Senate Republicans Pass Massive Deficit Spending Bill

[g5000]

Federal Revenues Are Projected to Increase Significantly Over the Next Two Years and Remain Steady as a Share of GDP Thereafter

Tax Expenditures Have a Significant Effect on Total Revenues
The tax rules on which CBO’s projections are based include the tax rates that apply to different types of income; they also include an array of exclusions, deductions, preferential rates, and credits, which reduce revenues, for any given level of tax rates, in both the individual and corporate income tax systems. Some of those provisions are called tax expenditures because, like government spending programs, they provide financial assistance to particular activities, entities, or groups of people. The tax expenditures that have the largest effect on revenues are the following:

• The exclusion from workers’ taxable income of employers’ contributions for health care, health insurance premiums, and long-term-care insurance premiums;
• The exclusion of contributions to and earnings of pension funds (minus pension benefits that are included in taxable income);
• Preferential tax rates on dividends and long-term capital gains; and
• The deduction of interest that homeowners pay on mortgages for their residences.

Those and other tax expenditures have a major effect on the federal budget. On the basis of estimates prepared by the staff of the Joint Committee on Taxation, CBO expects that under current law, tax expenditures will total $1.4 trillion in 2014—or 8.2 percent of GDP—if their effects on social insurance taxes as well as on income taxes are included. That amount equals nearly half of all federal revenues projected for the year and exceeds projected spending on Social Security, defense, or Medicare

See how the far left drone contradicts their own posts with this one?

They believe that Obama was part of GOP.

Notice the date of 2014 in the far left drones post!

And I am sure this far left drone can post all the fiscal year budgets Obama signed into law.

Another far left drone fail thread/post!

TA-DAAAAAA!

Exactly! You pushed a far left agenda not based in reality, thinking Obama is part of the GOP..

See post 14, Koshbot.

 

[Kosh]

Federal Revenues Are Projected to Increase Significantly Over the Next Two Years and Remain Steady as a Share of GDP Thereafter

Tax Expenditures Have a Significant Effect on Total Revenues
The tax rules on which CBO’s projections are based include the tax rates that apply to different types of income; they also include an array of exclusions, deductions, preferential rates, and credits, which reduce revenues, for any given level of tax rates, in both the individual and corporate income tax systems. Some of those provisions are called tax expenditures because, like government spending programs, they provide financial assistance to particular activities, entities, or groups of people. The tax expenditures that have the largest effect on revenues are the following:

• The exclusion from workers’ taxable income of employers’ contributions for health care, health insurance premiums, and long-term-care insurance premiums;
• The exclusion of contributions to and earnings of pension funds (minus pension benefits that are included in taxable income);
• Preferential tax rates on dividends and long-term capital gains; and
• The deduction of interest that homeowners pay on mortgages for their residences.

Those and other tax expenditures have a major effect on the federal budget. On the basis of estimates prepared by the staff of the Joint Committee on Taxation, CBO expects that under current law, tax expenditures will total $1.4 trillion in 2014—or 8.2 percent of GDP—if their effects on social insurance taxes as well as on income taxes are included. That amount equals nearly half of all federal revenues projected for the year and exceeds projected spending on Social Security, defense, or Medicare

See how the far left drone contradicts their own posts with this one?

They believe that Obama was part of GOP.

Notice the date of 2014 in the far left drones post!

And I am sure this far left drone can post all the fiscal year budgets Obama signed into law.

Another far left drone fail thread/post!

TA-DAAAAAA!

Exactly! You pushed a far left agenda not based in reality, thinking Obama is part of the GOP..

See post 14, Koshbot.

See your own post I quoted far left drone!

Yet another far left dorne fail post, they can not back up their won comments! These drones do not operate inside reality.

"in 2014"

Who was president in 2014? How many fiscal year budgets did Obama sign into law?

 

[CrusaderFrank]

So, wait, we'd have a perfect, poverty free economy if only the government took 100% and allowed no tax expenditures just like in Venezuela and North Korea.

Righhhht

 

[usmbguest5318]

Analysis | The Finance 202: Now, the hard part: Writing a tax bill

The Senate budget also authorizes lawmakers to blow a gaping hole in the deficit, roughly twice the size of the 2009 stimulus package that 38 then-Senate Republicans opposed, despite earlier pledges to offset its cost. The House version prescribed a deficit-neutral approach, but House Republicans now are likely to accept the Senate plan in the interest of accelerating work on a tax overhaul.

Trump is very pleased we are making our debt even bigger.

Trump is very pleased we are making our debt even bigger.

What did he expect? Has he read the "numbers" on his own budget proposals? To the extent that any budget resembles his, there's going to be more massive deficit spending than ever before.

• Trump's slash-and-burn budget could hit his own political base the hardest
  
• How Trump's budget proposal could affect America's debt
  
• The Macroeconomic Consequences of Mr. Trump’s Economic Policies
  
• Analysis: Trump's plans would cause 'lengthy recession,' cost jobs
  
• Moody's Analytics Chief Mark Zandi Shares Thoughts on US Economy, Trump

 

[Votto]

Is there no end to the GOP hypocrisy. The debt is SUCH an issue, when obama was in office . Now , they don't give a flying F about it.

Listen, just because they voted under Obama to repeal Obamacare and then ran on repealing Obamacare and then failed to repeal Obamacare under Trump cuz he would sign it, in no way means they are hypocritical.

They are all just closet Dims, hence the massive spending.

 

[Kosh]

Analysis | The Finance 202: Now, the hard part: Writing a tax bill

The Senate budget also authorizes lawmakers to blow a gaping hole in the deficit, roughly twice the size of the 2009 stimulus package that 38 then-Senate Republicans opposed, despite earlier pledges to offset its cost. The House version prescribed a deficit-neutral approach, but House Republicans now are likely to accept the Senate plan in the interest of accelerating work on a tax overhaul.

Trump is very pleased we are making our debt even bigger.

Trump is very pleased we are making our debt even bigger.

What did he expect? Has he read the "numbers" on his own budget proposals? To the extent that any budget resembles his, there's going to be more massive deficit spending than ever before.

• Trump's slash-and-burn budget could hit his own political base the hardest
  
• How Trump's budget proposal could affect America's debt
  
• The Macroeconomic Consequences of Mr. Trump’s Economic Policies
  
• Analysis: Trump's plans would cause 'lengthy recession,' cost jobs
  
• Moody's Analytics Chief Mark Zandi Shares Thoughts on US Economy, Trump

More proof the far left will follow a narrative than post any fact directly from the bill to support their debunked religious narratives.

 

[ColonelAngus]

Seriously, I am VERY glad to see Progflakes concerned about deficit spending. It's about time.

What levels of FED spending reductions do they support?

Who are "THE RICH" and what is their "FAIR SHARE"?

 

[whitehall]

You almost gotta laugh that lefties never worry about deficit spending during democrat administrations. It's only an issue during republican administrations. You get another laugh that democrats predicted the collapse of the stock market if Trump was elected and now the DOW seems to hit record territory every week.

 

[radical right]

You almost gotta laugh that lefties never worry about deficit spending during democrat administrations. It's only an issue during republican administrations.

Clinton eliminated the deficit, and created a surplus for only the second time in modern history, the first being Eisenhower. And Obama cut the deficit by 60%.

On the other hand republicans doubled and tripled the national debt. and left bigger deficits than they inherited. while famously saying "deficits don't matter".

Why would democrats complain about democrats who cut deficits, where republicans don't complain about republicans that increase the deficits.

 

[Kosh]

You almost gotta laugh that lefties never worry about deficit spending during democrat administrations. It's only an issue during republican administrations.

Clinton eliminated the deficit, and created a surplus for only the second time in modern history, the first being Eisenhower. And Obama cut the deficit by 60%.

On the other hand republicans doubled and tripled the national debt. and left bigger deficits than they inherited. while famously saying "deficits don't matter".

Why would democrats complain about democrats who cut deficits, where republicans don't complain about republicans that increase the deficits.

See how the far left will run this debunked narrative over and over continuing to show they are not connected to reality.

What saved Clinton was the dot com boom and the fact there was a true Conservative Congress!

 

[radical right]

See how the far left will run this debunked narrative over and over continuing to show they are not connected to reality.

What saved Clinton was the dot com boom and the fact there was a true Conservative Congress!

Bull. Clinton had to shut down the government because he wanted his budget, over the republican budget. The Clinton budget is the one that reduced deficits.

 

[Kosh]

See how the far left will run this debunked narrative over and over continuing to show they are not connected to reality.

What saved Clinton was the dot com boom and the fact there was a true Conservative Congress!

Bull. Clinton had to shut down the government because he wanted his budget, over the republican budget. The Clinton budget is the one that reduced deficits.

See how the far left will rewrite history to try and prove their debunked religious narratives?

So Clinton slashed welfare, are you proud of that?

 

[radical right]

Bull. Clinton had to shut down the government because he wanted his budget, over the republican budget. The Clinton budget is the one that reduced deficits.

See how the far left will rewrite history to try and prove their debunked religious narratives?

So Clinton slashed welfare, are you proud of that?

Clinton created more jobs than Ronald Reagan. Balanced the federal budget, and reduced unemployment to record levels. Not bad while fighting impeachment.

 

[Kosh]

Bull. Clinton had to shut down the government because he wanted his budget, over the republican budget. The Clinton budget is the one that reduced deficits.

See how the far left will rewrite history to try and prove their debunked religious narratives?

So Clinton slashed welfare, are you proud of that?

Clinton created more jobs than Ronald Reagan. Balanced the federal budget, and reduced unemployment to record levels. Not bad while fighting impeachment.

See how the far left will continue their debunked narratives now matter how much they are debunked?

Time for you to prove all your posts with actual facts, let us see if you can!

 

[radical right]

See how the far left will continue their debunked narratives now matter how much they are debunked?

You haven't debunked anything. You haven't debunked Clinton balanced the federal budget, you haven't debunked Obama reduced the deficit by 60%

And you can't debunk the truth.

 

[radical right]

The Budget and Deficit Under Clinton - FactCheck.org

Q: During the Clinton administration was the federal budget balanced? Was the federal deficit erased?

A: Yes to both questions, whether you count Social Security or not.

 

[Doc1]

Lower tax rates could easily be paid for by eliminating tax expenditures.

But even pseudocons scream like welfare queens when THEIR government gifts are threatened.

So our politicians do what the people want. They give the people gifts, and massively borrow to pay for those gifts.

"Gimme gimme gimme, and make that guy over there pay for it."


We get the politicians we deserve.

DAMN that Government, how DARE them let anyone keep more of their own money. Dumbasses.

Oh, look. Here's one of the screaming welfare queens now! Right on cue.

I take particular enjoyment in exposing your stupidity concerning the wealth of others. Stupid people, like you, try and make the case that ALL monies, no matter who has earned it belongs to the Government.

No, dumb fucks like you think the money which higher tax rates steal from every tax payer belongs to you.

You're just too willfully stupid and ignorant to even know how the system works. You don't want to learn you are one of the looters.

You believe that ALL monies belong to the Government, don't lie.

 

[AntonToo]

I am glad OP would fully support a trillion budget cut in spending for 2019.

Applause for OP. He won't tolerate deficit spending.

Here is an idea - why don't you rightwinger "fiscal hawks!" first deliver a fucking balanced budget you give so much lip service to and only THEN tax-cut?

Because you are full of shit, that's why.

 

[danielpalos]

Analysis | The Finance 202: Now, the hard part: Writing a tax bill

The Senate budget also authorizes lawmakers to blow a gaping hole in the deficit, roughly twice the size of the 2009 stimulus package that 38 then-Senate Republicans opposed, despite earlier pledges to offset its cost. The House version prescribed a deficit-neutral approach, but House Republicans now are likely to accept the Senate plan in the interest of accelerating work on a tax overhaul.

Trump is very pleased we are making our debt even bigger.

Tax cuts mean real times of Peace not real times of War. Why is the Military getting more money instead of more money for social services?

 

[PoliticalChic]

So, wait, we'd have a perfect, poverty free economy if only the government took 100% and allowed no tax expenditures just like in Venezuela and North Korea.

Righhhht

That was the plan....

"Like Father, Like Son – Obama’s Father: Government 100% Taxation of Income OK"
Like Father, Like Son – Obama’s Father: Government 100% Taxation of Income OK