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

Discussion in 'Budget & Taxes' started by MrTLegal, Oct 16, 2018.

  1. squidward

    squidward Well-Known Member

    Joined:
    Jan 23, 2009
    Messages:
    37,112
    Likes Received:
    9,515
    Trophy Points:
    113
    Yeah, guess you like paying > 5x annual income for a house
     
    Last edited: Oct 17, 2018
  2. bx4

    bx4 Well-Known Member

    Joined:
    Aug 29, 2016
    Messages:
    15,141
    Likes Received:
    12,518
    Trophy Points:
    113
    Since Rs control both houses and the White House, it was up to them to balance tax cuts with spending cuts. They didn't.

    This increase in the deficit is all on Trump and the Rs in Congress.
     
  3. squidward

    squidward Well-Known Member

    Joined:
    Jan 23, 2009
    Messages:
    37,112
    Likes Received:
    9,515
    Trophy Points:
    113
    What, the D's didn't even propose any? Tsk tsk.
     
  4. Giftedone

    Giftedone Well-Known Member Past Donor

    Joined:
    Jul 7, 2010
    Messages:
    63,706
    Likes Received:
    13,464
    Trophy Points:
    113
    The only reason for the "one hit wonder" in 2007 was due to the increase in revenue due to the housing bubble - a Ponzi scheme on a grande scale that was perpetuated under Bush's watch. A ponzi scheme which resulted in that revenue decreasing from 2.7 Trillion to 2.1 Trillion in 2009 - taking 4 years to recover - and 6 Trillion in deficit spending.

    Good Job Republicans ! What a joke.
     
  5. bx4

    bx4 Well-Known Member

    Joined:
    Aug 29, 2016
    Messages:
    15,141
    Likes Received:
    12,518
    Trophy Points:
    113
    I'm quite sure that if the Ds had controlled both houses and the WH, the deficit would be much smaller.

    Essentially your position is: "we were in charge and made a mess, but Ds are really responsible because they didn't tell us what to do." Complete abdication of responsibility on your part.
     
  6. TomFitz

    TomFitz Well-Known Member

    Joined:
    Jan 9, 2013
    Messages:
    40,412
    Likes Received:
    15,896
    Trophy Points:
    113
    Sorry, but the Republians control the White House and both houses of Congress. It's on you guys. You wanted it. Now try taking responsibility for a change.
     
    AZ. and The Bear like this.
  7. TomFitz

    TomFitz Well-Known Member

    Joined:
    Jan 9, 2013
    Messages:
    40,412
    Likes Received:
    15,896
    Trophy Points:
    113
    Aren't you the one who always cites the deliberately misleading claim about how small George W Bush's last deficit was?

    I think so.

    Of course, you continually deliberately leave out the fact that the figure does not count the cost of Mr Bush's reckless and bungled war.

    And you also conveniently leave out the fact that "conservative Republicans can once again bring the budget into balance as they did before", never happened.

    In fact, conservative republicans created the Bush deficits. When Bush arrived, we were running surplus.

    For that matter, the last time Republcians balanced the budget for more than a few months, Calvin Coodidge was in the White House.
     
    ronv, AZ. and The Bear like this.
  8. The Centrist

    The Centrist Well-Known Member

    Joined:
    Sep 15, 2018
    Messages:
    778
    Likes Received:
    550
    Trophy Points:
    93
    Gender:
    Male
    Of course it didn’t happen. Fiscal conservativism is nothing but political rhetoric to wheedle the electorate.
     
  9. hawgsalot

    hawgsalot Well-Known Member

    Joined:
    Mar 6, 2017
    Messages:
    10,339
    Likes Received:
    9,537
    Trophy Points:
    113
    Gender:
    Male
    If
    Ha Ha based on what, what they did under Obama? Wow la la land here. But back to the point yes the republicans need to lock it down now that the feds are making money, the problem is the interest rate is going up which means it's offsetting some of the gains so time to cut cut those crazy spending bills.
     
  10. ocean515

    ocean515 Well-Known Member Past Donor

    Joined:
    Jul 20, 2015
    Messages:
    17,908
    Likes Received:
    10,396
    Trophy Points:
    113
    Gender:
    Male
    Record income tax receipts period.

    Inflation? It's under 3%.
     
  11. ocean515

    ocean515 Well-Known Member Past Donor

    Joined:
    Jul 20, 2015
    Messages:
    17,908
    Likes Received:
    10,396
    Trophy Points:
    113
    Gender:
    Male
    So how do you think these major corporations kept their ETR so low, in the face of some of the highest Corporate Tax rates?
     
  12. grapeape

    grapeape Well-Known Member Past Donor

    Joined:
    Jul 26, 2015
    Messages:
    16,807
    Likes Received:
    9,323
    Trophy Points:
    113
    Thats not what I said. I was referring to pay current employees more money.
     
  13. grapeape

    grapeape Well-Known Member Past Donor

    Joined:
    Jul 26, 2015
    Messages:
    16,807
    Likes Received:
    9,323
    Trophy Points:
    113
    Easy, they buy politicians for favorable legislation.
     
    ronv and The Bear like this.
  14. ocean515

    ocean515 Well-Known Member Past Donor

    Joined:
    Jul 20, 2015
    Messages:
    17,908
    Likes Received:
    10,396
    Trophy Points:
    113
    Gender:
    Male
    Sigh.

    I don't believe politicians fill out corporate tax returns.
     
  15. camp_steveo

    camp_steveo Well-Known Member

    Joined:
    Oct 13, 2008
    Messages:
    23,014
    Likes Received:
    6,601
    Trophy Points:
    113
    economic forecasting is always wrong. But, I agree that spending has to be cut.
     
  16. camp_steveo

    camp_steveo Well-Known Member

    Joined:
    Oct 13, 2008
    Messages:
    23,014
    Likes Received:
    6,601
    Trophy Points:
    113
    All tax policies almost entirely affect the wealthy, so your point is propaganda.
     
  17. grapeape

    grapeape Well-Known Member Past Donor

    Joined:
    Jul 26, 2015
    Messages:
    16,807
    Likes Received:
    9,323
    Trophy Points:
    113
    Sigh.....I didn’t say they did. Corporations BUY political favor to get favorable tax legislation. That’s how the system works.


    You and I both know it, so why are you being obtuse
     
    AZ. and The Bear like this.
  18. ocean515

    ocean515 Well-Known Member Past Donor

    Joined:
    Jul 20, 2015
    Messages:
    17,908
    Likes Received:
    10,396
    Trophy Points:
    113
    Gender:
    Male
    Me being obtuse? You're the one being obtuse.

    The question related to historic ETR versus the highest Corporate Tax Rates.

    You divert to politicians. That doesn't answer the question.

    How have major US International Corporations achieved such low ETR's.

    It's not politicians. It's been how they have "banked" their profits.

    Care to discuss that, or do you plan to continue with your obtuse claims?
     
  19. Silver Surfer

    Silver Surfer Banned

    Joined:
    Aug 24, 2013
    Messages:
    6,871
    Likes Received:
    2,233
    Trophy Points:
    113
  20. k995

    k995 Well-Known Member

    Joined:
    May 24, 2011
    Messages:
    6,783
    Likes Received:
    680
    Trophy Points:
    113
  21. k995

    k995 Well-Known Member

    Joined:
    May 24, 2011
    Messages:
    6,783
    Likes Received:
    680
    Trophy Points:
    113
    Thats simply not true, you can write any tax change to suite anything you want. This tax cut was written to favor the rich, just like what bush 43 did: trump rewrded himself and his rich friends and donors by lowering their taxes.
     
  22. Mandelus

    Mandelus Well-Known Member

    Joined:
    Jul 15, 2015
    Messages:
    12,410
    Likes Received:
    2,689
    Trophy Points:
    113
    Did anyone here actually believe that Trump fulfilled his promise of what he did to the BS of Tax reform?

    Seriously? :popcorn:
     
    MrTLegal likes this.
  23. camp_steveo

    camp_steveo Well-Known Member

    Joined:
    Oct 13, 2008
    Messages:
    23,014
    Likes Received:
    6,601
    Trophy Points:
    113
    Hello?
    If the rich pay the vast majority of taxes, which they do, then tax cuts are, by default, only actually going to affect the rich. Hell man, even the left were calling the tax cuts 'crumbs' for the poor, right? If they are just meager crumbs, then which is it?
     
  24. Mandelus

    Mandelus Well-Known Member

    Joined:
    Jul 15, 2015
    Messages:
    12,410
    Likes Received:
    2,689
    Trophy Points:
    113
    Nonsense ...
    per head they pay of course much more as the middle oder lower class and in sum as much as many of these classes. But the majority of tax income comes from the working people of the middle and lower class and those companies and corporations which have no smart tax specialists to avoid it.
     
  25. bx4

    bx4 Well-Known Member

    Joined:
    Aug 29, 2016
    Messages:
    15,141
    Likes Received:
    12,518
    Trophy Points:
    113
    The problem is that Trump slashed taxes and increased spending.
    Yes, the deficit ballooned under Obama - because of the recession. In subsequent years the deficit reduced to pre-recession levels. I don't like what happened in the last couple of years of his presidency as the deficit edged up again.

    I am a deficit hawk. I think it needs to be kept under control. When times are good (as they are now) - that is not a time to cut taxes. That is a time to be fiscally responsible. People can afford to pay taxes, so use that to get the deficit under control. Also control spending.
    When times are difficult (as they were at the start of Obama's first term), I have no problem with running a larger deficit to help soften the blow of a recession. But the flip side of that is that when times are good, you get the deficit under control.

    Trump is doing the opposite of that. He and Congress are being fiscally irresponsible. Fiscal irresponsibility can be very appealing to a big proportion of the population. It can win votes. But it is not in the best interest of the nation.
     
    AZ. likes this.

Share This Page