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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 09-15-2018, 03:29 PM   #16
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Old 09-15-2018, 03:32 PM   #17
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Yes, we know. Every time, THIS tax cut is going to be the one that REALLY destroys everything.

(Just like the last tax cut sent the economy into the toilet, right?)
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Old 09-15-2018, 03:33 PM   #18
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Quote:
Originally Posted by Lex Luthor View Post
The actual data contradicts your statement.



https://fred.stlouisfed.org/series/W006RC1Q027SBEA



I prefer to use actual data to support my arguments when discussing tax policy. It's not hard to find, and the data speaks for itself.

Not sure why you want to bring Russians into this.

https://www.fiscal.treasury.gov/fsre...mt/mts0618.pdf
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Old 09-15-2018, 03:56 PM   #19
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Originally Posted by Lex Luthor View Post
I wish my daddy had given me $30 million to start a business. But my daddy wasn't Fred Trump. My bad.
The govt should take some of Trump's money and give it to you...ya know..because life isn't fair.
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Old 09-15-2018, 04:06 PM   #20
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Quote:
Originally Posted by CoMoChief View Post
The govt should take some of Trump's money and give it to you...ya know..because life isn't fair.
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Old 09-15-2018, 04:29 PM   #21
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Originally Posted by HonestChieffan View Post
Lex will come by and explain the economy and tax revenues are not real. Its made up by Russians who want to destroy America.

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Old 09-15-2018, 04:31 PM   #22
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Good thing we had those tax cuts so we could add more jobs to the economy.

Oh wait …

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Old 09-15-2018, 04:36 PM   #23
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Old 09-15-2018, 05:17 PM   #24
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Quote:
Originally Posted by Lex Luthor View Post
Good thing we had those tax cuts so we could add more jobs to the economy.

Oh wait …



Obama started this upswing! It was all Bush's fault!
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Old 09-15-2018, 05:23 PM   #25
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Quote:
Originally Posted by Bowser View Post


Obama started this upswing! It was all Bush's fault!
What are you trying to say?

Are you saying that the current level of job growth is unprecented, even though the historical data says otherwise?
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Old 09-15-2018, 05:26 PM   #26
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Old 09-15-2018, 05:28 PM   #27
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Quote:
Originally Posted by Lex Luthor View Post
What are you trying to say?

Are you saying that the current level of job growth is unprecented, even though the historical data says otherwise?
I'm saying I'm laughing at the left for trying to minimize everything everywhere Trump. It makes me laugh.
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Old 09-15-2018, 05:32 PM   #28
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Quote:
Originally Posted by Bowser View Post
I'm saying I'm laughing at the left for trying to minimize everything everywhere Trump. It makes me laugh.
Trump makes a claim about "unprecedented" job growth that is demonstrably untrue. I demonstrate that it's untrue by showing you the actual statistics.

You laugh.

One could conclude that your laughter is a defense mechanism.
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Old 09-15-2018, 05:34 PM   #29
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This thread is stupid. From April:

When the Congressional Budget Office released its updated budget forecast, everyone focused on the deficit number. But buried in the report was the CBO's tacit admission that it vastly overestimated the cost of the Trump tax cuts, because it didn't account for the strong economic growth they would generate.

Last June, the CBO said GDP growth for 2018 would be just 2%. Now it figures growth will be 3.3% — a significant upward revision. It also boosted its forecast for 2019 from a meager 1.5% to a respectable 2.4%.

"Underlying economic conditions have improved in some unexpected ways since June," the CBO says. Unexpected to the CBO, perhaps, but not to those of us who understood that Trump's tax cuts and deregulatory efforts would boosts growth.

In any case, the CBO now expects GDP to be $6.1 trillion bigger by 2027 than it did before the tax cuts.

The CBO report also makes clear that this faster-growing economy will offset most of the costs of the Trump tax cuts.

https://www.investors.com/politics/e...or-themselves/
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Old 09-15-2018, 05:34 PM   #30
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Quote:
Originally Posted by Bowser View Post
I'm saying I'm laughing at the left for trying to minimize everything everywhere Trump. It makes me laugh.
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