Should We Repeal Trump Tax Cuts?

[grip]

If the GOP is so concerned about gov spending and adding to the deficit, then why are they resistant to eliminating tax cuts for the rich?

Chris Wallace Grills GOP Senator on National Debt: Should We Repeal Trump Tax Cuts?

Fox News SundayFox News anchor Chris Wallace repeatedly pressed Sen. Rick Scott (R-FL) over his supposed concerns about the national debt and deficit, asking the Florida lawmaker if he would support repealing the 2017 Trump tax cuts to help balance the budget.With Republicans uniformly opposed...

news.yahoo.com

- Fox News anchor Chris Wallace repeatedly pressed Sen. Rick Scott (R-FL) over his supposed concerns about the national debt and deficit, asking the Florida lawmaker if he would support repealing the 2017 Trump tax cuts to help balance the budget.

“You talk about living within your means, you talk about debt, you talk about deficits, the Trump tax cuts—which were passed in 2017, the year before you were elected to the Senate—was estimated by the Congressional Budget Office that it will increase the budget deficit by over $2 trillion over 11 years,” Wallace shot back. “So should the Trump tax cuts be repealed?”

Dodging the veteran Fox anchor’s question, the senator once again referenced his past experience as governor, saying he cut taxes and fees during his time running the state. “We need lower taxes,” he added.

“Sir, respectfully, when Donald Trump was president, you had a tax cut which added $2 trillion to the deficit according to the CBO and you didn't have the commensurate spending cuts,” Wallace pushed back. “So the question is if you are not going to have the spending cuts, should you repeal the tax cuts if that debt and deficit are so vital?”

Scott once more deflected Wallace’s direct query, insisting that he’s “not raising anyone’s taxes” and he wants to “watch how we spend our money.”

 

[Exquisitor]

If the GOP is so concerned about gov spending and adding to the deficit, then why are they resistant to eliminating tax cuts for the rich?

Chris Wallace Grills GOP Senator on National Debt: Should We Repeal Trump Tax Cuts?

Fox News SundayFox News anchor Chris Wallace repeatedly pressed Sen. Rick Scott (R-FL) over his supposed concerns about the national debt and deficit, asking the Florida lawmaker if he would support repealing the 2017 Trump tax cuts to help balance the budget.With Republicans uniformly opposed...

news.yahoo.com

- Fox News anchor Chris Wallace repeatedly pressed Sen. Rick Scott (R-FL) over his supposed concerns about the national debt and deficit, asking the Florida lawmaker if he would support repealing the 2017 Trump tax cuts to help balance the budget.

“You talk about living within your means, you talk about debt, you talk about deficits, the Trump tax cuts—which were passed in 2017, the year before you were elected to the Senate—was estimated by the Congressional Budget Office that it will increase the budget deficit by over $2 trillion over 11 years,” Wallace shot back. “So should the Trump tax cuts be repealed?”

Dodging the veteran Fox anchor’s question, the senator once again referenced his past experience as governor, saying he cut taxes and fees during his time running the state. “We need lower taxes,” he added.

“Sir, respectfully, when Donald Trump was president, you had a tax cut which added $2 trillion to the deficit according to the CBO and you didn't have the commensurate spending cuts,” Wallace pushed back. “So the question is if you are not going to have the spending cuts, should you repeal the tax cuts if that debt and deficit are so vital?”

Scott once more deflected Wallace’s direct query, insisting that he’s “not raising anyone’s taxes” and he wants to “watch how we spend our money.”

Because of the pandemic, people don't realize that Trump lost because of the tax cut.

 

[aociswundumho]

No, always cut spending.

 

[grip]

Because of the pandemic, people don't realize that Trump lost because of the tax cut.

That and he was villanized by the left. He pandered too much to big money.

 

[ttwtt78640]

If the GOP is so concerned about gov spending and adding to the deficit, then why are they resistant to eliminating tax cuts for the rich?

Chris Wallace Grills GOP Senator on National Debt: Should We Repeal Trump Tax Cuts?

Fox News SundayFox News anchor Chris Wallace repeatedly pressed Sen. Rick Scott (R-FL) over his supposed concerns about the national debt and deficit, asking the Florida lawmaker if he would support repealing the 2017 Trump tax cuts to help balance the budget.With Republicans uniformly opposed...

news.yahoo.com

- Fox News anchor Chris Wallace repeatedly pressed Sen. Rick Scott (R-FL) over his supposed concerns about the national debt and deficit, asking the Florida lawmaker if he would support repealing the 2017 Trump tax cuts to help balance the budget.

“You talk about living within your means, you talk about debt, you talk about deficits, the Trump tax cuts—which were passed in 2017, the year before you were elected to the Senate—was estimated by the Congressional Budget Office that it will increase the budget deficit by over $2 trillion over 11 years,” Wallace shot back. “So should the Trump tax cuts be repealed?”

Dodging the veteran Fox anchor’s question, the senator once again referenced his past experience as governor, saying he cut taxes and fees during his time running the state. “We need lower taxes,” he added.

“Sir, respectfully, when Donald Trump was president, you had a tax cut which added $2 trillion to the deficit according to the CBO and you didn't have the commensurate spending cuts,” Wallace pushed back. “So the question is if you are not going to have the spending cuts, should you repeal the tax cuts if that debt and deficit are so vital?”

Scott once more deflected Wallace’s direct query, insisting that he’s “not raising anyone’s taxes” and he wants to “watch how we spend our money.”

Federal revenue has been averaging about 17% of GDP while federal spending has been averaging about 20% of GDP for quite a while - this did not change with the “Trump” tax rate cuts. The largest portion of the “Trump” tax rate cuts were on business (corporate) income which has been falling along with excise tax revenue (as a percentage of GDP) since the late 1960s.

What are the sources of revenue for the federal government?

www.taxpolicycenter.org

 

[beancounter]

If the GOP is so concerned about gov spending and adding to the deficit, then why are they resistant to eliminating tax cuts for the rich?

Because their false narrative has always been that the wealthy will use the money saved from a reduction in taxes to create jobs.

As we've seen, they use the money for stock buybacks, or to enrich themselves.

 

[beancounter]

No, always cut spending.

Depends on what you want to cut spending on. I'll bet that it's not corporate welfare that you want to see cut.

 

[Blue Dog]

The GOP only cares about the debt when the opposition holds the purse strings.

 

[Checkerboard Strangler]

The logical thing to do would be to flip those cuts over to anyone making less than four hundred thousand a year and to put back a fair tax rate to the wealthy.
But then again, if we were living in a normal world, cops would be encouraging everyone to get their shots, too.

Seems we've developed an allergy to logic.

 

[aociswundumho]

Depends on what you want to cut spending on. I'll bet that it's not corporate welfare that you want to see cut.

You'd lose that bet, as I support eliminating all corporate welfare. But I'd bet that you support the electric car subsidies that helped make Elon Musk the richest man in the world.

 

[beancounter]

You'd lose that bet, as I support eliminating all corporate welfare. But I'd bet that you support the electric car subsidies that helped make Elon Musk the richest man in the world.

Nope.

 

[aociswundumho]

Federal revenue has been averaging about 17% of GDP while federal spending has been averaging about 20% of GDP for quite a while - this did not change with the “Trump” tax rate cuts.

It also didn't change when marginal tax rates in the 50s were 90% for those in the top bracket.

 

[aociswundumho]

Nope.

Good.

 

[phoenix2020]

It really comes down to “tax and spend” liberals versus “tax cut and spend” conservatives. Note that they have one thing in common. They both love to spend.

 

[Exquisitor]

That and he was villanized by the left. He pandered too much to big money.

The tax cut gave the impeachment traction, but I blooped, and gave them 50/50, so, I'm **** worthless.

Let's see if we can give them a better shot in 2022.

 

[OrphanSlug]

Yes we should repeal the Trump tax cuts, and go through the tax code itself doing away with all the means the wealthy and corporations reduce their tax liability to at or near zero.

But we should also be considering economic reasoning behind all fiscal policy, something Congress and most of the voter pool has no concept or care of.

 

[Mr Person]

We should also repeal Bush's, then take a look, and I suspect repeal part of Reagan's. We never should have gone down this path this way.

If we want honest answers, we need to raise taxes until we're even (and yes, I'd weight them more to higher income - with cap gains folded into income after a threshhold). Then, and only then, talk about any "spending" cuts. If we really can agree there are some things we don't want, that's where we find out.

Right now, we're burning our childrens' and grandchildrens' futures so one of us can have an iphone every year and another can have a second yacht on borrowed money. Neither party actually wants to cut its programs. But unlike the Dems, the GOP keeps slashing taxes anyway.



This is beyond stupid. Grow up.

 

[bongsaway]

When twenty percent of americans own eighty percent of the money in america, houston, we have a problem.

 

[ttwtt78640]

Yes we should repeal the Trump tax cuts, and go through the tax code itself doing away with all the means the wealthy and corporations reduce their tax liability to at or near zero.

But we should also be considering economic reasoning behind all fiscal policy, something Congress and most of the voter pool has no concept or care of.

The donor class is very much against that (bolded above) and the electorate seems largely indifferent to continuing borrow, print and spend federal “budgeting”.

 

[TurtleDude]

Yes we should repeal the Trump tax cuts, and go through the tax code itself doing away with all the means the wealthy and corporations reduce their tax liability to at or near zero.

But we should also be considering economic reasoning behind all fiscal policy, something Congress and most of the voter pool has no concept or care of.

how is that working given the top one percent pay about 40% of the income. tax

 

[TurtleDude]

When twenty percent of americans own eighty percent of the money in america, houston, we have a problem.

when lots of America isn't willing to get the skills to be competitive in a world market, we have a problem

 

[bongsaway]

when lots of America isn't willing to get the skills to be competitive in a world market, we have a problem

Of course it's the fault of the average american worker, what the hell was I thinking?

 

[TurtleDude]

Of course it's the fault of the average american worker, what the hell was I thinking?

well the left wants to blame wealthy people while not noting that to be successful in the modern economy, one needs high-tech skills.

 

[phoenix2020]

well the left wants to blame wealthy people while not noting that to be successful in the modern economy, one needs high-tech skills.

Technically speaking, to be successful one either needs high tech skills or an entertaining personality and the gift of gab. Reference: most politicians on both sides of the aisle, most influencers, most media personalities and most celebrities.

 

[OrphanSlug]

how is that working given the top one percent pay about 40% of the income. tax

How that would "work" is put back in place the rates to what they were before Trump and a complicit Republican Congress showed up, then go through the tax code looking for all the gifts added over the years referring to what I posted earlier (that you ignored.)

The fact that you did not comment about the economics of this suggests you have no interest in discussing this, I mean outside of bumper sticker thinking.