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Old 09-15-2018, 02:28 PM  
Lex Luthor Lex Luthor is offline
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New estimate: GOP’s second tax cuts would add $3.8 trillion to deficit

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New estimate: GOP’s second tax cuts would add $3.8 trillion to deficit

A second round of Republican tax cuts would add an additional $3.2 trillion to the federal deficit over a decade, according to a new report released by a centrist think-tank.

The package was taken up by a House committee on Thursday and is expected to head to a vote on the floor later this month.

The GOP’s “tax reform 2.0” would make permanent many of the individual and estate tax provisions in the tax law Republicans passed last fall, which the Congressional Budget Office said would already add about $1.9 trillion to the deficit, factoring for interest costs.

The second round of cuts would cost $631 billion before 2028 and an additional $3.15 trillion in the decade after that, according to the Tax Policy Center. The finding was somewhat larger than the $2.4 trillion cost over 10 years projected by the Tax Foundation, a conservative think-tank.

Republicans gearing up for the mid-term elections have said making the tax cuts permanent would allow Americans to keep more money in their pockets, while critics say they will do little to juice economic growth or raise workers' wages.

The bill would permanently extend cuts in the original GOP law that were originally set to expire in 2025, including the temporary reductions in individual filers’ rates, a doubling of the Child Tax Credit, and cuts to the estate tax paid by about 5,000 of the wealthiest families in America. The Senate is not expected to take up the bill this year, but it could provide a blueprint for Republicans' agenda should they retain control of Congress this November.

TPC also found that the law would give a substantially bigger tax breaks to the richest families over those in the middle class. The richest 1 percent of filers would see an average tax cut of $40,000, while those in the middle 20 percent of earners would see an average cut of $980, TPC said.

Overall, that makes it slightly less regressive than the first round of GOP tax cuts, which included corporate tax cuts that primarily helped richer Americans, according to Rosenberg.

The legislation was debated by the House Ways and Means Committee on Thursday before heading to a vote on the House floor later this month.


“We have to keep building off the momentum from last year’s tax reform,” said Rep. Kevin Brady (R-Tx.), chair of the Ways & Means Committee, at a hearing for the bill on Thursday.

The new package would make permanent a number of provisions passed last fall to raise revenue and offset the cost of the cuts, including the elimination of several itemized deductions and a new $10,000 cap on how much taxpayers can deduct off their state and local taxes.

That policy has garnered criticism from House Republicans in states like California and New Jersey, whose residents are disproportionately hit by the cap, and could complicate the bill’s passage through the lower chamber.

But it also contains several policies that primarily help richer taxpayers, including a large 20 percent deduction for owners of “pass through” entities — companies in which business income is “passed through” to an individual’s tax returns. Democrats have criticized the package as an additional round of fiscal irresponsibility to help the rich, arguing Republicans will later cite the high deficits they caused to cut Social Security and Medicare.

“That will only jeopardize the solvency of Medicare and Social Security for future generations to come,” said Rep. Ron Kind (D-Wis.) on Thursday at the committee hearing.
https://www.washingtonpost.com/busin...=.d870c449a0e7

This sentence is kind of important:

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The richest 1 percent of filers would see an average tax cut of $40,000, while those in the middle 20 percent of earners would see an average cut of $980.
That's what Trump's base just doesn't understand. They get very little of the benefit from the tax cuts, but we are all going to pay a huge price in the future for the TRILLIONS OF DOLLARS added to the national debt.

Trump and the GOP aren't satisfied with the $2 trillion they've already added to the debt. Now they want to run that number up to $5.8 trillion.

The GOP is the party of reckless and irresponsible tax policy. The Tea Party was a total scam. The Tea Party and the GOP don't give a damn about fiscal responsibility and government debt. They only thing they give a damn about is staying in power and enriching themselves.

The GOP leaders know damn well these tax cuts can't possibly pay for themselves, but they keep spinning it that way. Unfortunately, there are far too many low information voters out there, and they continue to believe the fairy tale.
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Old 09-17-2018, 09:13 PM   #46
Garcia Bronco Garcia Bronco is offline
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Tax cuts don't add to the deficit, spending does. stop circulating the nonsense in the headline of the Opie..
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Old 09-17-2018, 09:37 PM   #47
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How many rich people does it take to pay off $21 trillion?
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Old 09-17-2018, 09:43 PM   #48
GloryDayz GloryDayz is offline
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Originally Posted by Bugeater View Post
How many rich people does it take to pay off $21 trillion?
Excluding the Hollyweird people who don't pay, they just protest?
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Old 09-17-2018, 09:46 PM   #49
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Originally Posted by Bugeater View Post
How many rich people does it take to pay off $21 trillion?
the top 1% accounts for a touch over 33% of near 90 trillion dollars of us house_hold worth.
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Old 09-17-2018, 11:14 PM   #50
Bugeater Bugeater is offline
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Originally Posted by Garcia Bronco View Post
the top 1% accounts for a touch over 33% of near 90 trillion dollars of us house_hold worth.
Oooohkaaayy...sounds like they got this covered.
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Old 09-18-2018, 12:49 AM   #51
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Originally Posted by Lex Luthor View Post
An interesting perspective from the billionaire behind the National Debt Clock:



https://www.washingtonpost.com/busin...=.344c47c93006


It's interesting that he said America has more of a revenue problem than a spending problem. Both political parties have made it crystal clear that the government will continue to spend, but only one political party insists that they can vote for bread and circuses without actually getting the money to pay for the bread and circuses by collecting taxes.

Seymour Durst is just some billionaire who made his money in real estate, so I can understand if you declare him to be unqualified and unfit to discuss complex economic issues.
I'm not sure how interesting that is, it's been the left's song and dance for many years now. I've heard Lone parrot it so often that I think it is burned into my retina's. Keep in mind, I always blame the right for excessive spending. They are the ones that are supposed to know better, so let me join you in bashing the Rep's for passing tax cuts without spending cuts.

Also, I have a question for anybody here.....

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Republicans, including President Donald Trump, campaigned on balancing the budget
I don't remember Trump campaigning on balancing the budget. As a matter of fact, if memory serves, I think I remember him campaigning on not worrying about the debt because interest was cheap. Am I remembering wrong? As I have mentioned, it was the main reason I voted Cruz in the primary, I was under the impression Trump wasn't concerned about the debt.

Does anybody know of a clip where Trump campaigned on lowering the debt?
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Old 09-18-2018, 05:13 AM   #52
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Quote:
Originally Posted by Garcia Bronco View Post
Tax cuts don't add to the deficit, spending does. stop circulating the nonsense in the headline of the Opie..
This is what idiots actually believe.
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Old 09-18-2018, 07:14 AM   #53
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Originally Posted by Loneiguana View Post
This is what idiots actually believe.
Oh, I don't think we're lost on how you think that less coming into the account equates to an increased deficit, but our angle isn't wrong either, quit spending tax dollars on wasteful liberal programs and we'd be a LOT better off.

Less government man!!! And **** welfare!
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Old 09-18-2018, 08:17 AM   #54
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Actually, not paying off debt is what increases debt
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Old 09-18-2018, 08:27 AM   #55
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Old 09-18-2018, 08:46 AM   #56
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Originally Posted by Loneiguana View Post
This is what idiots actually believe.
No, they believe we would still have had 4% growth the last two quarters if we wouldn't have lowered corporate tax rates and rolled back regulation... We were at 1.5% in 2016 just ready to more than double growth, because...
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