Feds foresee $30 trillion debt, blame looming tax hikes and Obamacare

[NightFox]

Obama signed 82% of the Bush tax CUTS into law ..


cuts/hikes = same thing

No such thing as tax CUTS in Washington, a tax cut requires commensurate reductions in spending, what Bush and Obama did were tax SHIFTS since all that deficit spending will still need to be paid (with interest) the taxes required to pay for them were shifted into the future (i.e. after the douche bags are out of office).

 

[g5000]

From the CBO report:

The 2016 deficit that CBO currently projects is $130 billion higher than the one that the agency projected in August 2015. That increase is largely attributable to legislation enacted since August—in particular, the retroactive extension of a number of provisions that reduce corporate and individual income taxes.

They blame tax cuts.

 

[g5000]

More from the report:

Finally, technical estimating changes that CBO has made since August have increased the agency’s projection of the cumulative deficit over the 2016–2025 period by $363 billion, largely by increasing projected outlays. The most significant adjustments to outlays involve Medicaid and veterans’ benefits. CBO boosted its projections of federal outlays for Medicaid to reflect higher-than-expected spending and enrollment for newly eligible beneficiaries under the Affordable Care Act. Also, on the basis of recent trends in the size of the eligible population and in average benefit payments, CBO now projects that spending for veterans’ disability compensation will increase substantially.

Higher than expected enrollment, not lower.

 

[bendog]

Wow, they cut the obamacare taxes and there's more enrollment ... and there's less paid for with real money.

But, it's an example of if we're gonna have a govt mandated / run program, we need funding stream the pols can't mess with. Single payer would be the same. Tax credits for individuals ... the same. Even tax breaks for employers covering insurance ... the same.

 

[g5000]

I blame tax expenditures. I really do. They have increased at the average rate of one new tax expenditure a day for well over a decade.

They now add up to $1.2 trillion a year.

Nothing else even approaches that. Welfare is literally HALF that amount.

And just like Obamaphones, they are paid for out of your pockets through higher tax rates, and by heavily borrowing from the UK, Japan, China, and a host of other nations.

 

[NightFox]

More from the report:

Finally, technical estimating changes that CBO has made since August have increased the agency’s projection of the cumulative deficit over the 2016–2025 period by $363 billion, largely by increasing projected outlays. The most significant adjustments to outlays involve Medicaid and veterans’ benefits. CBO boosted its projections of federal outlays for Medicaid to reflect higher-than-expected spending and enrollment for newly eligible beneficiaries under the Affordable Care Act. Also, on the basis of recent trends in the size of the eligible population and in average benefit payments, CBO now projects that spending for veterans’ disability compensation will increase substantially.

Higher than expected enrollment, not lower.

Higher than expected enrollment for MEDICAID due to the MEDICAID expansion under the ACA, it's amazing that people tend to come running when you offer stuff paid for with other peoples money, huh?

 

[g5000]

More from the report:

Finally, technical estimating changes that CBO has made since August have increased the agency’s projection of the cumulative deficit over the 2016–2025 period by $363 billion, largely by increasing projected outlays. The most significant adjustments to outlays involve Medicaid and veterans’ benefits. CBO boosted its projections of federal outlays for Medicaid to reflect higher-than-expected spending and enrollment for newly eligible beneficiaries under the Affordable Care Act. Also, on the basis of recent trends in the size of the eligible population and in average benefit payments, CBO now projects that spending for veterans’ disability compensation will increase substantially.

Higher than expected enrollment, not lower.

Higher than expected enrollment for MEDICAID due to the MEDICAID expansion under the ACA, it's amazing that people tend to come running when you offer stuff paid for with other peoples money, huh?

Do you have a mortgage? Do you take the mortgage interest deduction? Then you come running for other people's money, too.

 

[bendog]

I blame tax expenditures. I really do. They have increased at the average rate of one new tax expenditure a day for well over a decade.

They now add up to $1.2 trillion a year.

Nothing else even approaches that. Welfare is literally HALF that amount.

And just like Obamaphones, they are paid for out of your pockets through higher tax rates, and by heavily borrowing from the UK, Japan, China, and a host of other nations.

Exactly. And that's an Obamacare tax credit.

But, the OP fails to put the fault where it lies, at least with Obamacare itself. The actual Obamacare taxes, and cost reductions on medical providers, would be beneficial in terms of deficts over the years ... if pols left them alone.

But, sure, we have trillions of unfunded tax giveaways.

 

[tyroneweaver]

Feds foresee $30 trillion debt, blame looming tax hikes and Obamacare
he federal government will be flirting with $30 trillion in debt within a decade, the Congressional Budget Office reported Monday, blaming an aging population, new spending and tax cuts approved on Capitol Hill, and the growing burden from Obamacare for erasing the progress Washington had made over the past few years.
Analysts said Obamacare will chase more workers out of the labor force over the next five years, adding pressure to an economy still struggling to spring to life more than seven years into the Obama recovery.
The Affordable Care Act itself is still struggling to attract a customer base, the CBO said, lowering its estimate for the number of people who will sign up for the exchanges from 21 million to 13 million — a drop of nearly 40 percent in projections. Customers collecting taxpayer subsidies this year will be 11 million, down from the 15 million the CBO projected a year ago.

Warning: Feds now foresee $30 trillion debt, blame looming tax hikes and Obamacare

Thank you Mr. Obama.

Your links go around in circles. Show the actual data from the CBO, if you know how and if you dare.

so you don't think in the near future 100% of taxes will go to entitlements

 

[g5000]

I'm so tired of everyone blaming scapegoats for the debt. If you want to know who the real culprit is, look in the mirror.

EVERYONE has their hand out.

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

And when everything goes to shit, who do we blame? That guy over there! (*facepalm*)

 

[Arianrhod]

Feds foresee $30 trillion debt, blame looming tax hikes and Obamacare
he federal government will be flirting with $30 trillion in debt within a decade, the Congressional Budget Office reported Monday, blaming an aging population, new spending and tax cuts approved on Capitol Hill, and the growing burden from Obamacare for erasing the progress Washington had made over the past few years.
Analysts said Obamacare will chase more workers out of the labor force over the next five years, adding pressure to an economy still struggling to spring to life more than seven years into the Obama recovery.
The Affordable Care Act itself is still struggling to attract a customer base, the CBO said, lowering its estimate for the number of people who will sign up for the exchanges from 21 million to 13 million — a drop of nearly 40 percent in projections. Customers collecting taxpayer subsidies this year will be 11 million, down from the 15 million the CBO projected a year ago.

Warning: Feds now foresee $30 trillion debt, blame looming tax hikes and Obamacare

Thank you Mr. Obama.

Your links go around in circles. Show the actual data from the CBO, if you know how and if you dare.

so you don't think in the near future 100% of taxes will go to entitlements

Do the math and show us how that would work.

 

[NightFox]

More from the report:

Finally, technical estimating changes that CBO has made since August have increased the agency’s projection of the cumulative deficit over the 2016–2025 period by $363 billion, largely by increasing projected outlays. The most significant adjustments to outlays involve Medicaid and veterans’ benefits. CBO boosted its projections of federal outlays for Medicaid to reflect higher-than-expected spending and enrollment for newly eligible beneficiaries under the Affordable Care Act. Also, on the basis of recent trends in the size of the eligible population and in average benefit payments, CBO now projects that spending for veterans’ disability compensation will increase substantially.

Higher than expected enrollment, not lower.

Higher than expected enrollment for MEDICAID due to the MEDICAID expansion under the ACA, it's amazing that people tend to come running when you offer stuff paid for with other peoples money, huh?

Do you have a mortgage? Do you take the mortgage interest deduction? Then you come running for other people's money, too.

How do you figure that ? a deduction just means I get to keep more of the money I EARNED in other words it's MY ******* MONEY not the governments, Medicaid recipients are getting something that is paid for with OTHERS PEOPLES MONEY.

I already WAY overpay for the services I receive from the federal government, it's a shitty value proposition that I would not accept if I had any choice in the matter.

 

[g5000]

More from the report:

Finally, technical estimating changes that CBO has made since August have increased the agency’s projection of the cumulative deficit over the 2016–2025 period by $363 billion, largely by increasing projected outlays. The most significant adjustments to outlays involve Medicaid and veterans’ benefits. CBO boosted its projections of federal outlays for Medicaid to reflect higher-than-expected spending and enrollment for newly eligible beneficiaries under the Affordable Care Act. Also, on the basis of recent trends in the size of the eligible population and in average benefit payments, CBO now projects that spending for veterans’ disability compensation will increase substantially.

Higher than expected enrollment, not lower.

Higher than expected enrollment for MEDICAID due to the MEDICAID expansion under the ACA, it's amazing that people tend to come running when you offer stuff paid for with other peoples money, huh?

Do you have a mortgage? Do you take the mortgage interest deduction? Then you come running for other people's money, too.

How do you figure that ? a deduction just means I get to keep more of the money I EARNED in other words it's MY ******* MONEY not the governments

This is a lie you have been trained to believe. I can understand how you think a deduction is "I get to keep my money", but that is a gigantic delusion you have been fooled into believing.

I thought your support of Johnson for President meant you were a Libertarian. Every Libertarian understands the scam of tax expenditures and that they need to be abolished. At least the well-informed ones do. Ted Cruz does. So does Rand Paul.

Those deductions, credits, and exemptions you love come at an expense. To pay for them, we all have to pay higher tax rates to make up for the loss of revenue from "giving back money" to you. It's a government gift that is paid for by everyone else. Just like an Obamaphone. So your "deduction" comes at the cost of you paying a higher tax rate, and everyone else paying a higher tax rate.

Even worse, your home mortgage deduction is rolled into the cost of your house. Your house costs more because of the deduction.

And you are paying a higher tax rate.

So your "deduction" is more than cancelled out by higher tax rates and by higher home prices.

You now have to ask yourself who is actually benefiting. Who is actually getting more of YOUR money?

Well, who profits from higher home prices?

Bankers, home builders, and realtors. That's who. That's why they spend $110 million a year on lobbying and campaign donations. They get an $80 billion return on their investment.

You aren't getting to keep more of your money. More of your money is being redistributed from your pocket to the pockets up the food chain. Bankers.

Not kidding. This is a Libertarian thing. Ask around.

 

[g5000]

One widely cited 1996 study by Dennis Capozza, Richard Green, and Patric Hendershott estimated that eliminating the mortgage interest and property tax deductions would reduce housing prices in the short term by an average of 13 percent nationwide, with regional changes ranging from 8 to 27 percent.


http://www.taxpolicycenter.org/UploadedPDF/412776-How-Would-Reforming-the-Mortgage-Interest-Deduction-Affect-the-Housing-Market.pdf

 

[NightFox]

More from the report:

Finally, technical estimating changes that CBO has made since August have increased the agency’s projection of the cumulative deficit over the 2016–2025 period by $363 billion, largely by increasing projected outlays. The most significant adjustments to outlays involve Medicaid and veterans’ benefits. CBO boosted its projections of federal outlays for Medicaid to reflect higher-than-expected spending and enrollment for newly eligible beneficiaries under the Affordable Care Act. Also, on the basis of recent trends in the size of the eligible population and in average benefit payments, CBO now projects that spending for veterans’ disability compensation will increase substantially.

Higher than expected enrollment, not lower.

Higher than expected enrollment for MEDICAID due to the MEDICAID expansion under the ACA, it's amazing that people tend to come running when you offer stuff paid for with other peoples money, huh?

Do you have a mortgage? Do you take the mortgage interest deduction? Then you come running for other people's money, too.

How do you figure that ? a deduction just means I get to keep more of the money I EARNED in other words it's MY ******* MONEY not the governments

This is a lie you have been trained to believe. I can understand how you think a deduction is "I get to keep my money", but that is a gigantic delusion you have been fooled into believing.

I thought your support of Johnson for President meant you were a Libertarian. Every Libertarian understands the scam of tax expenditures and that they need to be abolished. At least the well-informed ones do. Ted Cruz does. So does Rand Paul.

Those deductions, credits, and exemptions you love come at an expense. To pay for them, we all have to pay higher tax rates to make up for the loss of revenue from "giving back money" to you. It's a government gift that is paid for by everyone else. Just like an Obamaphone. So your "deduction" comes at the cost of you paying a higher tax rate, and everyone else paying a higher tax rate.

Even worse, your home mortgage deduction is rolled into the cost of your house. Your house costs more because of the deduction.

And you are paying a higher tax rate.

So your "deduction" is more than cancelled out by higher tax rates and by higher home prices.

You now have to ask yourself who is actually benefiting. Who is actually getting more of YOUR money?

Well, who profits from higher home prices?

Bankers, home builders, and realtors. That's who. That's why they spend $110 million a year on lobbying and campaign donations. They get an $80 billion return on their investment.

You aren't getting to keep more of your money. More of your money is being redistributed from your pocket to the pockets up the food chain. Bankers.

Not kidding. This is a Libertarian thing. Ask around.

You're attempting to create a strawman argument here (sprinkled with a whole lot of spurious rhetoric designed to cover it up), I didn't advocate for mortgage deductions, I just swatted down your fallacy that my taking a mortgage deduction was me "running for others peoples money", which is poppycock, as a libertarian I understand property rights (which it would appear that you do not) and those property rights indicate that since my labor was used to produce my income that money belongs to ME and nobody else, what the government takes from me by force is not self justifying, there is no value proposition offered that I can accept or decline so it's the same thing as THEFT.

 

[bendog]

More from the report:

Finally, technical estimating changes that CBO has made since August have increased the agency’s projection of the cumulative deficit over the 2016–2025 period by $363 billion, largely by increasing projected outlays. The most significant adjustments to outlays involve Medicaid and veterans’ benefits. CBO boosted its projections of federal outlays for Medicaid to reflect higher-than-expected spending and enrollment for newly eligible beneficiaries under the Affordable Care Act. Also, on the basis of recent trends in the size of the eligible population and in average benefit payments, CBO now projects that spending for veterans’ disability compensation will increase substantially.

Higher than expected enrollment, not lower.

Higher than expected enrollment for MEDICAID due to the MEDICAID expansion under the ACA, it's amazing that people tend to come running when you offer stuff paid for with other peoples money, huh?

Do you have a mortgage? Do you take the mortgage interest deduction? Then you come running for other people's money, too.

How do you figure that ? a deduction just means I get to keep more of the money I EARNED in other words it's MY ******* MONEY not the governments, Medicaid recipients are getting something that is paid for with OTHERS PEOPLES MONEY.

I already WAY overpay for the services I receive from the federal government, it's a shitty value proposition that I would not accept if I had any choice in the matter.

Without the tax gimmicks, our rates could be lower. And, what G5000 said is generally true. The more a price is set for any good or service on JUST the actual cost to produce it, the cheaper it is. But, there are some costs we put on markets because we think, overall, there's a benefit. Clean air and water being maybe the two most proven beneficial. Workers Compensation Insurance raises the costs of stuff we buy. But the mortgage deduction is intended, plainly and simply, to increase the cost/value of owning a home. Is it worth the added cost just to have people own homes? Especially in our economy where people move more and more often to get jobs?

 

[tyroneweaver]

Feds foresee $30 trillion debt, blame looming tax hikes and Obamacare
he federal government will be flirting with $30 trillion in debt within a decade, the Congressional Budget Office reported Monday, blaming an aging population, new spending and tax cuts approved on Capitol Hill, and the growing burden from Obamacare for erasing the progress Washington had made over the past few years.
Analysts said Obamacare will chase more workers out of the labor force over the next five years, adding pressure to an economy still struggling to spring to life more than seven years into the Obama recovery.
The Affordable Care Act itself is still struggling to attract a customer base, the CBO said, lowering its estimate for the number of people who will sign up for the exchanges from 21 million to 13 million — a drop of nearly 40 percent in projections. Customers collecting taxpayer subsidies this year will be 11 million, down from the 15 million the CBO projected a year ago.

Warning: Feds now foresee $30 trillion debt, blame looming tax hikes and Obamacare

Thank you Mr. Obama.

Your links go around in circles. Show the actual data from the CBO, if you know how and if you dare.

so you don't think in the near future 100% of taxes will go to entitlements

Do the math and show us how that would work.

How much did you make last year??? Send that amount to the IRS

 

[NightFox]

Without the tax gimmicks, our rates could be lower.

Neither one of you guys get the point, I don't want ANYTHING from government other than for it to protect my life, liberty and property from people that think like you do, beyond that it can leave me the hell alone because far from being an enabler of my prosperity it is the biggest IMPEDIMENT to it. I don't want anything I haven't earned but I also don't want to pay for all the goodies that the majority votes for itself at my expense nor am I keen on paying to satisfy everybody else's charitable instincts.

So as it currently stands the value proposition being offered by government sucks and the only reason I pay is because it has a gun to my head, remove that gun and I would neither pay for nor ask for 95% of what the government is currently engaged in doing.

 

[Deleted member 53821]

Hooray! The federal government will have to file for bankruptcy.

 

[bendog]

Without the tax gimmicks, our rates could be lower.

Neither one of you guys get the point, I don't want ANYTHING from government other than for it to protect my life, liberty and property from people that think like you do, beyond that it can leave me the hell alone because far from being an enabler of my prosperity it is the biggest IMPEDIMENT to it. I don't want anything I haven't earned but I also don't want to pay for all the goodies that the majority votes for itself at my expense nor am I keen on paying to satisfy everybody else's charitable instincts.

So as it currently stands the value proposition being offered by government sucks and the only reason I pay is because it has a gun to my head, remove that gun and I would neither pay for nor ask for 95% of what the government is currently engaged in doing.

I think we need a translator. I don't want anything from you, besides your chipping in with whatever taxes you're legally obligated to pay. Speaking strictly in economic terms, the prices you and I pay for anything, and even the overall levels of taxes we must pay, would be lower if all the tax gimmicks were taken out of the revenue code. That's all anyone said to you, that I'm aware of.