gotten welfare handouts. The super rich, and corporations.and reversing them would take money from everyones pockets and ... what? what impact would it have? seriously
It's just reality. Republicans, on top of slashing revenue, add more to the deficit and debt than democrats do.see now you're just trolling, because when Democrats have ran this country for 75% of the last 16 years and you STILL blame GOP ? You're not discussing in honesty now as proven above
don't respond, really .... it'll just be more misinformation
It's a matter of law.We dont owe the money.
It would do much to reduce inflation. Ever think about that?and reversing them would take money from everyones pockets and ... what? what impact would it have? seriously
They need to borrow to pay off debt? That makes no sense.
Where do you think money comes from?
The country's been doing that for decades.
It would do much to reduce inflation. Ever think about that?
Why does an increase in interest rates reduce inflation?increasing taxes stops inflation ?
If the tax rate of these corporations goes back to pre-Reagan rates, yes, we can.do you think Corporations pay no taxes?
Combined Federal and State Corporate Income Tax Rates in 2022. Corporations in the United States pay federal corporate income taxes levied at a 21 percent rate.Sep 27, 2022
if companies use IRS rules that's smart business - same rules Pelosi/Shumer/Obama/Trump/Biden etc work under you know
You/We CANNOT tax our way out of 32 trillion in debt and the gross 1-2 trillion additional spending each year our Govt has been doing
you do understand that, right ? and if you are correct, 32 trillion in debt isn't a problem, then why tax people more? 50 or 70 trillion is good too, right ?
Why does an increase in interest rates reduce inflation?
If the tax rate of these corporations goes back to pre-Reagan rates, yes, we can.
Taxes, while originally designed to fund a war (World War I) are now a source of revenue. The corporates want all the advantages but none of the responsibility.
When they actually pay their taxes, without using loopholes, the government will be solvent.
Pre-Reagan, the tax rate for corporations was 70%.give me the numbers on how that would work
the corporations and rich literally pay almost all the taxes
do you think its the people making under $45,000 a year paying the bulk of taxes?
unless you can show me a link where blue collar American's are paying the bulk of taxes - then you're going to have to realize you believe something that isn't true .... you've been told lies .... the rich pay their fair share and vastly more
Wow.has it ?
Even more ignorance.interest rates have gone up each time with Biden's economy and we've still got rampant inflation
Tax increases and interest rate hikes reduce aggregate demand, thereby reducing inflationary pressure. When the opposite occurs, well... the opposite happens! Imagine that.but share your answer - I'm anxious to hear
The middle class pays most of the taxes while the 1% scum duck and hide.
I think people making middle class wages are paying the bulk of the taxes. Do I think they should, no, I do not, but that burden was dropped on them when the corporations and thed 1% scum started using loopholes to avoid paying taxes.
A recent study finds that the Forbes 400 paid an effective tax rate of 8.2 percent over recent years—lower than many middle-class Americans.
Wow.
Even more ignorance.
Tax increases and interest rate hikes reduce aggregate demand, thereby reducing inflationary pressure. When the opposite occurs, well... the opposite happens! Imagine that.
This is basic stuff you should be aware of prior to getting into such discussions. That way, you won't be making a bunch stupid statements. Some folkswantneed to learn the hard way, and some never really are interested in learning at all.
please educate yourself
Summary of the Latest Federal Income Tax Data, 2023 Update
The latest IRS data shows that the U.S. federal individual income tax continued to be progressive, borne primarily by the highest income earners.taxfoundation.org
In all, the top 1 percent of taxpayers accounted for more income taxes paid than the bottom 90 percent combined. The top 1 percent of taxpayers paid $723 billion in income taxes while the bottom 90 percent paid $450 billion.
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