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Old 08-11-2018, 10:38 AM
 
Location: Austin
12,209 posts, read 6,942,598 times
Reputation: 13448

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Spending is up by $143 billion (4%) from last year.

2018 saw a $66-billion drop in corporate taxes, largely due to Trump's newest tax policy, according to the CBO.

Revenue from individual income taxes, however, grew more than expected because of economic growth and wage increases, according to the CBO. But the growth was not nearly enough to compensate for increased spending.

The deficit, which is now at $685 billion, is expected to reach $793 billion by the end of the year and come close to $1 trillion next year.

https://www.axios.com/cbo-report-nat...09728a2d5.html

The U.S. national deficit grew by 20% ($75 billion) over the past year, according to the latest report by the Congressional Budget Office, so a bit of hyperbole in the Original Post.
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Old 08-11-2018, 10:50 AM
 
Location: Long Island
32,971 posts, read 13,918,076 times
Reputation: 7016
Quote:
Originally Posted by texan2yankee View Post
Spending is up by $143 billion (4%) from last year.

2018 saw a $66-billion drop in corporate taxes, largely due to Trump's newest tax policy, according to the CBO.

Revenue from individual income taxes, however, grew more than expected because of economic growth and wage increases, according to the CBO. But the growth was not nearly enough to compensate for increased spending.

The deficit, which is now at $685 billion, is expected to reach $793 billion by the end of the year and come close to $1 trillion next year.

https://www.axios.com/cbo-report-nat...09728a2d5.html

The U.S. national deficit grew by 20% ($75 billion) over the past year, according to the latest report by the Congressional Budget Office, so a bit of hyperbole in the Original Post.
Both the increase in individual income taxes and drop of corporate taxes were to be expected but the corporate tax drop was more than predicted. Next year will prove more interesting as the tax cuts are in full force. The budget talks this year should also prove interesting, will the GOP adjust. Running deficits like this in a hot economy is problematic down the line.
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Old 08-11-2018, 10:53 AM
 
Location: 500 miles from home
30,002 posts, read 16,591,924 times
Reputation: 22572
Quote:
Originally Posted by carterstamp View Post
And the meager wage increases of 2.7% have been wiped out with 2.9% inflation.

MAGA y'all.
Sad!

Quote:
Originally Posted by James Bond 007 View Post
I notice WaldoKitty has no explanation for why the budget deficit is getting bigger, and why tax receipts were down. All he/she/it can do is attack me and accuse me of stuff. He/she/it can't discuss the actual issue.
Quote:
Originally Posted by James Bond 007 View Post
Once again, there is absolutely no explanation of why tax receipts are down and the deficit is getting bigger. Completely off topic. All WaldoKitty can do is attack democrats in response to a thread about why republicans are blowing the deficit up.
It is because the poster has no facts but plenty of opinion.
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Old 08-11-2018, 10:58 AM
 
Location: North Carolina
3,390 posts, read 3,003,590 times
Reputation: 3104
Quote:
Originally Posted by James Bond 007 View Post
As many of us predicted, the budget deficit would continue to surge. And contrary to Trumpling claims about tax receipts going up in the wake of the tax cuts, they are actually DOWN compared to the same month last year.

https://www.marketwatch.com/story/fe...uly-2018-08-10
Guess what this means JB. It's time to cut back on federal government spending. The federal government was never meant to be the colossal giant that it is today. But over the years we have allowed them to take more and more power from the states. Something that Donald Trump has actually been trying to address in small ways since he took office. We need less big government spending and more power back in the hands of the states. There would be no deficit if the government wasn't continuing to spend money that they we don't have.

PS. There is no such thing as a conservative when it comes to government spending these days. It doesn't matter what party is in office, they all spend our money like it's nothing. Conservatives should indeed be ashamed of this simple fact.
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Old 08-11-2018, 11:00 AM
 
Location: Florida
22,292 posts, read 9,466,208 times
Reputation: 18194
Quote:
Originally Posted by Back to NE View Post
Not surprising, Trump always overestimates or reports (or outright lies about) his revenue.

His supporters think they got a small-gov't president but he's big government. Big government on enforcement (all the agencies that ultimately fail like the DEA and ICE) and massive government of the military to include the biggest bucket of waste we have.

He's small government on all the agencies that protect people and the environment.

Evil putz...
Small government is not defined as giving $12 billion to farmers to make up for a loss created by big government.

Call it welfare or a bribe. But no way it is small government.
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Old 08-11-2018, 11:10 AM
 
Location: North Carolina
3,390 posts, read 3,003,590 times
Reputation: 3104
Quote:
Originally Posted by Enigma777 View Post
Small government is not defined as giving $12 billion to farmers to make up for a loss created by big government.

Call it welfare or a bribe. But no way it is small government.
Agreed. And in no way is this a new thing.

https://farm.ewg.org/region.php?fips...=total&yr=2010
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Old 08-11-2018, 11:12 AM
 
Location: Austin
12,209 posts, read 6,942,598 times
Reputation: 13448
Quote:
Originally Posted by Goodnight View Post
Both the increase in individual income taxes and drop of corporate taxes were to be expected but the corporate tax drop was more than predicted. Next year will prove more interesting as the tax cuts are in full force. The budget talks this year should also prove interesting, will the GOP adjust. Running deficits like this in a hot economy is problematic down the line.
I'm certainly no expert in monetary policy, but I do know it takes more than a few months for large or medium sized businesses to expand/build plants and offices, generate new products, open new markets. the corporate tax reduction just happened a few months ago. it would be unreasonable to think the corporate tax cut would generate immediate gains in corporate federal tax revenues. perhaps waiting at least 18 months to 2 years to see what happens is appropriate.

the good news is workers are keeping more of their own income, wages are growing, and jobs are plentiful, which we should all celebrate.
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Old 08-11-2018, 11:23 AM
 
Location: NE Ohio
30,193 posts, read 16,621,135 times
Reputation: 8850
Quote:
Originally Posted by WaldoKitty View Post
Democrats and anti-Trumpers love to tell us how bad America is doing.


This is another case of it. Reality - economy is booming, people are working and support for Trump is surging.
And let's remember those tax receipts are for Tax Year 2017. When was the tax cut passed and when did it take effect? It also takes a while for new business created to affect the economy. We're just getting started here. Trump has been in office for only 18 months!

These people are awful quick to call, "Fail." They ignore these facts.
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Old 08-11-2018, 11:27 AM
 
Location: NE Ohio
30,193 posts, read 16,621,135 times
Reputation: 8850
Quote:
Originally Posted by James Bond 007 View Post
If the economy was booming, tax receipts would be booming. Since they aren't, it isn't.

Trumplings live in a fantasy world.
Ummmm the tax cut was only passed in Dec of 2017. The tax receipts your talking about are for Tax Year 2017. The tax cut hasn't even taken effect yet.

How dumb do you think people are that they would buy into your propaganda?
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Old 08-11-2018, 11:31 AM
 
Location: NE Ohio
30,193 posts, read 16,621,135 times
Reputation: 8850
Quote:
Originally Posted by WaldoKitty View Post
LAWL


Not only do Democrats love to see America fail, they also argue that more taxes are a good thing. This is yet another example.

This is also why they can't win elections.




(insults, push for more taxes, hope America fails, you just witnessed the modern Democrat party in action)
True. Alexandria Ocasio-Cortez says, "The reason unemployment is low is because everyone has two jobs!" This is so hilarious, I can't believe she doesn't realize the stupidity of that statement!

She is the "new" Democrat Party!
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