US July Budget Deficit Up 20% Year-Pver-Year Despite Record Trump Tariff Income
- Thread starter 0311
- Start date
Clear your claim up by posting links to those farmers,
Moonglow
Diamond Member
- Banned
- #63
Some commentators, including farmers themselves, expressed that Trump's economic policies were detrimental to the financial interests of American agriculture. They argue that the focus on trade wars and cuts to certain programs hurt farmers despite promises of less regulation and greater prosperity. While some policies like subsidies aimed to mitigate the impact of the trade war, the overall effect on farmers was seen as negative by some within the agricultural community.
Ultimately, while many farmers continued to show strong political support for Donald Trump, his policies were viewed with a mix of optimism and concern within the agricultural community, with trade and government program shifts emerging as key points of impact.
www.theguardian.com
Ultimately, while many farmers continued to show strong political support for Donald Trump, his policies were viewed with a mix of optimism and concern within the agricultural community, with trade and government program shifts emerging as key points of impact.
Trump vowed to help US farmers. These four say his policies are ‘wreaking havoc’
Farm country voted for Trump in 2024, but many of his actions – from tariffs to federal cuts – are hurting growers
www.theguardian.com
You will get hammered by high taxes.
yidnar
Diamond Member
where has martial law been implemented .. and Trumps spending bill was signed a month ago .. the 1 st 6 months of 2025 were under Bidens spending bill .. that is still in effect til Sept 30 2025 ..
Last edited:
When the Trump budget starts on October 1, 2025, then we will see if those farmers are correct.
Published July 18, 2025 by the USAFacts team
The One Big Beautiful Bill, signed into law on July 4, is set to introduce a host of changes to everything from tax reform to government assistance programs to immigration and border policy. It introduces some brand-new policies and expands, restricts, or ends others.
A number of these changes took effect the moment President Trump’s pen struck the dotted line — your 2025 tax return could reflect some of them. Others will go into effect in the coming years, with some not scheduled to arrive until 2028.
This visualization explains what is happening — and when, piece by piece.
Some OBBB policies are effective immediately while others will come later
Effectiveness dates for new, existing, and ending programs and policies in the One Big Beautiful Bill ActTax policy
The new bill cements some provisions of the 2017 Tax Cuts and Jobs Act, including the individual tax brackets and the increased standard deduction, which now starts at $15,750 for single filers and $31,500 for married couples. Both will be adjusted each year for inflation.
The bill introduces other changes to existing tax law that are effective immediately and have no end date. The Child Tax Credit now requires that taxpayers have a work-eligible Social Security Number. The credit itself increases to $2,200 in 2025 and will also change with inflation annually.
Four net-new tax provisions apply immediately but stop in 2028:
- Service workers will not have to pay federal taxes on up to $25,000 of tip pay
- Up to 250 hours of overtime pay will be exempt from federal taxing
- Taxpayers 65 and older can deduct an additional $6,000
- Car owners can deduct interest on auto loans
At least four new deductions from the OBBB apply to 2025 taxes
Effectiveness dates for tax policies in the One Big Beautiful Bill ActOther provisions around deductions change in 2025 and revert in 2030. The deduction for state and local tax payments (SALT), which allows people to reduce their federally taxable income by the amount they pay in state and local taxes, goes from $10,000 to $40,000 in 2025. It’ll increase year after year before dropping back to $10,000 in 2030.
In September 2025, the bill cuts existing tax credits for purchasing a new or used electric vehicle.
In 2026, two more indefinite changes come into force:
- A limit on itemized tax deductions for people above a certain income level
- An increase in the estate and gift tax limit to $15 million (i.e., the amount of a person’s estate they can give away before being taxed)
And in June 2026, the bill cuts credits for taxpayers who make energy-efficient home improvements.
It also establishes a new type of tax-advantaged bank account for children, called “Trump accounts,” that allow up to $5,000 in annual contributions until the account holder turns 18. The federal government will seed the accounts with $1,000 for children born between 2025 and 2028.
We won't get free of the Biden spending law until September 30, 2025
Darkwind
Diamond Member
- Jun 18, 2009
- 42,160
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Yeah, spell check is not our friend.
It [keeping track of your tips and income] IS NOT prohibitively difficult at any point in life. These are the things that adults do, regardless of how much they THINK they should not.
Their tips are recorded on the bill of sale and easily summarized across many tables. Only the lazy would not figure out how much they made on every given night.
Taxes you pay. 1. Sales taxes 2. Use taxes 3. Property taxes 4. Fuel taxes, etc.
yidnar
Diamond Member
WASHINGTON (AP) — The U.S. budget deficit in July climbed 20% this fiscal year compared to the last despite the U.S. taking in record income from President Donald Trump’s tariffs, according to Treasury Department data released Tuesday.
US July budget deficit up 20% year-over-year despite record Trump tariff income
The U.S. has seen a record increase in tariff income, with a 273% rise in customs revenue from last year.apnews.com
The U.S. saw a 273% increase — or $21 billion — in customs revenue in July over the same period last year, the data showed.
A Treasury official who spoke on the condition of anonymity to preview the data said overall increased spending is in part due to a mix of expenditures, including growing interest payments on the public debt and cost-of-living increases to Social Security payouts, among other costs. This comes as the federal government’s gross national debt creeps up to the $37 trillion mark.
Nobel winning economists warned this would happen. Trump ignored the warning. The U.S. Economy pays the price.
President Biden signed a continuing resolution into law on March 14, 2025, which funds the federal government through the remainder of Fiscal Year 2025, ending on September 30, 2025. This measure eliminated earmarked projects and rescinded some IRS funding from the 2022 tax, climate, and health law.
It is important to note that the Inflation Reduction Act of 2022, a separate significant piece of legislation signed by President Biden, also includes various provisions with different expiration dates.
Farmers gained thanks to Trump. The cancelled program only gave farmers as much as 50 percent, but the Trump law gives them a minimum of 65 percent.
After uncertainty, USDA ends Partnerships for Climate-Smart Commodities
SALEM, Ohio — A new era of “unprecedented prosperity” for agriculture is set to begin now that Partnerships for Climate-Smart Commodities, the Biden administration’s slush fund for serving the interests of non-governmental organizations over American farmers, is dead. At least that’s how the U.S. Secretary of Agriculture Brooke Rollins put it in a press release issued April 14.“The concerns of farmers took a backseat during the Biden Administration,” Rollins wrote, adding that since taking office, she has heard from many farmers who felt sidelined by the USDA, citing excessive bureaucracy, unclear goals and burdensome reporting requirements.
That wasn’t the intention of the program, according to the USDA as recently as last year, which promoted it as a way to create new markets for sustainably grown products, helping American farmers compete globally while supporting rural economies
The Partnerships for Climate-Smart Commodities program aimed to reduce greenhouse gas emissions through agricultural and forestry practices — efforts the USDA said could equate to removing more than 12 million gas-powered vehicles from the road for a year. It also pledged to support small producers and underserved communities, generate new revenue streams and include institutions serving minority populations.
The USDA initially allocated $1 billion to launch the program, but overwhelming interest and strong proposals prompted the agency to ultimately invest nearly $3 billion across 70 projects in the first funding round in May 2022. A second round followed that December.
However, the program mostly benefited special interests in service of the “Green New Scam,” as Rollins called it. According to the department’s review, administrative costs cannibalized an outsized share of funding, and in some instances, less than half of the money actually reached farmers it was intended for.
The program will be replaced by a new initiative, Advancing Markets for Producers (AMP), which the USDA says realigns funding with Trump-era agricultural priorities. Only projects able to prove that at least 65% of funds will go directly to farmers may proceed.
The Sage of Main Street
Platinum Member
Surrendering to Criminal Savages Costs a Lot More
Independent thinker
Diamond Member
- Oct 15, 2015
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Guess you'd rather go back to Biden's 9% inflation economy. Voters sure didn't.WASHINGTON (AP) — The U.S. budget deficit in July climbed 20% this fiscal year compared to the last despite the U.S. taking in record income from President Donald Trump’s tariffs, according to Treasury Department data released Tuesday.
US July budget deficit up 20% year-over-year despite record Trump tariff income
The U.S. has seen a record increase in tariff income, with a 273% rise in customs revenue from last year.
The U.S. saw a 273% increase — or $21 billion — in customs revenue in July over the same period last year, the data showed.
A Treasury official who spoke on the condition of anonymity to preview the data said overall increased spending is in part due to a mix of expenditures, including growing interest payments on the public debt and cost-of-living increases to Social Security payouts, among other costs. This comes as the federal government’s gross national debt creeps up to the $37 trillion mark.
Nobel winning economists warned this would happen. Trump ignored the warning. The U.S. Economy pays the price.
candycorn
Diamond Member
You’re not using your brain. Nobody is surprised.
Now multiply that “easy” calculation by 300 nights a year.
candycorn
Diamond Member
DC
candycorn
Diamond Member
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