The Republicans have a plan to pay for their tax cuts.

[sealybobo]

Hold on to every penny you are in the bottom 80%, particularly if you have or are planning to retire in the future.
But if you are in the top 20%, relax, life is good.
Mitch McConnell Calls for Social Security, Medicare, Medicaid Cuts After Passing Tax Cuts, Massive Defense Spending
After instituting a $1.5 trillion tax cut and signing off on a $675 billion budget for the Department of Defense, Senate Majority Leader Mitch McConnell said Tuesday that the only way to lower the record-high federal deficit would be to cut entitlement programs like Medicare, Medicaid and Social Security.

"It’s disappointing, but it’s not a Republican problem," McConnell said of the deficit, which grew 17 percent to $779 billion in fiscal year 2018. McConnell explained to Bloomberg that "it’s a bipartisan problem: Unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future." The deficit has increased 77 percent since McConnell became majority leader in 2015.

New Treasury Department analysis on Monday revealed that corporate tax cuts had a significant impact on the deficit this year. Federal revenue rose by 0.04 percent in 2018, a nearly 100 percent decrease last year’s 1.5 percent. In fiscal year 2018, tax receipts on corporate income fell to $205 billion from $297 billion in 2017.
Mitch McConnell says deficit ballooned because of Social Security, Medicare, not Republican Tax Cuts

And look at the distribution of the tax cuts, through 2015.
View attachment 223006
So, if you are in the 80% and in the retirement mode now or down the road, more than likely cuts to Social Security and Medicare are really going to hurt you.
Now consider this, how many Trumpsters and supporters of his fascist party are going to get in the butt?
But have no fear, they don't care if they are getting fucked, Trump and the Fascist Party are like Gods of the World. After all, they are top ending the uber-wealthy, to "make America great again".

First thing they should do is tell Trump to stop golfing so much.

How many times has President Donald Trump played golf while in office?

Trump Says He Hasn't Visited Troops In Afghanistan, Iraq Because He's 'Very Busy' | HuffPost

 

[danielpalos]

we could phase out most other social safety nets by ensuring unemployment compensation for Capitalism's natural rate of unemployment is solved for in a fine capital manner and fine capital fashion. We allege to subscribe to capitalism, after all.

Capital must circulate in capital markets under Capitalism.

i think that's capital

Our First World economy, is Worth it.

Besides, with that form of income, guaranteed by economic circumstances not social fiat; our economy will be more efficient. Capital must Circulate! Our markets will experience more liquidity; and other third party vendors and service providers may find more stability in their consumer bases.

yep, do away with the SS and modify medicare. yep.

Opportunity costs; good capitalists should try to find them in every market regardless of market conditions.

With recourse to unemployment compensation for simply being unemployed; some people could learn how to invest in themselves or other more convenient and already established markets, to eventually beat the minimum wage by increasing their own self-worth at their own market friendly pace.

naw, we just create jobs and have people employed. it works well.

you have to finance government. only the right wing proclaims the virtues of tax cut economics in public venues.

 

[jc456]

i think that's capital

Our First World economy, is Worth it.

Besides, with that form of income, guaranteed by economic circumstances not social fiat; our economy will be more efficient. Capital must Circulate! Our markets will experience more liquidity; and other third party vendors and service providers may find more stability in their consumer bases.

yep, do away with the SS and modify medicare. yep.

Opportunity costs; good capitalists should try to find them in every market regardless of market conditions.

With recourse to unemployment compensation for simply being unemployed; some people could learn how to invest in themselves or other more convenient and already established markets, to eventually beat the minimum wage by increasing their own self-worth at their own market friendly pace.

naw, we just create jobs and have people employed. it works well.

you have to finance government. only the right wing proclaims the virtues of tax cut economics in public venues.

no we don't. let me laugh at you for that statement.

 

[Cecilie1200]

You only "pay for tax cuts" if you presume that all earnings first belong to The State.

Exactly. One does not "pay for" tax cuts; one re-budgets to spend one's expected income, rather than overspending it.

 

[jc456]

You only "pay for tax cuts" if you presume that all earnings first belong to The State.

Exactly. One does not "pay for" tax cuts; one re-budgets to spend one's expected income, rather than overspending it.

winner winner chicken dinner. EXACTLY

 

[Cecilie1200]

You only "pay for tax cuts" if you presume that all earnings first belong to The State.

We are the state . And we owe the states debt.

That would be a lot more true if leftists hadn't worked so hard to divorce government from the people and turn it into a separate, out-of-control entity of its own.

Also, while the state is, ideally, made up of the people, the people are ALSO - and primarily - individuals. And it's the INDIVIDUALS who own the earnings, not the collective.

Which means one STILL does not "pay for" tax cuts; one re-budgets for the projected income, rather than for far beyond it.

 

[kyzr]

The personal tax cut, especially for the top rate should have been held steady to cover the increase in spending. Sooner or later the interest on the Debt will be biting us on the ass.

I highly doubt that keeping the personal tax rate unchanged would have covered the increase in spending ($127 billion). True, the first three months of the fiscal year were before the tax cuts kicked in. But if you limit the accounting to this calendar year, individual income tax revenues are up by 5% through September. As it was, revenue from income taxes went up by $14 billion over FY 2017, and there's no way that it would have been anywhere close to $127 billion. Consider this:

Let's compare the 2018 results with Obama's last full fiscal year in office, 2016.

Individual income tax revenues went up by a mere 0.3%, Treasury data show. Fiscal 2016 also saw a 13% drop in corporate income taxes. FICA tax collections climbed by less than 1%. Excise tax collections dropped almost 3%.

Overall revenues increased by 0.5% — about the same as this year. The deficit? It climbed by $148 billion.

So, in other words, the government did better on revenues and deficits in the year after Trump's tax cuts went into effect than it did in Obama's last year in office.

So the US has a spending problem. McConnell said he intends to fix SS & Medicare, and Trump wants his cabinet to all cut 5%, not sure all that will close the Budget gap, but its a step in the right direction. IMHO still need to raise the top tax rate

We could, but it would make more sense to start taxing people that don’t pay income tax now. That’s nearly half of the people in this country. Why should we increase taxes on the people who are paying almost all of the taxes now?


Sent from my iPad using USMessageBoard.com

You can't get blood from a stone. I started another thread showing the math, and with the assumption that the Budget Deficit gets covered 50% by revenue and 50% with cuts. Its not as easy as you would think.
1. Raise everyone's taxes by an equal 10%, then no whining, except the wealthy always squeal. This raises $500b
2. Cut defense $100b, cut medicaid $250b, and welfare $150b, this also raises $500b

 

[Cecilie1200]

Spending cuts MUST happen if we are ever going to get a grip on our debt imbalance.
Raising taxes is not the answer without spending cuts of a major magnitude. Unless and until that happens DC is not responsible enough to be the caretaker of my hard earned money.

Period.

Getting rid of tax cuts for filthy rich people that don't deserve them isn't raising taxes. There was no debt or deficit problems before massive tax cuts.

Republicans created debt and deficits with tax cuts to the filthy rich and corporations.

They will get rid of the debt and deficits with tax hikes on the filthy rich and corporations.

You know how you tell if someone "deserves" tax cuts? You look at whether or not they pay taxes. That's it.

And if you think that debts and deficits are new, you're insane.

 

[Cecilie1200]

Spending cuts MUST happen if we are ever going to get a grip on our debt imbalance.
Raising taxes is not the answer without spending cuts of a major magnitude. Unless and until that happens DC is not responsible enough to be the caretaker of my hard earned money.

Period.

Getting rid of tax cuts for filthy rich people that don't deserve them isn't raising taxes. There was no debt or deficit problems before massive tax cuts.

Republicans created debt and deficits with tax cuts to the filthy rich and corporations.

They will get rid of the debt and deficits with tax hikes on the filthy rich and corporations.

So you want to make claim there was no deficits or debt before the tax cut?

For leftists, history starts the day they were born.

 

[jc456]

The personal tax cut, especially for the top rate should have been held steady to cover the increase in spending. Sooner or later the interest on the Debt will be biting us on the ass.

I highly doubt that keeping the personal tax rate unchanged would have covered the increase in spending ($127 billion). True, the first three months of the fiscal year were before the tax cuts kicked in. But if you limit the accounting to this calendar year, individual income tax revenues are up by 5% through September. As it was, revenue from income taxes went up by $14 billion over FY 2017, and there's no way that it would have been anywhere close to $127 billion. Consider this:

Let's compare the 2018 results with Obama's last full fiscal year in office, 2016.

Individual income tax revenues went up by a mere 0.3%, Treasury data show. Fiscal 2016 also saw a 13% drop in corporate income taxes. FICA tax collections climbed by less than 1%. Excise tax collections dropped almost 3%.

Overall revenues increased by 0.5% — about the same as this year. The deficit? It climbed by $148 billion.

So, in other words, the government did better on revenues and deficits in the year after Trump's tax cuts went into effect than it did in Obama's last year in office.

So the US has a spending problem. McConnell said he intends to fix SS & Medicare, and Trump wants his cabinet to all cut 5%, not sure all that will close the Budget gap, but its a step in the right direction. IMHO still need to raise the top tax rate

We could, but it would make more sense to start taxing people that don’t pay income tax now. That’s nearly half of the people in this country. Why should we increase taxes on the people who are paying almost all of the taxes now?


Sent from my iPad using USMessageBoard.com

You can't get blood from a stone. I started another thread showing the math, and with the assumption that the Budget Deficit gets covered 50% by revenue and 50% with cuts. Its not as easy as you would think.
1. Raise everyone's taxes by an equal 10%, then no whining, except the wealthy always squeal. This raises $500b
2. Cut defense $100b, cut medicaid $250b, and welfare $150b, this also raises $500b

dude, you take all of the 1%ers money and you can't cover the deficit.

 

[Ray From Cleveland]

1. Raise everyone's taxes by an equal 10%, then no whining, except the wealthy always squeal. This raises $500b

So what you're saying is raise taxes on the people that already support the rest of us. The problem in this country is everybody wants their government goodies. It's easy to demand those goodies if somebody else is paying for them. Perhaps it's time everybody paid, and don't tell me you can't get blood from a rock. Because maybe if everybody had a dog in this race, people would be asking less of government.

In the county I live in (Cuyahoga) we have an 8 cent per dollar tax on everything you buy. That tax is for the rich, the poor, the middle-class, everybody. Maybe that's something we should start doing nationwide to solve our debt, deficit and spending problems.

Top 20% of Earners Pay 84% of Income Tax

 

[Cecilie1200]

Both sides know their power ends when they cut social security.....thankfully.

You're really fixated on Social Security. Sounds to me like you're terrified that you might have to actually do something for your mom yourself, instead of foisting it off onto other people.

 

[Ray From Cleveland]

Hold on to every penny you are in the bottom 80%, particularly if you have or are planning to retire in the future.
But if you are in the top 20%, relax, life is good.
Mitch McConnell Calls for Social Security, Medicare, Medicaid Cuts After Passing Tax Cuts, Massive Defense Spending
After instituting a $1.5 trillion tax cut and signing off on a $675 billion budget for the Department of Defense, Senate Majority Leader Mitch McConnell said Tuesday that the only way to lower the record-high federal deficit would be to cut entitlement programs like Medicare, Medicaid and Social Security.

"It’s disappointing, but it’s not a Republican problem," McConnell said of the deficit, which grew 17 percent to $779 billion in fiscal year 2018. McConnell explained to Bloomberg that "it’s a bipartisan problem: Unwillingness to address the real drivers of the debt by doing anything to adjust those programs to the demographics of America in the future." The deficit has increased 77 percent since McConnell became majority leader in 2015.

New Treasury Department analysis on Monday revealed that corporate tax cuts had a significant impact on the deficit this year. Federal revenue rose by 0.04 percent in 2018, a nearly 100 percent decrease last year’s 1.5 percent. In fiscal year 2018, tax receipts on corporate income fell to $205 billion from $297 billion in 2017.
Mitch McConnell says deficit ballooned because of Social Security, Medicare, not Republican Tax Cuts

And look at the distribution of the tax cuts, through 2015.
View attachment 223006
So, if you are in the 80% and in the retirement mode now or down the road, more than likely cuts to Social Security and Medicare are really going to hurt you.
Now consider this, how many Trumpsters and supporters of his fascist party are going to get in the butt?
But have no fear, they don't care if they are getting fucked, Trump and the Fascist Party are like Gods of the World. After all, they are top ending the uber-wealthy, to "make America great again".

First thing they should do is tell Trump to stop golfing so much.

How many times has President Donald Trump played golf while in office?

Trump Says He Hasn't Visited Troops In Afghanistan, Iraq Because He's 'Very Busy' | HuffPost

So you're going to complain that Trump plays too much golf, but when he isn't playing golf, you complain about what he's doing as President.

I guess there are some people you just can't make happy.

 

[Ray From Cleveland]

Both sides know their power ends when they cut social security.....thankfully.

You're really fixated on Social Security. Sounds to me like you're terrified that you might have to actually do something for your mom yourself, instead of foisting it off onto other people.

Actually (if I remember correctly) Initforme is a guy in his mid 80's.

 

[kyzr]

1. Raise everyone's taxes by an equal 10%, then no whining, except the wealthy always squeal. This raises $500b

So what you're saying is raise taxes on the people that already support the rest of us. The problem in this country is everybody wants their government goodies. It's easy to demand those goodies if somebody else is paying for them. Perhaps it's time everybody paid, and don't tell me you can't get blood from a rock. Because maybe if everybody had a dog in this race, people would be asking less of government.

In the county I live in (Cuyahoga) we have an 8 cent per dollar tax on everything you buy. That tax is for the rich, the poor, the middle-class, everybody. Maybe that's something we should start doing nationwide to solve our debt, deficit and spending problems.

Top 20% of Earners Pay 84% of Income Tax

There is another thread that shows that if everyone's taxes are raised about 7% and then defense gets cut $100b and then cut welfare and medicaid $400b the Budget is balanced. Subject to tweaks from other savings, like SS & Medicare, if possible.

The key thing is that 50% come from taxes and 50% from cuts.

 

[Ray From Cleveland]

1. Raise everyone's taxes by an equal 10%, then no whining, except the wealthy always squeal. This raises $500b

So what you're saying is raise taxes on the people that already support the rest of us. The problem in this country is everybody wants their government goodies. It's easy to demand those goodies if somebody else is paying for them. Perhaps it's time everybody paid, and don't tell me you can't get blood from a rock. Because maybe if everybody had a dog in this race, people would be asking less of government.

In the county I live in (Cuyahoga) we have an 8 cent per dollar tax on everything you buy. That tax is for the rich, the poor, the middle-class, everybody. Maybe that's something we should start doing nationwide to solve our debt, deficit and spending problems.

Top 20% of Earners Pay 84% of Income Tax

There is another thread that shows that if everyone's taxes are raised about 7% and then defense gets cut $100b and then cut welfare and medicaid $400b the Budget is balanced. Subject to tweaks from other savings, like SS & Medicare, if possible.

The key thing is that 50% come from taxes and 50% from cuts.

But only 50% of the people pay income taxes. So you're suggesting we still shoulder the burden on those who are already paying all the taxes while not touching the other 49% who pay nothing in income tax. How can you raise taxes on people who aren't paying them in the first place?

 

[kyzr]

1. Raise everyone's taxes by an equal 10%, then no whining, except the wealthy always squeal. This raises $500b

So what you're saying is raise taxes on the people that already support the rest of us. The problem in this country is everybody wants their government goodies. It's easy to demand those goodies if somebody else is paying for them. Perhaps it's time everybody paid, and don't tell me you can't get blood from a rock. Because maybe if everybody had a dog in this race, people would be asking less of government.

In the county I live in (Cuyahoga) we have an 8 cent per dollar tax on everything you buy. That tax is for the rich, the poor, the middle-class, everybody. Maybe that's something we should start doing nationwide to solve our debt, deficit and spending problems.

Top 20% of Earners Pay 84% of Income Tax

There is another thread that shows that if everyone's taxes are raised about 7% and then defense gets cut $100b and then cut welfare and medicaid $400b the Budget is balanced. Subject to tweaks from other savings, like SS & Medicare, if possible.

The key thing is that 50% come from taxes and 50% from cuts.

But only 50% of the people pay income taxes. So you're suggesting we still shoulder the burden on those who are already paying all the taxes while not touching the other 49% who pay nothing in income tax. How can you raise taxes on people who aren't paying them in the first place?

If "everyone" pays 7% more than the 2016 rates it raises $500b a year. The top rate would be 46.9% up from 39.9%. That would balance the Budget. If they could realize more savings over time that rate could go down, but not probable since the interest on the Debt would increase as the Fed raises rates. But it gets the US back into reality.

 

[Cecilie1200]

75 k a year is lower middle class and doesn't go very far in today's america. Plenty to sick away? After a house and vehicles and good and kids.....there isn't much to sick away. Not to mention they both pay into it so they should collect it. You failed.....again.

Where the fuck do YOU live, that 75,000 a year is "lower middle class", never mind that he said "75,000 a year EACH"?

Not to mention, you vastly overestimate the amounts people NEED to spend on houses and vehicles and whatever, particularly in the parts of the country that aren't NY and California.

Not to mention that they COULD have socked away the money that they paid into Social Security, if they hadn't been paying it into Social Security.

You failed . . . always.

 

[danielpalos]

let's raise the minimum wage to raise more tax revenue.

 

[kyzr]

let's raise the minimum wage to raise more tax revenue.

With fewer jobs, so no net revenue gain.