$10 Trillion In Added Debt Shows Bush And Trump Tax Cuts Broke Our Modern Tax Structure

[skews13]

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP—a measure which fell to 16.5% despite a growing economy—and an annual deficit increase that essentially doubled from the previous year.

After record U.S. government spending in 2020 and 2021" due to programs related to the economic fallout from the Covid-19 crisis, the Washington Post reports, "the deficit dropped from close to $3 trillion to close to $1 trillion in 2022. But rather than continue to fall to its pre-pandemic levels, the deficit unexpectedly jumped this year to roughly $2 trillion."

While much of the reporting on the Treasury figures painted a picture of various and overlapping dynamics to explain the surge in the deficit—including higher payments on debt due to interest rates, tax filing waivers related to extreme weather events, the impact of a student loan forgiveness program that was later rescinded, or a dip in capital gains receipts—progressive tax experts say none of those complexities should act to shield what's at the heart of a budget that brings in less than it spends: tax giveaways to the rich.

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP — a measure which fell to 16.5% despite a growing economy — and an annual deficit increase that essentially doubled from the previous...

www.rawstory.com

WE DID THAT !!

 

[leftwinger]

You’re always wrong. Obiden 1.0 years put the debt on auto-pilot at over $1T per year. They baked in that phony BS stimulus and went into Continuing resolution and Omnibus nonsense to destroy the country. Apparently it worked. Even the great President Trump could not pull out of it in the two short years he was given to look into it.//

 

[Manonthestreet]

Come on man Joes handin out free money everyday......and gee where are the Teabaggers when ya need em..........whens last time libs ried to control spending .......class.....anyone

 

[berg80]

You’re always wrong. Obiden 1.0 years put the debt on auto-pilot at over $1T per year. They baked in that phony BS stimulus and went into Continuing resolution and Omnibus nonsense to destroy the country. Apparently it worked. Even the great President Trump could not pull out of it in the two short years he was given to look into it.//

IOW, you don't like that facts presented in the article.

"The point I want to make again and again and again is that, relative to the last time CBO was projecting stable debt/GDP, spending is down, not up," Kogan said in a tweet Friday night. "It's lower revenue that's 100% responsible for the change in debt projections. If you take away nothing else, leave with this point."

Do we need to address spending in an effort to reduce the deficit? Absolutely. Is spending only one aspect of the problem? Absolutely.

 

[Nostra]

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP—a measure which fell to 16.5% despite a growing economy—and an annual deficit increase that essentially doubled from the previous year.

After record U.S. government spending in 2020 and 2021" due to programs related to the economic fallout from the Covid-19 crisis, the Washington Post reports, "the deficit dropped from close to $3 trillion to close to $1 trillion in 2022. But rather than continue to fall to its pre-pandemic levels, the deficit unexpectedly jumped this year to roughly $2 trillion."

While much of the reporting on the Treasury figures painted a picture of various and overlapping dynamics to explain the surge in the deficit—including higher payments on debt due to interest rates, tax filing waivers related to extreme weather events, the impact of a student loan forgiveness program that was later rescinded, or a dip in capital gains receipts—progressive tax experts say none of those complexities should act to shield what's at the heart of a budget that brings in less than it spends: tax giveaways to the rich.

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP — a measure which fell to 16.5% despite a growing economy — and an annual deficit increase that essentially doubled from the previous...

www.rawstory.com

View attachment 846804


WE DID THAT !!

Two tax cuts, one decades ago, that both increased revenue is the cause of Taters dismal numbers in 2023?

Seriously, STFU moron.

 

[berg80]

Come on man Joes handin out free money everyday......and gee where are the Teabaggers when ya need em..........whens last time libs ried to control spending .......class.....anyone

Summary:
The Office of Management and Budget and the Department of the Treasury today released the fiscal year (FY) 2013 budget results, which show that we are continuing to make significant progress in reducing the deficit. The final 2013 deficit was $680 billion, $409 billion less than the 2012 deficit and $293 billion less than forecast in President Obama’s April Budget. As a percent of Gross Domestic Product (GDP), the deficit fell to 4.1 percent, representing a reduction of more than half from the deficit that the Administration inherited when the President took office in 2009. The deficit reduction since that point represents the fastest decline in the deficit over a sustained period since the end of World War II.

Deficit More Than Cut in Half Since 2009

The Office of Management and Budget and the Department of the Treasury today released the fiscal year (FY) 2013 budget results, which show that we are continuing to make significant progress in reducing the deficit. The final 2013 deficit was $680 billion, $409 billion less than the 2012 deficit...

obamawhitehouse.archives.gov

 

[Crepitus]

Come on man Joes handin out free money everyday

Where? I'm certainly not getting any.

 

[Crepitus]

Two tax cuts, one decades ago, that both I increased revenue

Neither one of them did that.

 

[berg80]

The need to increase the debt limit1 has focused attention on the size and trajectory of the federal debt. Long-term projections show2 that federal debt as a percentage of the U.S. economy is on a path to grow indefinitely, with increased noninterest spending due to demographic changes such as increasing life expectancy, declining fertility, and decreased immigration and rising health care costs permanently outstripping revenues under projections based on current law. House Republican leaders have used this fact to call for spending cuts,3 but it does not address the true cause of rising debt: Tax cuts initially enacted during Republican trifectas in the past 25 years slashed taxes disproportionately for the wealthy and profitable corporations, severely reducing federal revenues. In fact, relative to earlier projections, spending is down, not up. But revenues are down significantly more. If not for the Bush tax cuts4 and their extensions5—as well as the Trump tax cuts6—revenues would be on track to keep pace with spending indefinitely, and the debt ratio (debt as a percentage of the economy) would be declining. Instead, these tax cuts have added $10 trillion to the debt since their enactment and are responsible for 57 percent of the increase in the debt ratio since 2001, and more than 90 percent of the increase in the debt ratio if the one-time costs of bills responding to COVID-19 and the Great Recession are excluded. Eventually, the tax cuts are projected to grow to more than 100 percent of the increase.

Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio

Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.

www.americanprogress.org

 

[bripat9643]

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP—a measure which fell to 16.5% despite a growing economy—and an annual deficit increase that essentially doubled from the previous year.

After record U.S. government spending in 2020 and 2021" due to programs related to the economic fallout from the Covid-19 crisis, the Washington Post reports, "the deficit dropped from close to $3 trillion to close to $1 trillion in 2022. But rather than continue to fall to its pre-pandemic levels, the deficit unexpectedly jumped this year to roughly $2 trillion."

While much of the reporting on the Treasury figures painted a picture of various and overlapping dynamics to explain the surge in the deficit—including higher payments on debt due to interest rates, tax filing waivers related to extreme weather events, the impact of a student loan forgiveness program that was later rescinded, or a dip in capital gains receipts—progressive tax experts say none of those complexities should act to shield what's at the heart of a budget that brings in less than it spends: tax giveaways to the rich.

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP — a measure which fell to 16.5% despite a growing economy — and an annual deficit increase that essentially doubled from the previous...

www.rawstory.com

View attachment 846804


WE DID THAT !!

$6 trillion of that is COVID spending, you fucking moron.

 

[Nostra]

Neither one of them did that.

Show the numbers. Post revenue taken in before and after the tax cuts, Simp.

You won’t, because you know you are lying.

 

[Manonthestreet]

Summary:
The Office of Management and Budget and the Department of the Treasury today released the fiscal year (FY) 2013 budget results, which show that we are continuing to make significant progress in reducing the deficit. The final 2013 deficit was $680 billion, $409 billion less than the 2012 deficit and $293 billion less than forecast in President Obama’s April Budget. As a percent of Gross Domestic Product (GDP), the deficit fell to 4.1 percent, representing a reduction of more than half from the deficit that the Administration inherited when the President took office in 2009. The deficit reduction since that point represents the fastest decline in the deficit over a sustained period since the end of World War II.

Deficit More Than Cut in Half Since 2009

The Office of Management and Budget and the Department of the Treasury today released the fiscal year (FY) 2013 budget results, which show that we are continuing to make significant progress in reducing the deficit. The final 2013 deficit was $680 billion, $409 billion less than the 2012 deficit...

obamawhitehouse.archives.gov

You telling me John Bohner reduced spending........Was that the Teabagger Congress.....0000ppps

 

[Nostra]

Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio

Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.

www.americanprogress.org

Americanprogress.org?

 

[bripat9643]

The need to increase the debt limit1 has focused attention on the size and trajectory of the federal debt. Long-term projections show2 that federal debt as a percentage of the U.S. economy is on a path to grow indefinitely, with increased noninterest spending due to demographic changes such as increasing life expectancy, declining fertility, and decreased immigration and rising health care costs permanently outstripping revenues under projections based on current law. House Republican leaders have used this fact to call for spending cuts,3 but it does not address the true cause of rising debt: Tax cuts initially enacted during Republican trifectas in the past 25 years slashed taxes disproportionately for the wealthy and profitable corporations, severely reducing federal revenues. In fact, relative to earlier projections, spending is down, not up. But revenues are down significantly more. If not for the Bush tax cuts4 and their extensions5—as well as the Trump tax cuts6—revenues would be on track to keep pace with spending indefinitely, and the debt ratio (debt as a percentage of the economy) would be declining. Instead, these tax cuts have added $10 trillion to the debt since their enactment and are responsible for 57 percent of the increase in the debt ratio since 2001, and more than 90 percent of the increase in the debt ratio if the one-time costs of bills responding to COVID-19 and the Great Recession are excluded. Eventually, the tax cuts are projected to grow to more than 100 percent of the increase.

Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio

Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.

www.americanprogress.org

CREW is a soros funded propaganda operation.

 

[leftwinger]

They engineered massive Inflation as a qick fix to raise revenue. Sales, Property tax etc. would increase at the rate of Inflation.

the clowns did not realize the cost of GOVT correlates to inflation also. Now they are stuck, beyond any hope of repair.

 

[leftwinger]

$6 trillion of that is COVID spending, you fucking moron.

Exactly. Not only was outsider Trump continually harrassed, distracted and given zero support. The Trump years were ~2 years total to try to get things straightened out

 

[The Duke]

Disingenuous OP is disingenuous. Completely disregards 8 years of Obama and 3 years of Obiden policies, cannot

and should not be taken seriously.

 

[ColonelAngus]

Its a TOO MUCH SPENDING PROBLEM.

Not a TOO LITTLE TAXES PROBLEM.

If the Fed stole $30 trillion from US citizens every year, they would spend $40 trillion.

 

[Meister]

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP—a measure which fell to 16.5% despite a growing economy—and an annual deficit increase that essentially doubled from the previous year.

After record U.S. government spending in 2020 and 2021" due to programs related to the economic fallout from the Covid-19 crisis, the Washington Post reports, "the deficit dropped from close to $3 trillion to close to $1 trillion in 2022. But rather than continue to fall to its pre-pandemic levels, the deficit unexpectedly jumped this year to roughly $2 trillion."

While much of the reporting on the Treasury figures painted a picture of various and overlapping dynamics to explain the surge in the deficit—including higher payments on debt due to interest rates, tax filing waivers related to extreme weather events, the impact of a student loan forgiveness program that was later rescinded, or a dip in capital gains receipts—progressive tax experts say none of those complexities should act to shield what's at the heart of a budget that brings in less than it spends: tax giveaways to the rich.

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP — a measure which fell to 16.5% despite a growing economy — and an annual deficit increase that essentially doubled from the previous...

www.rawstory.com

View attachment 846804


WE DID THAT !!

RawStory?????

 

[Markle]

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP—a measure which fell to 16.5% despite a growing economy—and an annual deficit increase that essentially doubled from the previous year.

After record U.S. government spending in 2020 and 2021" due to programs related to the economic fallout from the Covid-19 crisis, the Washington Post reports, "the deficit dropped from close to $3 trillion to close to $1 trillion in 2022. But rather than continue to fall to its pre-pandemic levels, the deficit unexpectedly jumped this year to roughly $2 trillion."

While much of the reporting on the Treasury figures painted a picture of various and overlapping dynamics to explain the surge in the deficit—including higher payments on debt due to interest rates, tax filing waivers related to extreme weather events, the impact of a student loan forgiveness program that was later rescinded, or a dip in capital gains receipts—progressive tax experts say none of those complexities should act to shield what's at the heart of a budget that brings in less than it spends: tax giveaways to the rich.

$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'

The U.S. Treasury Department on Friday released new figures related to the 2023 budget that showed a troubling drop in the nation's tax revenue compared to GDP — a measure which fell to 16.5% despite a growing economy — and an annual deficit increase that essentially doubled from the previous...

www.rawstory.com

View attachment 846804


WE DID THAT !!

Nowhere in your amusing article did the word COVID-19 appear. Your desperation is duly noted. Why are you so eager to post such nonsense?