Tax cuts for the wealthy = $1.9 trillion /College Debt is at $1.6 trillion = PREFERENTIAL TAX cuts are never paid back... neither are subsidies

[merrill]

Annual tax cuts $1.9 trillion for the wealthy cost taxpayers BIG BIG BIG bucks = Trillions College debt is 1.6 TRILLION

https://twitter.com › RBReich › status Twitterhttps://twitter.com › RBReich › status Mar 2, 2023 — Total student loandebt erased by Biden plan: $400 billion Total cost of the 2017 GOP tax cuts: $1.9 trillion Funny how Republicans have no
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Do Americans have 1.6 trillion dollars in student debt?Federal data shows 43 million Americans, around 20 percent of adults, have educational loans outstanding that add up to a total of $1.6 trillion.

Annually tax cuts for the wealthy cost the nation huge huge huge huge huge tax revenue losses yet too many cheer this tax dollar give away on like drunken sailors.

PREFERENTIAL TAX cuts are never paid back........

Neither are corporate subsidies ........... = corporate welfare

 

[merrill]

What's up with this BS?

 

[TNHarley]

PREFERENTIAL TAX cuts are never paid back

what does that even mean

 

[JGalt]

Annual tax cuts $1.9 trillion for the wealthy cost taxpayers BIG BIG BIG bucks = Trillions College debt is 1.6 TRILLION

https://twitter.com › RBReich › status Twitterhttps://twitter.com › RBReich › status Mar 2, 2023 — Total student loandebt erased by Biden plan: $400 billion Total cost of the 2017 GOP tax cuts: $1.9 trillion Funny how Republicans have no
============
Do Americans have 1.6 trillion dollars in student debt?Federal data shows 43 million Americans, around 20 percent of adults, have educational loans outstanding that add up to a total of $1.6 trillion.

Annually tax cuts for the wealthy cost the nation huge huge huge huge huge tax revenue losses yet too many cheer this tax dollar give away on like drunken sailors.

PREFERENTIAL TAX cuts are never paid back........

Neither are corporate subsidies ........... = corporate welfare

What's even funnier is how the Democrats and Biden haven't cancelled Trump tax cuts.

 

[DGS49]

Honestly, it is rather astounding that someone with the paper credentials of that Reich fellow embraces the fatuous ideas that (a) tax cuts cost the government money, and that (b) tax cuts do not affect peoples' economic behavior.

Both of these are so obviously false that one must wonder whether he is being honest, or just catering to economically-illiterate Leftists for political reasons.

NO TAX CUT IN HISTORY has been adopted in order to shrink government revenues, or because it was deemed that the government simply was taking in too much money. In each and every case, the tax cuts are intended to MODIFY THE ECONOMIC behavior or entrepreneurs, investors, and other high-earners, so that they do what's necessary to increase their taxable incomes and ultimately PAY MORE IN TAXES. Tax cuts are ALWAYS intended to increase government revenues, or at worst, to maintain them at then-current levels.

It is difficult to measure how this works out because other factors also impact the overall economy so that it's nearly impossible to say, "In year X the Feds took in $Y in FIT, and in Year X+1 (after the tax cuts were fully implemented), the Feds took in $? in FIT." But as a general proposition FIT revenues don't usually track with tax increases and cuts, and the highest earners pay pretty much the same percentage of their incomes regardless of the highest marginal tax rates. OTOH, it is generally accepted that the JFK tax cuts of '61 and the Reagan tax cuts both resulted in significant additional FIT revenues, which was promptly SPENT by Democrat congresses.

The very idea that a tax cut has cost the Feds $1.9T is so stupid that it should forever result in the person making that claim from ever being quoted on economic matters again. But Reich talks this nonsense year after year and the Media lap it up.

 

[JoeMoma]

It seems to be the viewpoint of some that money belongs to the government and the government simply allows people the use of the money.

 

[merrill]

What's even funnier is how the Democrats and Biden haven't cancelled Trump tax cuts.

That is anything but funny .........yes I do bitch to democrats about it

 

[merrill]

Elected officials do believe OUR MONEy is their MONEY = such a misperception .........

 

[leftwinger]

Money in the Private sector grows the GDP. Money into GOVT is mostly lost in overhead, faud & abuse.

 

[whitehall]

Biden's handlers knew it would never happen. The president doesn't have the independent authority to make promises like this or sell the Brooklyn Bridge for votes. It was a shameless political trick where selfish dumb assed kids would vote for the old fool and blame republicans if it didn't happen.