The numbers are in, and Trump's tax cut didn't reduce the deficit – despite his many promises

Trump’s tax plan is a win that just keeps giving
https://thehill.com/opinion/finance/376244-trumps-tax-plan-is-a-win-that-just-keeps-giving

President Trump and Republicans have delivered on their promise to pass comprehensive tax reform that reduced taxes for Americans at every income level, increased wages, and created more jobs.

Even though the Tax Cuts and Jobs Act was only signed into law in December of 2017, the law is already a success.

Businesses across the country have responded to the pro-growth reforms in the Tax Cuts and Jobs Act by giving employee bonuses, increasing wages, making new charitable donations, or announcing plans to increase investment and create more jobs. 200,000 jobs were added in January, unemployment is at a 17 year low, and wage growth is up. Business optimism is at an all-time high among small businesses and manufacturers.

Already, nearly four million Americans have received bonuses and other benefits.

Hours after the tax reform bill passed through the House and Senate, AT&T announced plans to provide 200,000 U.S. employees with a $1,000 bonus. Similarly, Comcast has announced a $1,000 bonus for 100,000 employees, while Pfizer has promised $100 million worth of bonuses to non-executive employees.

The benefits of tax reform have not been limited to larger business either. Smaller businesses across the country are also thriving. Anfinson Farm Store, a family owned business in Cushing, Iowa (population 223) has given its employees a $1,000 bonus and raised wages by 5 percent. Kentucky-based Turning Point Brands, Inc. will give 107 employees a $1,000 bonus.

Heating and cooling company AAON — with facilities in Tulsa, Oklahoma and Longview, Texas — gave its 2,000 employees a $1,000 bonus. Tampa-based Spellex Corporation is gave its 26 employees $1,000 bonuses, and Five Senses Spa, Salon and Barbershop based in Peoria, Illinois gave $500 bonuses to its 20 employees.

While the bigger paychecks will be felt immediately, companies are also investing in their workers, which will result in benefits in the years and months to come. Boeing announced $300 million to be spent on charitable donations, workforce development, and infrastructure improvement. Walt Disney announced $50 million in employee educational programs, and Walmart announced expanded maternity and parental leave and a $5,000 allowance for adoption expenses.

Other companies are increasing employee retirement benefits. Visa is doubling its 401(k) employee contribution match to a maximum of 10 percent of employee pay, while Cigna is spending $30 million on 401(k) matches.

Businesses are also investing in the economy, which will mean more jobs created, and higher wages in the future. Merck has already announced it will invest $12 billion in the economy, while Exxon Mobil will invest $35 billion in the next five years.

Utility companies across the country are responding to tax reform by lowering rates for customers, resulting in lower energy bills. Illinois-based ComEd is passing $200 million worth of savings to consumers, while Baltimore Gas & Electric is passing $82 million in annual savings to customers.

The success of tax reform should not be a surprise – the bill contains numerous provisions that will grow the economy and benefit the middle class. The legislation cut taxes for American families at every income level and for businesses large and small, while dramatically simplifying the code and repealing distortionary tax credits.

American families and individuals at every income level are seeing tax reduction under this bill, with 90 percent of wage earners seeing more money in their paychecks. A family of four, earning the median income of $73,000 will receive a tax cut of more than $2,000 this year. Similarly, a single parent with one child earning $41,000 per year will see tax reduction of 73 percent, resulting in a $1,304 tax cut.

Strangely, Democrats continue to claim the bill is a scam. House Minority Leader Nancy Pelosi (D-Calif.) has compared the bill to the apocalypse and derided the bonuses given to American workers as “crumbs,” while Senate Minority Leader Chuck Schumer (D-N.Y.) called the bill a “betrayal” of the middle class.

This apoplectic rhetoric should not be surprising given that every Democrat in the House and Senate voted against tax reform. However, their rhetoric is not working — the tax reform bill is as popular as ever, with a New York Times poll showing majority support for the legislation.

This latest news is vindication for President Trump and Republican tax writers. The GOP has kept their promise for tax reform that benefits the middle class. Wages are increasing, take-home pay is up, and companies are investing in their workers and the economy as never before.

 

As usual - you give zero support for your BS claims.

 

They are gorgeous!

Like soaring up a mountain!



And all while the Fed is hiking, off loading its balance sheet, and he reduced the growth in the deficit, even while he put more take home pay in our paychecks.

He does have mouth and an attitude, but man does he produce results! He's very AMERICAN, that way!

 

You post an opinion piece from March 1st? Stop failing.

 

Trump's reduced the growth in the Federal Debt even while nearly doubling GDP.

And check out the projections for the 3rd quarter that closed 9/30



Nearly everyone is predicting a number in the 3.x range!

Number will be released right before the election.

We live in amazing times!'

Just think, one day you'll look back and realize that you complained all through it.

Sad!

 

The numbers are in now. You don't get to dismiss the current numbers because they might change in the future - especially when the OP explicitly references projected numbers from actual analysts that cut directly against your "but it MIGHT get better" bullshit.

Once again: Stop failing.

 

And in your opinion increased tax revenue causes increased defecits. Stop.

 

Do you notice how the 2nd quarter for every single one of those years is an increase followed immediately by a decrease in the 3rd quarter?

How much do you want to bet that the Q3 of 2018 follows that exact same pattern?

 

They are sad!

These are AMAZING times. After we suffered though the two dumbest back to back Presidents in US history, now we have a humdinger!


Michelle with Dumb and Dumber

 

Here's a subtle hint: Deficits are determined by two factors - revenue and spending. The tax cuts did not increase revenue by a large enough amount to account for government spending and thus, the deficit did not decrease as trump promised.

 

ROFL. You think the "left" is the one trying to shift the topic to spending? Here's a hint for your sides playbook.

Step 1: Cut taxes on corporations and the rich and thereby drive up the deficit.

Step 2: Freak out about the size of the deficit and blame the poor so that you can cut spending on medicare, medicaid, and social security.

Step 3: Repeat

 

Read the OP again if you are that incompetent. Insults will only earn you a ban and an ignore. The latter comes right now.

 

Very likely.


3.2% will put Trump at a 3% average over his first 6 full quarters.

25 Experts Who Claimed Trump Would Never Get 3% GDP



http://bluepillsheep.com/25-experts-claimed-trump-never-get-3-gdp-suck/

If's he not there already, he certainly has it by the balls!

 

I already did it (can you read?)

Avg growth TRUMP :2.2%
2018 3,42 3% TRUMP
2017 3,32 2% TRUMP

avg growth OBAMA LAST TERM:6.9%
2016 3,27 1% OBAMA
2015 3,25 7% OBAMA
2014 3,02 8% OBAMA
2013 2,77 12% OBAMA

recession and effects over


2012 2,45 6% OBAMA
2011 2,3 6% OBAMA
2010 2,16 3% OBAMA
2009 2,1 -20% OBAMA


Even if you cherry pick those 3 last obama years he still has 5.4% growth or double that was trump is getting.

ANd for 2017 : trump had congress & president he could have acted on day 1 to change this, he didnt.

 

So you want to cut military spending too?

 

Everything conservatives do as it regards to tax policy is correct......Everything liberals do is wrong...

The End....

 

The rate of Federal Debt growth has decreased, by $88,519,337,781.39 over Trump's presidency, even as he as nearly doubled GDP growth, the Fed has hiked several times, and unloaded $286,054M in assets off their balance sheet.



After suffering through the two dumbest back to back presidents in American history, we are getting back to normal!

If you don't enjoy this amazing season, later in life you are going to kick yourself!

 

I have no idea what orifice you are pulling that 6.9% GDP growth number out of. There is a reason you did not provide a link.

Look at this table from the Bureau of Economic Analysis of the US Commerce Department. Nowhere in it does Obama get anywhere close to 6%, so there is no way he avg 6.9% GDP growth his second term.

Did you really think that BS wouldn't get called out????????????????

https://www.bea.gov/

 

Trump's reduced the growth in the Federal Debt even while he has nearly doubled GDP. And while the Fed is hiking and offloading it's balance sheet as we recover from the two dumbest back to back presidents in US history.

We are getting back to normal!

Enjoy it!

You'll regret if you don't!

 

Yeah, he's trying to pull on your wanker.

2015 he averaged 2.0
2016 he averaged 1.9

 

You're pulling some bad numbers, BUT, at least you are in there pulling YOUR OWN numbers, which puts you ahead of most of the pack, so good for you!



These are from the Fed, they are the right numbers.

The Fed pulls them from the U.S. Bureau of Economic Analysis, Real Gross Domestic Product

[A191RL1A225NBEA], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/A191RL1A225NBEA, October 17, 2018.

We haven't seen real GDP numbers like you are posting for many years, BUT WE WOULD SURE LIKE TO!

And, if Trump can pull off closing the Trade Deficit, WE DAMN WELL MAY!

We are living in amazing times, enjoy it!

 

Trump increased deficit = increased the rate of growth of the debt. Your statement that he reduced growth is false.

Trump did 600 Billion in deficit spending (a 300 Billion dollar increase = a doubling, of what deficit spending was running at in the 3 years prior under Obama) in the first half of the fiscal year.

I would hope you would get a GDP spike given that much nitrous oxide into the engine. Q2 spiked to 4.2%. Q3 however is forecast to come in at 3.6%.

Whats sad is someone increasing their line of credit and then going out and maxing out those cards then pointing to their household spending increase for the Quarter and saying "LOOK LOOK - we live in Amazing times".

Increasing deficits in a rising interest rate environment (especially when the economy is stable ) is the pinnacle of fiscal irresponsibility. FULL STOP>

 

Well, not a single Republican voted for Obamacare. So that is most certainly a Democratic Party program.

The wars were bi-partisan. Obama cut taxes.

So where is the accuracy of the argument the Democratic staffers are trying to make.?

It's BS. It's not proof, it's just partisan crap.

 

And they keep flowing. And that means investment in the US. I'm sure your sources for news have kept that benefit from it's consumers.

Where do you think all these jobs are coming from, new Starbuck's?

 

Actually, it's indisputably true!

Trump took office on Jan 20, 2017 and the Federal Debt stood at exactly $19,947,304,555,212.40
635 later, on 10/17/2018, the Federal debt is exactly $21,654,150,409,486.30 for an increase of exactly $1,706,845,854,273.90

635 days before Obama left office, the Federal debt was exactly $18,151,939,363,157.10. Over Obama's last 635 days he increased the debt by exactly $1,795,365,192,055.30, OR exactly $88,519,337,781.39 more than Trump.

Direct from The US Treasury, the Federal Debt to the PENNY!

https://www.treasurydirect.gov/NP/d...tYear=2015&endMonth=10&endDay=17&endYear=2018