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It happened to my father early in his first term when he sought to close a growing federal deficit caused by the deep economic recession. He believed Democrats in Congress would keep their pledge to make $3 in future spending cuts for every $1 in immediate tax increases.
In 1982 he signed a compromise tax bill with the horrible name of TEFRA — the Tax Equity and Fiscal Responsibility Act. And, when those promised spending cuts never materialized in Congress, TEFRA became one of the biggest regrets of my father’s presidency.
My father was duped by the duplicity of Democrats. And so was George H.W. Bush less than a decade later, when he foolishly allowed himself to be taken for the same ride.
The only thing here is that some in the GOP also like big government.
But the Clinton News Network said that President Trump's economic/tax policy would be an unmitigated disaster that would lead to our country's financial ruin
You missed out the part where Trump added $1.3 trillion to the US national debt. But not to worry, Trump loves debt, that's why he went bankrupt four times.
The guy wouldn't know a good deal if it kicked him in the butt.
It's not about tax receipts(although I think we'll be about even) GROWTH is all that matters. With a 20 trillion dollar economy for every 1% you add in growth you add 200 billion dollars. The actual deficit does not matter what matters is the debt to gdp ratio, we will always carry some debt. Running roughly a 600 or 700 billion dollar deficit is fine growing at 3-4% it's terrible when growing at 1%. For example, 22 trillion dollars in debt in a 22 trillion dollar economy is far better than 20 trillion dollars in debt in a 19 trillion dollar economy....
Whatever the Trump tax cuts are intended to do vis-à-vis the economy, forget it. It ain’t gonna happen.
If it was intended to enrich gazillionaires even moreso, then yes...it’s gonna work like a charm. They aren’t gonna reinvest most of that money, and it’s not gonna trickle down into extra pay for workers.
It happened to my father early in his first term when he sought to close a growing federal deficit caused by the deep economic recession. He believed Democrats in Congress would keep their pledge to make $3 in future spending cuts for every $1 in immediate tax increases.
In 1982 he signed a compromise tax bill with the horrible name of TEFRA — the Tax Equity and Fiscal Responsibility Act. And, when those promised spending cuts never materialized in Congress, TEFRA became one of the biggest regrets of my father’s presidency.
My father was duped by the duplicity of Democrats. And so was George H.W. Bush less than a decade later, when he foolishly allowed himself to be taken for the same ride.
The only thing here is that some in the GOP also like big government.
There aren’t gonna be any cuts in government spending. In fact, I expect defense spending to go even more sky high.
The Trump tax cuts will be a disaster. Supply side economics simply doesn’t work.
You missed out the part where Trump added $1.3 trillion to the US national debt. But not to worry, Trump loves debt, that's why he went bankrupt four times.
The guy wouldn't know a good deal if it kicked him in the butt.
He did? That's news to me. That was a $1.3 trillion spending bill. Not $1.3 billion in debt as tax revenues are covering much of the spending.
Receipts for the first seven months of fiscal year 2018 totaled $2,012 billion, CBO estimates—$83 billion more than the amount during the same period last year.
Receipts collected in April were $30 billion to $40 billion larger than CBO expected when it prepared the estimates reported in The Budget and Economic Outlook: 2018 to 2028, which it issued on April 9. The bulk of that difference stems from larger-than-anticipated payments of individual income taxes. Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year. Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018. The reasons for the added revenues will be better understood as more detailed information becomes available later this year.
... The federal government realized a surplus of $218 billion in April 2018, CBO estimates—$35 billion larger than the surplus in April 2017.
CBO estimates that receipts in April 2018 totaled $515 billion—$59 billion (or 13 percent) more than those in the same month last year.
Translation... the tax cuts are working as intended.
So far, it's media predicting Trump to lose on everything he does and it's actually been Trump winning on everything he says....I'm amazed.
The header on the report for the CBO indicates the deficit is up but too early to predict how much
Quote:
The federal budget deficit was $382 billion for the first seven months of fiscal year 2018, CBO estimates, $37 billion more than the shortfall recorded during the same period last year.
Receipts for the first seven months of fiscal year 2018 totaled $2,012 billion, CBO estimates—$83 billion more than the amount during the same period last year.
Receipts collected in April were $30 billion to $40 billion larger than CBO expected when it prepared the estimates reported in The Budget and Economic Outlook: 2018 to 2028, which it issued on April 9. The bulk of that difference stems from larger-than-anticipated payments of individual income taxes. Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year. Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018. The reasons for the added revenues will be better understood as more detailed information becomes available later this year.
...
The federal government realized a surplus of $218 billion in April 2018, CBO estimates—$35 billion larger than the surplus in April 2017.
CBO estimates that receipts in April 2018 totaled $515 billion—$59 billion (or 13 percent) more than those in the same month last year.
Translation... the tax cuts are working as intended.
President Trump is amazing. Tax cuts, causing smart people in NY and CA and elsewhere to move away from the left wing bad run States!
Iran deal pull out is another amazing campaign promise to come true!
Many people never knew about Obama/Farrakhan picture and would never have voted for Obama if they knew... finally we are learning about the truth. Valerie Jarrett who is Iranian through birth may have pushed the Iran deal on Obama and to give the people cash/tax money to Iran like a mobster in the night!
Finally we see how great decision he people made by choosing for a true leader!
Receipts for the first seven months of fiscal year 2018 totaled $2,012 billion, CBO estimates—$83 billion more than the amount during the same period last year.
Receipts collected in April were $30 billion to $40 billion larger than CBO expected when it prepared the estimates reported in The Budget and Economic Outlook: 2018 to 2028, which it issued on April 9. The bulk of that difference stems from larger-than-anticipated payments of individual income taxes. Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year. Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018. The reasons for the added revenues will be better understood as more detailed information becomes available later this year.
...
The federal government realized a surplus of $218 billion in April 2018, CBO estimates—$35 billion larger than the surplus in April 2017.
CBO estimates that receipts in April 2018 totaled $515 billion—$59 billion (or 13 percent) more than those in the same month last year.
Translation... the tax cuts are working as intended.
But, but, tax tax cuts REDUCE the amount of money the fed takes in, according to dems.
"$30 billion to $40 billion larger than CBO expected"
Whenever tax cuts are discussed the dems say "the CBO says revenues will go down" but history has shown revenues go UP.
The CBO CANNOT look at AFFECTS of laws, only raw numbers.
When this is is brought up to dems they ignore it and wail and scream how tax revenues will DECRESE with tax cuts.
" But the real jolt for tax-cutting opponents was that the 03 Bush tax cuts also generated a massive increase in federal tax receipts. From 2004 to 2007, federal tax revenues increased by $785 billion, the largest four-year increase in American history. According to the Treasury Department, individual and corporate income tax receipts were up 40 percent in the three years following the Bush tax cuts. And (bonus) the rich paid an even higher percentage of the total tax burden than they had at any time in at least the previous 40 years. This was news to theNew York Times, whose astonished editorial board could only describe the gains as a “surprise windfall.”"
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