CBO projects deficits will sharply rise if Trump tax cuts made permanent

[C_Clayton_Jones]

“New projections from Congress’s official legislative scorer show deficit levels will explode if the Trump tax cuts are made permanent and not simply extended. In response to an inquiry from House Ways and Means Committee member David Schweikert (R-Ariz.), the Congressional Budget Office (CBO) found Friday that keeping the 2017 tax cuts in place and holding other budgetary policies steady would cause debt levels to reach 214 percent of gross domestic product (GDP) in 2054.”

https://thehill.com/homenews/5207985-trump-tax-cuts-debt-projections/

More debt and deficit from Trump and Republicans.

 

[Nuthin' Fancy]

“New projections from Congress’s official legislative scorer show deficit levels will explode if the Trump tax cuts are made permanent and not simply extended. In response to an inquiry from House Ways and Means Committee member David Schweikert (R-Ariz.), the Congressional Budget Office (CBO) found Friday that keeping the 2017 tax cuts in place and holding other budgetary policies steady would cause debt levels to reach 214 percent of gross domestic product (GDP) in 2054.”

https://thehill.com/homenews/5207985-trump-tax-cuts-debt-projections/

More debt and deficit from Trump and Republicans.

Well, that settles it.
Muskrat and his VP will just get have to get rid of the CBO.

 

[Harry Dresden]

3 within an hour jones?...this is going to be fun watching you go nuts....lol....

 

[j-mac]

More fear mongering from the left

 

[Polishprince]

Not if Secretary Musk is able to implement the government efficiency that the High Tax Dems are opposing with every fiber of their beings.

 

[1srelluc]

If the 2017 Trump tax cuts are not extended, those same families will see another massive tax increase. In fact, the average American taxpayer will see a 22 percent increase in their tax burden. For a family of four making just over 80,000, that’s an additional $1,695 that will be taken out of their paycheck....

American Taxpayers Targeted with 22 Percent Tax Hike if Trump Tax Cuts Expire – Ways and Means

waysandmeans.house.gov

Since that article was written it's climbed to almost 2K. I don't know of many people of sound mind that want to give the feds another 2K a year for them to waste.

The dems have been found out about how they grifted our money away and sane America wants no part of it.

 

[kyzr]

If the 2017 Trump tax cuts are not extended, those same families will see another massive tax increase. In fact, the average American taxpayer will see a 22 percent increase in their tax burden. For a family of four making just over 80,000, that’s an additional $1,695 that will be taken out of their paycheck....
Since that article was written it's climbed to almost 2K. I don't know of many people of sound mind that want to give the feds another 2K a year for them to waste.
The dems have been found out about how they grifted our money away and sane America wants no part of it.

Extending the tax cuts basically gives the top rate a 2% cut with the rest of us keeping a 1% tax cut.

They should just extend a 1% tax cut for everyone. That raises needed revenue without punishing anyone.

 

[1srelluc]

Extending the tax cuts basically gives the top rate a 2% cut with the rest of us keeping a 1% tax cut.

They should just extend a 1% tax cut for everyone. That raises needed revenue without punishing anyone.

I really don't care how it's parceled-out as long as I don't see an increase.

 

[Independent thinker]

“New projections from Congress’s official legislative scorer show deficit levels will explode if the Trump tax cuts are made permanent and not simply extended. In response to an inquiry from House Ways and Means Committee member David Schweikert (R-Ariz.), the Congressional Budget Office (CBO) found Friday that keeping the 2017 tax cuts in place and holding other budgetary policies steady would cause debt levels to reach 214 percent of gross domestic product (GDP) in 2054.”

https://thehill.com/homenews/5207985-trump-tax-cuts-debt-projections/

More debt and deficit from Trump and Republicans.

These same tax laws have been in place eight years.

 

[elektra]

Not taking my money is bad?
The deficit rose dramatically after democrats raised taxes, now they claim lowering taxes raises the deficit?

Giving me money back makes my life easier

 

[jwoodie]

“New projections from Congress’s official legislative scorer show deficit levels will explode if the Trump tax cuts are made permanent and not simply extended. In response to an inquiry from House Ways and Means Committee member David Schweikert (R-Ariz.), the Congressional Budget Office (CBO) found Friday that keeping the 2017 tax cuts in place and holding other budgetary policies steady would cause debt levels to reach 214 percent of gross domestic product (GDP) in 2054.”

https://thehill.com/homenews/5207985-trump-tax-cuts-debt-projections/

More debt and deficit from Trump and Republicans.

Static analysis from static minds.

 

[LeftofLeft]

“New projections from Congress’s official legislative scorer show deficit levels will explode if the Trump tax cuts are made permanent and not simply extended. In response to an inquiry from House Ways and Means Committee member David Schweikert (R-Ariz.), the Congressional Budget Office (CBO) found Friday that keeping the 2017 tax cuts in place and holding other budgetary policies steady would cause debt levels to reach 214 percent of gross domestic product (GDP) in 2054.”

https://thehill.com/homenews/5207985-trump-tax-cuts-debt-projections/

More debt and deficit from Trump and Republicans.

How about cutting spending?

 

[kyzr]

How about cutting spending?

...and eliminating "waste, fraud, and theft'.

 

[Winston]

Extending the tax cuts basically gives the top rate a 2% cut with the rest of us keeping a 1% tax cut.

They should just extend a 1% tax cut for everyone. That raises needed revenue without punishing anyone.

Your numbers are laughable.

• 12% bracket returns to 15%
• 22% bracket returns to 25%
• 24% bracket returns to 28%
• 37% bracket returns to 39.6%

Those with the lowest income get hit with a 25% tax increase. Those in the highest bracket get a 7% increase.

 

[kyzr]

Your numbers are laughable.

• 12% bracket returns to 15%
• 22% bracket returns to 25%
• 24% bracket returns to 28%
• 37% bracket returns to 39.6%

Those with the lowest income get hit with a 25% tax increase. Those in the highest bracket get a 7% increase.

Extending the same tax rates we have now has no tax increase.
If the tax cuts are NOT extended then we get the tax increases you show.

Some republicans want to increase the top rate from 37% to 40% to pay for the no tax on tips and no tax on OT and no tax on SS, and the wealthy 1% are screaming like stuck pigs.

 

[Cellblock2429]

“New projections from Congress’s official legislative scorer show deficit levels will explode if the Trump tax cuts are made permanent and not simply extended. In response to an inquiry from House Ways and Means Committee member David Schweikert (R-Ariz.), the Congressional Budget Office (CBO) found Friday that keeping the 2017 tax cuts in place and holding other budgetary policies steady would cause debt levels to reach 214 percent of gross domestic product (GDP) in 2054.”

https://thehill.com/homenews/5207985-trump-tax-cuts-debt-projections/

More debt and deficit from Trump and Republicans.

/----/ The CBO is based on static revenue. In reality, it is dynamic. Tax cuts increase revenue to the Treasury, as has been proven repeatedly.

 

[Winston]

NoTax cuts increase revenue to the Treasury, as has been proven repeatedly.

Wrong, at current rates, it is a pipe dream. It is called the Laffer curve. It is a fuckin curve. And hard as it is, I will give Laffer due credit.

To correct you, it happened once, under Kennedy, when the highest marginal tax rate was north of 60%. Reagan's, they tanked the budget, everyone remembers the tax cuts, the tax increases that followed, well not so much.

Again, it is a curve, yes, on the right-hand side, where marginal tax rates are high, cutting those rates can generate more revenue. But, on the other hand, on the left side of that curve tax cuts will result in lower revenue. It is ludicrous to argue we are on the right side of that curve with marginal tax rates as low as they are now.

 

[Cellblock2429]

Wrong, at current rates, it is a pipe dream. It is called the Laffer curve. It is a fuckin curve. And hard as it is, I will give Laffer due credit.

To correct you, it happened once, under Kennedy, when the highest marginal tax rate was north of 60%. Reagan's, they tanked the budget, everyone remembers the tax cuts, the tax increases that followed, well not so much.

Again, it is a curve, yes, on the right-hand side, where marginal tax rates are high, cutting those rates can generate more revenue. But, on the other hand, on the left side of that curve tax cuts will result in lower revenue. It is ludicrous to argue we are on the right side of that curve with marginal tax rates as low as they are now.

/—-/ Of course there is a point of no return you doofus. All you want is tax hikes which hurts working Americans and the poor.