Do conservatives think massive debt created by upper class tax cuts is okay?

[Yes_Minister]

Do conservatives think massive debt created by upper class tax cuts is okay?

Trump’s Wasteful Tax Cuts Lead To Continued Trillion Dollar Deficits In Expanding Economy

If tax cuts actually paid for themselves, they would reduce deficits based on faster growth. Deficits shot up in the wake of the 2017 supply-side tax cuts. And CBO forecasts that those deficits will continue to stay high -- the opposite of tax cuts paying for themselves.

www.google.com

 

[Mycroft]

Do conservatives think massive debt created by upper class tax cuts is okay?

Trump’s Wasteful Tax Cuts Lead To Continued Trillion Dollar Deficits In Expanding Economy

If tax cuts actually paid for themselves, they would reduce deficits based on faster growth. Deficits shot up in the wake of the 2017 supply-side tax cuts. And CBO forecasts that those deficits will continue to stay high -- the opposite of tax cuts paying for themselves.

www.google.com

I don't think massive debt is okay no matter HOW it is created. Tax cuts...increased spending. It's all bad if it creates massive debt.

I prefer we toss the entire tax code into the trash and start over...and do the same with spending.

 

[Mr Person]

Obviously, otherwise they wouldn't do it.

They know we can probably manage driving out debt:GDP ratio up to 2:1, perhaps higher, before financing it becomes iffier. Frankly, they'll be dead or retired and almost dead by the time that happens, so what do they care?

They're burning the house, country, and planet they're standing in/on. Someone else's kids will be standing in/on it by the time the flames spread properly.

 

[Lucky 1]

Do conservatives think massive debt created by upper class tax cuts is okay?

Trump’s Wasteful Tax Cuts Lead To Continued Trillion Dollar Deficits In Expanding Economy

If tax cuts actually paid for themselves, they would reduce deficits based on faster growth. Deficits shot up in the wake of the 2017 supply-side tax cuts. And CBO forecasts that those deficits will continue to stay high -- the opposite of tax cuts paying for themselves.

www.google.com

Upper class tax cuts??? Excuse me but everyone got tax a cut ....If you earn money and pay tax's at ANY level....you got a tax cut.

Obviously the tax cut amounts to more dollar wise...the more money you make...But everyone got it!

I run a small business and have about 35 employees that earn between $35,000 and $70,000 per year. They all got a tax cut which they saw on there very first check stub after the tax cut was enacted.

I'm so ****ing sick of people like you spreading this disinformation about tax cuts for the rich!!!!

Let me guess....you suffer from wealth envy????

 

[Yes_Minister]

Upper class tax cuts??? Excuse me but everyone got tax a cut ....If you earn money and pay tax's at ANY level....you got a tax cut.

Obviously the tax cut amounts to more dollar wise...the more money you make...But everyone got it!

I run a small business and have about 35 employees that earn between $35,000 and $70,000 per year. They all got a tax cut which they saw on there very first check stub after the tax cut was enacted.

I'm so ****ing sick of people like you spreading this disinformation about tax cuts for the rich!!!!

Let me guess....you suffer from wealth envy????

Did you read the article I posted? Here is another:

After 2 Years, Trump Tax Cuts Have Failed To Deliver On GOP's Promises

The president said it would be "rocket fuel for our economy," but the Republican tax cut passed in 2017 did not pay for itself as promised — nor did it deliver a sustained boost to growth.

www.npr.org

"In fact, more than 60% of the tax savings went to people in the top 20% of the income ladder, according to the nonpartisan Tax Policy Center. The measure also slashed the corporate tax rate by 40%."



And you avoided the question, is massive debt from the Bush and Trump tax cuts okay with you?

Also "wealth envy"? Are you pro wealthy elites? Conservatives claim to hate elites, but you guys clearly worship them. Conservatives are elitists, that is you worship trust fund babies like Tucker Carlson.

 

[PeacefulWarrior]

Upper class tax cuts??? Excuse me but everyone got tax a cut

Right.
Only the upper class tax cut was many times larger than the cut the little guys got.

40% cut is massive.

 

[jotathought]

Do conservatives think massive debt created by upper class tax cuts is okay?

Trump’s Wasteful Tax Cuts Lead To Continued Trillion Dollar Deficits In Expanding Economy

If tax cuts actually paid for themselves, they would reduce deficits based on faster growth. Deficits shot up in the wake of the 2017 supply-side tax cuts. And CBO forecasts that those deficits will continue to stay high -- the opposite of tax cuts paying for themselves.

www.google.com

I didn't read the article, so I assume it's focused on income taxes -- a tax that roughly 52% of wage earners don't pay. My question would be .. if it's a lack of revenue, why are we lasered focused on the top x% instead of the equal outcomes where everyone is contributing?

 

[eohrnberger]

Below is the percentage point decline for each bracket. Also note that $5,650 increase in the standard deduction.

Distributional Analysis of the Conference Agreement for the Tax Cuts and Jobs Act | Full Report | Tax Policy Center

Calling this a 'tax cut for the wealthy' simply doesn't describe the above realities.

 

[Lucky 1]

Did you read the article I posted? Here is another:

After 2 Years, Trump Tax Cuts Have Failed To Deliver On GOP's Promises

The president said it would be "rocket fuel for our economy," but the Republican tax cut passed in 2017 did not pay for itself as promised — nor did it deliver a sustained boost to growth.

www.npr.org

"In fact, more than 60% of the tax savings went to people in the top 20% of the income ladder, according to the nonpartisan Tax Policy Center. The measure also slashed the corporate tax rate by 40%."



And you avoided the question, is massive debt from the Bush and Trump tax cuts okay with you?

Again...everyone who pays tax's got a tax cut....if you make more money....DUH..... your percentage will be larger.... If you make a whole lot of money that percentage will be larger still.

That doesn't not mean that everyone didn't get a tax cut...because they did!

As far as the debt....that's a spending problem...not a taxation problem

 

[Slartibartfast]

Below is the percentage point decline for each bracket. Also note that $5,650 increase in the standard deduction.

Distributional Analysis of the Conference Agreement for the Tax Cuts and Jobs Act | Full Report | Tax Policy Center

Calling this a 'tax cut for the wealthy' simply doesn't describe the above realities.

You are ignoring the difference in bracket boundaries.

 

[Lloyd Christmas]

I don't think massive debt is okay no matter HOW it is created. Tax cuts...increased spending. It's all bad if it creates massive debt.

I prefer we toss the entire tax code into the trash and start over...and do the same with spending.

yet you probably vote republican who have a much worse record of increasing the debt than democrats. You are probably like most hypocritical conservatives, the deficit only matters when a dem is in power. When billionaires and millionaires get handouts and tax breaks, and we are murdering brown people across the world, no problem with deficit spending

 

[Blue Dog]

Tax cuts resulting in massive debts are NEVER ok.

Period

 

[Yes_Minister]

Again...everyone who pays tax's got a tax cut....if you make more money....DUH..... your percentage will be larger.... If you make a whole lot of money that percentage will be larger still.

That doesn't not mean that everyone didn't get a tax cut...because they did!

As far as the debt....that's a spending problem...not a taxation problem

The wealthy got far more from these tax cuts than anyone else did.

Do you understand basic accounting, debits and credits? Tax cuts take money out of the revenue pool that the government would have, if you have massive tax cuts and insist they pay for themselves, that will increase the debt, when have these tax cuts ever paid for themselves?

Heck, when has a GOP administration ever managed to reduce the debt? Fiscal conservativism seems like something you want to impose on others, but not apply to yourselves.

 

[Mycroft]

yet you probably vote republican who have a much worse record of increasing the debt than democrats.

Um...I'm thinking the Dems have an edge on increasing the debt...especially with all the money they are spending...and want to spend...since January.

You are probably like most hypocritical conservatives, the deficit only matters when a dem is in power. When billionaires and millionaires get handouts and tax breaks, and we are murdering brown people across the world, no problem with deficit spending

Deficit spending ALWAYS matter...whether it's Democrats doing the spending or if it's the Republicans doing the spending.

I don't want ANYONE who doesn't absolutely need it to be getting handouts. Dems and Reps love to give handouts...especially when they get money and power in return.

Take your "brown people" card and shove it. It is irrelevant.

 

[Loulit01]

Trickle down economics is a bigger scam than even Trump managed to pull off.

 

[jonny5]

Do conservatives think massive debt created by upper class tax cuts is okay?

Trump’s Wasteful Tax Cuts Lead To Continued Trillion Dollar Deficits In Expanding Economy

If tax cuts actually paid for themselves, they would reduce deficits based on faster growth. Deficits shot up in the wake of the 2017 supply-side tax cuts. And CBO forecasts that those deficits will continue to stay high -- the opposite of tax cuts paying for themselves.

www.google.com

Kind of a nonsense question since debt is caused by excessive spending. Revenue is up. Spending is up more. Theres your massive debt.

If tax cuts actually paid for themselves, they would reduce deficits based on faster revenue growth that comes from faster economic growth

Ok, lets assume not taking money from someone is spending and has to be 'paid for'. According to the CBO, revenue is about the same as always relatively. And up in real numbers, from 3268bn in 2016 prior to the tax cuts, to 3842bn in 2021, an increase of 400bn per year in revenue. And that did indeed come from faster economic growth, from 1.7% in 2016 to 2.9% by 2018. Slightly lower in 2019, but thats about 3 trillion in additional GDP. So the tax cuts are more than paid for.

Revenues in CBO’s baseline increase to 17 percent of GDP in 2021 and are relatively stable thereafter, averaging 18 percent from 2022 through 2031. Outlays are projected to decline from 31 percent of GDP this year to about 21 percent from 2023 through 2025 as pandemic-related spending wanes and low interest rates persist. Outlays then increase relative to GDP, owing to rising interest costs and greater spending for major entitlement programs.

If taxes arent the problem then, lets look at spending. In 2016, the govt spent about 4 trillion. Minus 3.2 trilllion revenue equals 800bn in debt. In 2020, it was 6.5 trillion. In 2021 it was 6.8 trillion.

So, its pretty obvious whats causing massive debts.

Pre tax cuts - Revenue 3.2 trillion Spending 4 trillion
Post tax cuts - Revenue 3.9 trillion Spending 6.8 TRILLION

Oh and thats before the proposed additional 3.5 trillion Biden Plan. Even if they manage to pay for 30% of it short term, with tax increases, thats adding another 200bn in debt and increasing.

Compared with its estimates from February 2021, CBO’s estimate of the deficit for 2021 is now $745 billion (or 33 percent) larger, and its projection of the cumulative deficit between 2022 and 2031, $12.1 trillion, is now $173 billion (or 1 percent) smaller. In 2021, recently enacted legislation—primarily the American Rescue Plan Act of 2021 (Public Law 117-2)—increases the projected deficit by $1.1 trillion, mostly as a result of higher spending.

An Update to the Budget and Economic Outlook: 2021 to 2031

Notes Notes Unless this report indicates otherwise, all years referred to when describing the budget outlook are federal fiscal years, which run from October 1 to September 30 and are designated by the calendar year in which they end. Years referred to in describing the economic outlook are...

www.cbo.gov

 

[Yes_Minister]

Kind of a nonsense question since debt is caused by excessive spending. Revenue is up. Spending is up more. Theres your massive debt.



Ok, lets assume not taking money from someone is spending and has to be 'paid for'. According to the CBO, revenue is about the same as always relatively. And up in real numbers, from 3268bn in 2016 prior to the tax cuts, to 3842bn in 2021, an increase of 400bn per year in revenue. And that did indeed come from faster economic growth, from 1.7% in 2016 to 2.9% by 2018. Slightly lower in 2019, but thats about 3 trillion in additional GDP. So the tax cuts are more than paid for.



If taxes arent the problem then, lets look at spending. In 2016, the govt spent about 4 trillion. Minus 3.2 trilllion revenue equals 800bn in debt. In 2020, it was 6.5 trillion. In 2021 it was 6.8 trillion.

So, its pretty obvious whats causing massive debts.

Pre tax cuts - Revenue 3.2 trillion Spending 4 trillion
Post tax cuts - Revenue 3.9 trillion Spending 6.8 TRILLION

Oh and thats before the proposed additional 3.5 trillion Biden Plan. Even if they manage to pay for 30% of it short term, with tax increases, thats adding another 200bn in debt and increasing.

An Update to the Budget and Economic Outlook: 2021 to 2031

Notes Notes Unless this report indicates otherwise, all years referred to when describing the budget outlook are federal fiscal years, which run from October 1 to September 30 and are designated by the calendar year in which they end. Years referred to in describing the economic outlook are...

www.cbo.gov

Do you understand basic accounting, debits and credits? Tax cuts take money out of the revenue pool that the government would have, if you have massive tax cuts and insist they pay for themselves, that will increase the debt, when have these tax cuts ever paid for themselves?

Heck, when has a GOP administration ever managed to reduce the debt? Fiscal conservativism seems like something you want to impose on others, but not apply to yourselves.

The GOP plan of massive military spending and massive upper class tax cuts has always produced massive debt. You can't cry wolf all the time and expect people to believe it after a while.

 

[jonny5]

Do you understand basic accounting, debits and credits?

Pretty much the reply I expected to a wall of logic, facts, and reason.

 

[jamesrage]

Do conservatives think massive debt created by upper class tax cuts is okay?

Trump’s Wasteful Tax Cuts Lead To Continued Trillion Dollar Deficits In Expanding Economy

If tax cuts actually paid for themselves, they would reduce deficits based on faster growth. Deficits shot up in the wake of the 2017 supply-side tax cuts. And CBO forecasts that those deficits will continue to stay high -- the opposite of tax cuts paying for themselves.

www.google.com

What caused the massive debt is government spending more money than it takes in. Not because it didn't tax the living shit out of them thar e-vile rich people whose money you are jealous of.

 

[Yes_Minister]

Pretty much the reply I expected to a wall of logic, facts, and reason.

You just saying something is logical and reasonable doesn't make it so.

Any business or household that reduces the amount of money coming into that company or household vastly increases the likelihood of collecting more debt, same deal with the government. Conservatives never find a way to make up the money going out of the government revenue pool through these tax cuts, so the tax cuts create more debt.

When had any Republican administration actually reduced the debt?

 

[Yes_Minister]

What caused the massive debt is government spending more money than it takes in. Not because it didn't tax the living shit out of them thar e-vile rich people whose money you are jealous of.

If the government is taking in less money through these tax cuts, then it does increase the amount of debt.

When is the last time a Republican administration actually reduced the debt?

Which party adds more to deficits?

Hint: it’s the Republicans

towardsdatascience.com

 

[mrjurrs]

Do conservatives think massive debt created by upper class tax cuts is okay?

Trump’s Wasteful Tax Cuts Lead To Continued Trillion Dollar Deficits In Expanding Economy

If tax cuts actually paid for themselves, they would reduce deficits based on faster growth. Deficits shot up in the wake of the 2017 supply-side tax cuts. And CBO forecasts that those deficits will continue to stay high -- the opposite of tax cuts paying for themselves.

www.google.com

Obviously yes. In addition, pouring tax cuts stimulus onto an economy that had been growing for ten years was as stupid economically as you can be. It was a totally unneeded gift to wealthy people.

 

[jonny5]

Any business or household that reduces the amount of money coming into that company or household vastly increases the likelihood of collecting more debt, same deal with the government.

Except in this case, the household INCREASED the amount of money coming into the house, from 3.2 trillion to 3.9 trillion. Now, if the household was already spending 4 trillion, and increased it to 7 trillion, its pretty obvious what the problem is. Your partisan talking points are irrelevant, but again, expected. You just want to attack conservatives instead of the actual problem.

 

[jamesrage]

If the government is taking in less money through these tax cuts, then it does increase the amount of debt.

When is the last time a Republican administration actually reduced the debt?

The government was spending more than it takes in even before the tax cuts. This isn't a new phenomena. This has been an ongoing problem for generations. The government could tax everything everybody makes and still spend more than it takes in while anti-American socialist twits complain that not enough money is being taken in.

The only reason the media and any politician who has been in office for awhile bitches about massive debt is because that money is being spent on shit they don't want. For example the debt is not a problem to all the anti-American socialist twits if that money is being spent on socialized medicine and free college for everyone. While anti-American politcians with their mouths on the cocks of the military industrial complex will sign us up for every war they can and every piece of military equipment they can hand out to our allies.

 

[Yes_Minister]

Except in this case, the household INCREASED the amount of money coming into the house, from 3.2 trillion to 3.9 trillion. Now, if the household was already spending 4 trillion, and increased it to 7 trillion, its pretty obvious what the problem is. Your partisan talking points are irrelevant, but again, expected. You just want to attack conservatives instead of the actual problem.

So you arguing the tax cuts paid for themselves? Prove it. Trump increased the debt, not reduced it:

Trump Will Create More Debt Than Obama

Presidents’ have to deal with the cards they are dealt. Obama inherited the Great Recession, while Trump has had to deal with a pandemic. Trump will generate more debt in his four years than Obama did and will blow past Obama’s two terms if re-elected.

www.google.com

Under Donald Trump's Watch, the National Debt Increased by $7.8 Trillion

Trump promised to "get rid" of the national debt during his 2016 presidential campaign.

www.google.com

These tax cuts never pay for themselves, it's a zombie lie, a lie that will not die.

Tax Cuts Don't Pay For Themselves | Committee for a Responsible Federal Budget

While policymakers are gearing up to address tax reform this fall, some have advocated for abandoning true reform and instead focusing solely on tax cuts.

www.crfb.org

Again fiscal conservativism is something you want to impose on others, but will never apply to yourselves, conservatives are doing it on purpose now:

Blowing Up the Deficit Is Part of the Plan

Republicans are planning to use the deficits created by their own tax cuts to slash the social safety net—but they may end up setting the stage for tax hikes instead.

www.google.com