Zone1 The Number One Driver Of The Debt Is The Bush, And Trump Tax Cuts ForThe Rich

[Mac-7]

If not for the Bush tax cuts and their extensions—as well as the Trump tax cuts—revenues would be on track to keep pace with spending indefinitely, and the debt ratio... would be declining," a new
@amprog.
report finds.

View attachment 791017

Wrong

The Reagan, Bush, and Trump tax cuts did not cost the federal government a penny

 

[Polishprince]

If all taxes were cut we would go deeply in debt.

We are already deeply in debt.

The key to reducing debt is to reducing expenditures.

Not "raising taxes".

 

[jbrownson0831]

We are already deeply in debt.

The key to reducing debt is to reducing expenditures.

Not "raising taxes".

pknopp goes to the same brain doctor as skewey.

 

[pknopp]

We are already deeply in debt.

The key to reducing debt is to reducing expenditures.

Not "raising taxes".

I believe with $31 trillion in debt we need to do both. Why shouldn't those who benefitted from that debt not be required to pay for it?

 

[leftwinger]

Every attempt to confiscate more than 20%*GDP has failed ( GDP drops).

The answer is to let the Country prosper with rising GDP. $30T GDP can bring in ~$6T. Try to take $7T and GDP will drop resulting in dropping Tax revenue.

 

[Woodznutz]

nations with the highest taxes have the best economies, like, um, er, Cuba, er, or something

Nations with huge trade surpluses against the U.S. have the best economies.

 

[22lcidw]

I believe with $31 trillion in debt we need to do both. Why shouldn't those who benefitted from that debt not be required to pay for it?

This point the finger the Republicans over and over while Progs have had total control of the government many times is tiresome. Progs do not even give the peasants a tax cut and have increased their taxes through inflation.

 

[pknopp]

This point the finger the Republicans over and over while Progs have had total control of the government many times is tiresome. Progs do not even give the peasants a tax cut and have increased their taxes through inflation.

I don't just condemn the Republicans. I have been against every single one of Biden's programs since day one (go ahead and look) because he isn't paying for any of them.

 

[skews13]

Wrong

The Reagan, Bush, and Trump tax cuts did not cost the federal government a penny

Wrong. The debt quadrupled under Reagan’s cuts. The budget was balanced at the end of the Clinton administration.

Because of the Bush, Trump, and Reagan cuts, the deficit had to be borrowed, which means not much boy does the borrowed money have to be paid back, but the interest on it also. That’s is the National debt. Which was not set $1 Trillion before Reagan took office.

Trickledown economics is a failure from beginning to end.

The only reason for the tax cuts is at the behest of Libertarian billionaires like Charles Koch, who want to end Social Security, And Medicare.

His brother David died not realizing that goal, and so will Charlie. Two more trust fund babies that never worked a day in their sorry ass lives. Just like Trump, and all the other Liberyarians who are the biggest mooches off the federal government there is.

The tax cuts for the morbidly rich is a losing argument, and they will be repealed. It’s not a matter of if, but when.

 

[Mac-7]

Wrong. The debt quadrupled under Reagan’s cuts. The budget was balanced at the end of the Clinton administration.

Because of the Bush, Trump, and Reagan cuts, the deficit had to be borrowed, which means not much boy does the borrowed money have to be paid back, but the interest on it also. That’s is the National debt. Which was not set $1 Trillion before Reagan took office.

Trickledown economics is a failure from beginning to end.

The only reason for the tax cuts is at the behest of Libertarian billionaires like Charles Koch, who want to end Social Security, And Medicare.

His brother David died not realizing that goal, and so will Charlie. Two more trust fund babies that never worked a day in their sorry ass lives. Just like Trump, and all the other Liberyarians who are the biggest mooches off the federal government there is.

The tax cuts for the morbidly rich is a losing argument, and they will be repealed. It’s not a matter of if, but when.

The debt rose because of increased spending

Because tax revenue increased also

Just not as fast as spending

 

[Laslow]

Wrong. The debt quadrupled under Reagan’s cuts. The budget was balanced at the end of the Clinton administration.

Because of the Bush, Trump, and Reagan cuts, the deficit had to be borrowed, which means not much boy does the borrowed money have to be paid back, but the interest on it also. That’s is the National debt. Which was not set $1 Trillion before Reagan took office.

Trickledown economics is a failure from beginning to end.

The only reason for the tax cuts is at the behest of Libertarian billionaires like Charles Koch, who want to end Social Security, And Medicare.

His brother David died not realizing that goal, and so will Charlie. Two more trust fund babies that never worked a day in their sorry ass lives. Just like Trump, and all the other Liberyarians who are the biggest mooches off the federal government there is.

The tax cuts for the morbidly rich is a losing argument, and they will be repealed. It’s not a matter of if, but when.

So your answer is to kick workers in the balls, spend like crazy, and then say I'm a great guy because I kicked you in the nuts. Stop pretending that not everybody got tax cuts, and that when you crank up the taxes, the little guys don't get screwed and the economy hits the crapper. I don't excuse the hypocritical republicans, but dang son, the democrats lust for spending is insane. There is never an amount too high. That is why dems are just as hypocritical when they say high taxation is responsible because their insane spending sprees will always tower over any revenue they generate by hurting people. I agree with pknopp that spending needs to go down along with a tax increase. Republicans would have to act like conservatives for the first time in a long time, and be willing to raise taxes. Democrats would have to have their greedy little hands cut off and tax people for revenue instead of virtue signaling that they give a crap about expenses.

 

[badbob85037]

If not for the Bush tax cuts and their extensions—as well as the Trump tax cuts—revenues would be on track to keep pace with spending indefinitely, and the debt ratio... would be declining," a new
@amprog.
report finds.

View attachment 791017

 

[badbob85037]

If not for the Bush tax cuts and their extensions—as well as the Trump tax cuts—revenues would be on track to keep pace with spending indefinitely, and the debt ratio... would be declining," a new
@amprog.
report finds.

View attachment 791017

Why I am even responding to this is a waste of time because this post starts with a lie then goes South. First it blames tax cuts for the rich. I'm not rich but those tax cuts gave my wife and myself a large and noticable income boost. Trying to blame Republicans for the debt is another lie. Both parties is why we have 31 trillion in debt. A number as a trillion should only be used as a number discribing the distance to a different world, not a debt that can never be paid. When a population knows it can vote itself profit that is the begining of the end.

 

[Woodznutz]

If your body has poor circulation your feet may get cold, but you won't die. But, hemorrhage blood faster than your body can produce it and you'll die.

America is hemorrhaging money to the tune of a $Trillion dollars per year or more. We must print or borrow this amount just to stay even, never mind new money needed for growth. Either increases the debt. Internally, private debt also impacts the budget and the national debt.

 

[DGS49]

A few points to ponder:

• The National Debt does not need to be paid off...ever. It is not like your personal finances. All that needs to happen is that it be serviced - the interest paid when due.
• While both sides of Congress share responsibility for the massive DEFICITS, the Democrats are mainly at fault. They spend money, invariably, on programs that are unconstitutional, unwise, and unaffordable. Consider this: There is NO PROVISION WHATSOEVER in Article I that gives Congress the power to provide benefits to individual citizens. Nor does the President have that power. So consider SNAP benefits, housing subsidies, education grants, MEDICAID, "forgiving" student loans...the list is endless. All Democrat programs, all unconstitutional.
• Democrats never understand the workings of a "dynamic" economy. That is to say, corporations and wealthy people RESPOND to changes in the tax code, and change their behavior accordingly. To suppose, as the OP does, that if the tax rates had remained as they were, the Government would be raking in mountains more money is a manifestation of total ignorance of this phenomenon. Think about it this way: If the corporate tax rate were increased to 80% of "profits," do you really think that revenues from corporate taxes would increase to four times what they are at 20%? If you do, you need to think a little deeper on the issue. Same concept applies to personal income tax. The only people who get fucked when the top marginal tax rate increases are sports stars who have to take it on the chin. Other high earners just change the way they handle their finances.
• Nobody knows how much debt the U.S. can tolerate. We are already far beyond what anyone historically would have expected, and the dollar hasn't crashed, and Congress is as irresponsible today as it ever was.
• Finally and most importantly, Social Security and Medicare are not part of this discussion. They are off-books activities, separately funded. FIT dollars MAY NOT be used to fund SS, and Congress WILL modify SS so that the "trust fund" doesn't go broke. You can count on it.

Parenthetically, if Congress ever goes completely off the rails and tries to implement "universal healthcare" (or whatever they call it), it will also have to be paid for by a separate "payroll" tax going into a "trust fund" set up for that purpose. Because they will never have the super-majority to get a Constitutional Amendment.

 

[Dadoalex]

If not for the Bush tax cuts and their extensions—as well as the Trump tax cuts—revenues would be on track to keep pace with spending indefinitely, and the debt ratio... would be declining," a new
@amprog.
report finds.

View attachment 791017

Don't forget Reagan. He started that crap.

 

[Dadoalex]

To note, Obama signed off on the extensions and for all practical purposes made them permanent.

And to not at the time the GOP was in its annual destroy the economy mode.

 

[Oddball]

If not for the Bush tax cuts and their extensions—as well as the Trump tax cuts—revenues would be on track to keep pace with spending indefinitely, and the debt ratio... would be declining," a new
@amprog.
report finds.

View attachment 791017

Because the only side of the ledger that matters is the income side.

Fucking buffoon.

 

[Oddball]

If all taxes were cut we would go deeply in debt.

Not if spending was seriously curtailed.

 

[pknopp]

And to not at the time the GOP was in its annual destroy the economy mode.

Always with the excuses. It's the debt that is going to destroy us.