Answers: $700 Billion, $20 Trillion, $2 Trillion

[BoyNextDoor]

Here are the questions:

What is this year's budget deficit?

What is the current National Debt?

What is the 10 year cost to the treasury for the proposed tax cuts?

 

[4est_4est_Gump]

Let me ask you..



Are you scoring statically or dynamically?


I ask because the former is always wrong, while the latter cannot be predicted.

 

[phrodeau]

The economy is growing at a yuuge pace, tax rates are the highest in the world, but the Treasury is still bleeding money. Whu happen'd?

 

[Hypoxia]

The economy is growing at a yuuge pace, tax rates are the highest in the world, but the Treasury is still bleeding money. Whu happen'd?

Tromp drove a casino into bankruptcy. That takes talent and a skill-set which is being carefully applied to the US gov't, now run like a business. Watch for the defaults, bailouts, golden parachutes, and general level of corruption we've come to expect.

 

[Ishmael]

Let me ask you..



Are you scoring statically or dynamically?


I ask because the former is always wrong, while the latter cannot be predicted.

Exactly. But economic ignorance is the norm these days.

Ishmael

 

[adrina]

We still have debt we haven't paid off from the last round of tax cuts. Hmmm....

 

[BoyNextDoor]

Exactly. But economic ignorance is the norm these days.

Ishmael

How exactly is stating a few facts that come directly from the actual spending of the Federal Government this year, the actual debt as counted by the US Treasury and the revenue impact statement fomr the Committee for a Responsible Federal Budget evidence of economic ignorance?

 

[richard_daily]

We still have debt we haven't paid off from the last round of tax cuts. Hmmm....

The deficit doesn't mean shit when it comes to conservatives. The right wingers fall into line and support tax breaks for their masters, even though they'll all get screwed in the process.

They're good little gimps.

 

[BoyNextDoor]

We still have debt we haven't paid off from the last round of tax cuts. Hmmm....

In the words of a good 'ol boy:

“I think the greatest threat to our nation is us,” warned Senator Bob Corker, Republican of Tennessee and a member of the Senate Budget Committee. “The way we handle our finances, we as a nation are the greatest threat to our nation. It’s not ISIS. It’s not North Korea. It’s not ascendant China. It’s not Russia. We are the greatest threat.”

 

[Mello_SixtyNine]

Here are the questions:

What is this year's budget deficit?

What is the current National Debt?

What is the 10 year cost to the treasury for the proposed tax cuts?

You should probably add all the unfunded liabilities.

 

[BoyNextDoor]

Big 6 Tax Framework Could Cost $2.2 Trillion
The plan outlined today includes the following proposals:

Consolidating and reducing individual income tax rates to 12, 25, and 35 percent
Eliminating the Alternative Minimum Tax (AMT) for both corporations and individuals
Nearly doubling the standard deduction to $12,000 for individual and $24,000 for families

• Establishing a $500 non-child dependent credit and larger child credit
• Repealing the personal and dependent exemptions, and deductions for the blind and elderly in light of the larger standard deduction and credits.
• Repealing most itemized deductions, leaving those for mortgage interest and charitable giving
• Repealing the estate tax
• Reducing the corporate tax rate to 20 percent
• Establishing a maximum "pass-through" rate of 25 percent with unspecified protections against gaming
• Enacting full expensing for at least five years
• Moving to a territorial system for overseas earnings and imposing a one-time tax on past earnings held by U.S. businesses
• Indexing tax brackets to a more accurate measure of inflation, likely the Chained CPI
• Limiting the amount of business interest than can be deducted by C-corporations
• Repealing the deduction for domestic manufacturing (Section 199)

The framework also calls for further reforms to individual and business tax preferences but offers no details. Including more details would allow the plan to save more, potentially hundreds of billions. The plan suggests there could be a higher rate for the highest earners.

 

[Rightguide]

Big 6 Tax Framework Could Cost $2.2 Trillion
The plan outlined today includes the following proposals:

Consolidating and reducing individual income tax rates to 12, 25, and 35 percent
Eliminating the Alternative Minimum Tax (AMT) for both corporations and individuals
Nearly doubling the standard deduction to $12,000 for individual and $24,000 for families

• Establishing a $500 non-child dependent credit and larger child credit
• Repealing the personal and dependent exemptions, and deductions for the blind and elderly in light of the larger standard deduction and credits.
• Repealing most itemized deductions, leaving those for mortgage interest and charitable giving
• Repealing the estate tax
• Reducing the corporate tax rate to 20 percent
• Establishing a maximum "pass-through" rate of 25 percent with unspecified protections against gaming
• Enacting full expensing for at least five years
• Moving to a territorial system for overseas earnings and imposing a one-time tax on past earnings held by U.S. businesses
• Indexing tax brackets to a more accurate measure of inflation, likely the Chained CPI
• Limiting the amount of business interest than can be deducted by C-corporations
• Repealing the deduction for domestic manufacturing (Section 199)

The framework also calls for further reforms to individual and business tax preferences but offers no details. Including more details would allow the plan to save more, potentially hundreds of billions. The plan suggests there could be a higher rate for the highest earners.

Since I wasn't here to see the tumult you must have created when Obama doubled the national debt to 20 trillion could you link me up to it? Thanks.

 

[adrina]

Yeah it's amazing how two unfunded wars, unpaid for tax cuts and a great recession caused by a deregulated market can rack up the bills.

Funny that.

He walked in the door to $14 trillion and a horrific economic downturn.

Again with the revisionist history and selective perception. You are consistent.

 

[Adre]

RWCJ answer to any and everything: Obama. (Except when you ask who was President while the stock market almost tripled and the unemployment rate halved. Then it's crickets.)

 

[OldJourno]

Where were all these deficit hawks from 2009-16?

 

[BotanyBoy]

Where were all these deficit hawks from 2009-16?

Claiming you could tax the poor into prosperity and that spending the great grandkids life earnings was no big deal.

 

[OldJourno]

Claiming you could tax the poor into prosperity and that spending the great grandkids life earnings was no big deal.

Yep.
You would think someone complaining about the debt rising after tax cuts might pause to think the debt skyrocketed along with taxes over the previous eight years.

 

[BotanyBoy]

Yep.
You would think someone complaining about the debt rising after tax cuts might pause to think the debt skyrocketed along with taxes over the previous eight years.

That skyrocketing debt is ok though because (D)ear Leader did it and it helped lots of (D) interest.

That makes it totally different.

 

[OldJourno]

What happened the previous eight years makes Democrats in the House and Senate huge hypocrites if they bitch about the debt for any issue but especially for some tax cuts.
And it's apparent that many Lit libs are not aware some tax cuts increase revenue.

 

[BotanyBoy]

What happened the previous eight years makes Democrats in the House and Senate huge hypocrites if they bitch about the debt for any issue but especially for some tax cuts.
And it's apparent that many Lit libs are not aware some tax cuts increase revenue.

DC is drowning in it's own hypocrisy right now.

I fuckin' love it all like....

https://pbs.twimg.com/media/CoElzfTWAAABcJr.jpg

 

[4est_4est_Gump]

Exactly. But economic ignorance is the norm these days.

Ishmael

Not just the norm, but the desired and promoted...

 

[4est_4est_Gump]

We still have debt we haven't paid off from the last round of tax cuts. Hmmm....

Case in point...

 

[4est_4est_Gump]

The only government spending I've seen this guy object to was when the Trump budget called for less severe cutbacks to the military than when Obama was putting his thumbs on the scales of outrageous social spending...

 

[adrina]

Case in point...

I don't think those words mean what you think.

 

[BoyNextDoor]

Since I wasn't here to see the tumult you must have created when Obama doubled the national debt to 20 trillion could you link me up to it? Thanks.

Gladly:

http://forum.literotica.com/showthread.php?t=838481&highlight=obama