Billionaires are $2.2 Trillion Richer Since 2017 Trump Tax Giveaway

[Cellblock2429]

That didn't happen did it? The debt continued to grow and grow and grow.

/---/ Well DUHHH, Captain Obvious. Let's see where we get with DOGE.

 

[pknopp]

/---/ Well DUHHH, Captain Obvious. Let's see where we get with DOGE.

Irrelevant to the fact that we acted in a irresponsible manner in cutting taxes and then spending, spending, spending.

 

[Cellblock2429]

The simple logic of the cult.

Hell, you've already been given a primer, do you need your nose rubbed in it too?


With the renewal of Trump’s signature tax cuts looming, Bessnet would be a key ally in pushing for a new 10-year lease on the fiscal plan. Should that renewal take place, it would cost the federal government some $4 trillion in income over the next decade. Republicans like Bessent have claimed that the economic growth the tax cuts would encourage will offset such losses, but that was not how things played out during Trump’s first term.

Instead, the Tax Cuts and Jobs Act contributed significantly to the deficit, all while funneling heaps of cash to the country’s financial elite. And with potential cuts to social spending on the horizon, such deficit encouragement could potentially be used to justify austerity.

/-----/ "Instead, the Tax Cuts and Jobs Act contributed significantly to the deficit, "
You guys have been peddling that lie since Reagan cut taxes.

The truth is, the Trump tax cuts resulted in economic growth that was a full percentage point above CBO’s forecast, and federal revenues far outpaced the agency’s predictions. In fact, under Trump tax policies in 2022, tax revenues reached a record high of nearly $5 trillion, and revenues averaged $205 billion above CBO predictions for the four years following implementation of the law.

Despite CBO’s Predictions, Trump Tax Cuts Were a Boon for America’s Economy and Working Families | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

 

[Cellblock2429]

Irrelevant to the fact that we acted in a irresponsible manner in cutting taxes and then spending, spending, spending.

/----/ I hope you took the high road and returned your tax cut to the Treasury. Out of principal of course.
The truth is, the Trump tax cuts resulted in economic growth that was a full percentage point above CBO’s forecast, and federal revenues far outpaced the agency’s predictions. In fact, under Trump tax policies in 2022, tax revenues reached a record high of nearly $5 trillion, and revenues averaged $205 billion above CBO predictions for the four years following implementation of the law.

Despite CBO’s Predictions, Trump Tax Cuts Were a Boon for America’s Economy and Working Families | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

 

[pknopp]

/----/ I hope you took the high road and returned your tax cut to the Treasury. Out of principal of course.
The truth is, the Trump tax cuts resulted in economic growth that was a full percentage point above CBO’s forecast, and federal revenues far outpaced the agency’s predictions. In fact, under Trump tax policies in 2022, tax revenues reached a record high of nearly $5 trillion, and revenues averaged $205 billion above CBO predictions for the four years following implementation of the law.

Despite CBO’s Predictions, Trump Tax Cuts Were a Boon for America’s Economy and Working Families | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

7.8 trillion in new debt.

 

[pknopp]

/-----/ "Instead, the Tax Cuts and Jobs Act contributed significantly to the deficit, "
You guys have been peddling that lie since Reagan cut taxes.

The truth is, the Trump tax cuts resulted in economic growth that was a full percentage point above CBO’s forecast, and federal revenues far outpaced the agency’s predictions. In fact, under Trump tax policies in 2022, tax revenues reached a record high of nearly $5 trillion, and revenues averaged $205 billion above CBO predictions for the four years following implementation of the law.

Despite CBO’s Predictions, Trump Tax Cuts Were a Boon for America’s Economy and Working Families | The U.S. House Committee on the Budget - House Budget Committee

The Official U.S. Congressional website of The Republican Budget Committee

budget.house.gov

The "growth" was spurred by the Federal Reserve who continued to pump billions and billions which led to the inflation we underwent.

 

[wamose]

And the debt continued to grow and grow and grow.

Pay attention. This thread makes Trump's tax cut out to be a giveaway for the super rich. My point is that it was a big tax cut for the middle class as well. The debt grows because of idiotic spending, like the 50+ million dollars spent on the bogus investigations against Trump. Watch DOGE and learn.

 

[pknopp]

Pay attention. This thread makes Trump's tax cut out to be a giveaway for the super rich. My point is that it was a big tax cut for the middle class as well. The debt grows because of idiotic spending, like the 50+ million dollars spent on the bogus investigations against Trump. Watch DOGE and learn.

I was told the same thing in 2016. What did I learn?

 

[Captain Caveman]

Of course, in another '**** You' choice, Trump picks billionaire Hedge Fund CEO Scott Bessnet to head the Treasury Dept.

Prepare for another Trump giveaway to the Elon Musk's of America, while poor white trash cheer themselves hoarse in favor of more tax cuts for the wealthiest people on earth.


View attachment 1046580


As markets opened this Monday with an uptick in stock and bond trading, Wall Street appeared excited over the prospect of President-elect Donald Trump’s recent selection for treasury secretary: Hedge fund CEO Scott Bessnet.

Bessnet, a billionaire who provided both economic advice and substantial financial contributions to Trump’s campaign, is divergent from some of the president-elect’s other loyalty-based selections in that he’s a traditional insider. Indeed, notable MAGA toadie Elon Musk derided the selection of Bessent as a “business-as-usual choice.”

But the potential treasury secretary is very much in line with Trump’s economic philosophy . According to The New York Times, Bessnet won a “knife fight” to get the Treasury nod by pitching Trump on a so-called “3-3-3” economic approach: cutting the deficit by 3%, increasing GDP growth by 3% and incentivizing oil production to reach 3 million barrels per day.

Bessent is also one of the strongest proponents of reviving Trump’s 2017 tax cuts, which enriched the country’s billionaires by some $2.2 trillion.

Trump treasury pick signals new giveaways to the 1%

And despite speculation, former Michigan Congressman Mike Rogers is out as potential head of FBI. As markets opened this Monday with an uptick in stock and bond trading, Wall Street appeared excited over the prospect of President-elect Donald Trump’s recent selection for treasury secretary...

thelede.heartlandsignal.com

Billionaires Are $2.2 Trillion Richer Since 2017 Trump-GOP Tax Law - Americans For Tax Fairness

Richest 748 Americans’ Wealth Up 77% Since Cuts Passed, Tops $5 Trillion; Debt Caused by Trump Tax Cuts Now Used By GOP As Excuse to Cut Services The collective fortune of America’s 748 billionaires topped $5 trillion in September 2023, a near record high, and up an astounding $2.2 trillion...

americansfortaxfairness.org

They're billionaires because many, like you, purchase their goods and services. If you don't like them, stop funding them.

 

[TNHarley]

Lets not forget about the biggest transfer of wealth in human history because statists felt like shutting down businesses.
Almost a thirty percent increase in wealth for billionaires. THIRTY PERCENT.
"but muh tax cuts, letting people keep the fruits of their labor DDDDDDUUUUUUURRRRRRRRRRRR"

 

[pknopp]

Lets not forget about the biggest transfer of wealth in human history because statists felt like shutting down businesses.
Almost a thirty percent increase in wealth for billionaires. THIRTY PERCENT.
"but muh tax cuts, letting people keep the fruits of their labor DDDDDDUUUUUUURRRRRRRRRRRR"

All the "free" money and the pumping of billions. All of which helped (along with previous "free" money) that led to the inflation.

But "Statists"? Almost everyone was behind all of this.

 

[TNHarley]

But "Statists"? Almost everyone was behind all of this.

yep, what does that tell you?

 

[pknopp]

yep, what does that tell you?

It's little more than one big failed enterprise running things despite the gnashing of teeth concerning "change".

 

[Toddsterpatriot]

And the debt continued to grow and grow and grow.

Biden added more debt than Trump.
Why was Biden so awful?

 

[Toddsterpatriot]

That didn't happen did it? The debt continued to grow and grow and grow.

Biden did not cut spending.
Why was Biden so awful?

 

[pknopp]

Biden added more debt than Trump.
Why was Biden so awful?

Because he was. See, I'm not trying to mindlessly defend Biden. I condemned ever one of his unpaid for programs.

Why do you feel obligated to cover for Trump's failure with the debt?

 

[Toddsterpatriot]

Because he was. See, I'm not trying to mindlessly defend Biden. I condemned ever one of his unpaid for programs.

Why do you feel obligated to cover for Trump's failure with the debt?

The China Red Death was awful!

 

[pknopp]

The China Red Death was awful!

Always with the excuses for the cult members.

 

[dudmuck]

Lets not forget about the biggest transfer of wealth in human history because statists felt like shutting down businesses.
Almost a thirty percent increase in wealth for billionaires. THIRTY PERCENT.
"but muh tax cuts, letting people keep the fruits of their labor DDDDDDUUUUUUURRRRRRRRRRRR"

 

[Toddsterpatriot]

Supply-side economics works every time it's tried.