someoneyouknow
Literotica Guru
- Joined
- Jun 5, 2006
- Posts
- 28,274
Tax receipts are at a 75-year low as a share of the economy.
White House has acknowledged in recent weeks that the deficit is growing faster than it had expected.
Administration officials have said that timing has contributed to corporate collections running 20 percent below initial forecasts from the Congressional Budget Office and 10 percent below predictions from the Penn Wharton Budget Model, a nonpartisan research initiative that forecast large deficits as a result of the tax law.
President Trump’s pledge of up to $12 billion in emergency relief for farmers hurt by the trade war is prompting new demands for relief for manufacturers, fishermen and others being hit by retaliatory tariffs from American trading partners — all of which would require more government spending.
Soooo, where have we heard that giving massive tax cuts to corporations and allowing them to repatriate money from overseas would pay for themselves?
The two charts from the below article show something interesting. First, corporate profits after taxes, as a share of the economy, were higher in the Obama administration.
Second, budget deficits were declining for the second half of the Obama administration. Some will say that's because Republicans controlled the purse strings in Congress.
Fine. Then it should also noted that since Republicans control all three houses of government, the budget deficits are now rapidly climbing and will top anything Obama had. Something else the con artist is doing to show up Obama.
The Office of Management and Budget said this month that it had revised its forecasts from earlier this year to account for nearly $1 trillion of additional debt over the next decade — on average, almost $100 billion more a year in deficits.
So the next time anyone says Republicans are fiscally responsible, show them the facts. They'll deny it and make up some excuse, but it's all on them.
https://www.nytimes.com/2018/07/25/business/trump-corporate-tax-cut-deficit.html
White House has acknowledged in recent weeks that the deficit is growing faster than it had expected.
Administration officials have said that timing has contributed to corporate collections running 20 percent below initial forecasts from the Congressional Budget Office and 10 percent below predictions from the Penn Wharton Budget Model, a nonpartisan research initiative that forecast large deficits as a result of the tax law.
President Trump’s pledge of up to $12 billion in emergency relief for farmers hurt by the trade war is prompting new demands for relief for manufacturers, fishermen and others being hit by retaliatory tariffs from American trading partners — all of which would require more government spending.
Soooo, where have we heard that giving massive tax cuts to corporations and allowing them to repatriate money from overseas would pay for themselves?
The two charts from the below article show something interesting. First, corporate profits after taxes, as a share of the economy, were higher in the Obama administration.
Second, budget deficits were declining for the second half of the Obama administration. Some will say that's because Republicans controlled the purse strings in Congress.
Fine. Then it should also noted that since Republicans control all three houses of government, the budget deficits are now rapidly climbing and will top anything Obama had. Something else the con artist is doing to show up Obama.
The Office of Management and Budget said this month that it had revised its forecasts from earlier this year to account for nearly $1 trillion of additional debt over the next decade — on average, almost $100 billion more a year in deficits.
So the next time anyone says Republicans are fiscally responsible, show them the facts. They'll deny it and make up some excuse, but it's all on them.
https://www.nytimes.com/2018/07/25/business/trump-corporate-tax-cut-deficit.html
