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Nancy wasn’t speaker when Trump signed the $1.5 Trillion dollar stimulus. Nice try though
Read my last post regarding federal tax revenue vs. GDP growth. The tax cuts aren't the problem. Overspending on means-tested public assistance programs is (approximately 1/3 of total federal spending is allocated to means-tested public assistance programs). 49% of all births in the US are paid by Medicaid, and those children are likely to need multiple public assistance program benefits for at least 18 years.
To get those who benefit to contribute to the cost of their feeding, care, etc., I suggest implementing a 20%-25% VAT (sales tax) like European countries have.
Federal Tax Revenue is calculated BEFORE the earned income credit. Figure all the earned income tax credit paid out and your numbers will look much different.
FY 2019 - Tax Cuts go into effect - $3.44 trillion, estimated. (3.3% increase in federal tax revenue vs. 2.5% annualized GDP growth)
FY 2018 - $3.33 trillion.
It's not a tax revenue problem, it's a Fed Gov overspending problem. Programs in which those who receive benefits don't contribute to the cost of the programs need to be cut. We're spending too much money on those while not requiring any meaningful contribution whatsoever from those who benefit. I suggest a 20%-25% VAT (sales tax) like European countries have.
You are REALLY reaching when you have to use "estimated" numbers....and are dealing in fractions of a percentile.
Remember, 2018 WAS ALSO UNDER THE TRUMP TAX CUTS....although some revenue collected in that year was from 2017 activities.
Bottom line - your numbers don't mean a single thing. The only relevant number is that the Deficit and Projected Deficit have MASSIVELY INCREASED.
On one hand you say we have a spending problem. Then you say you want to charge 20-25% to cover the shortage of taxes collected???
One thing that most reasonable prudent people can agree on is that you don't increase the DIFFERENCE between income and expenses in supposed "good times". Yet that is exactly what the GOP did.
It's all well and good to talk Pie in the Sky VAT, but REALITY is that Trump and the GOP passed these cuts without any offset. Repeat that 5 times and you will get the idea.
With the poor wages? That would collapse our economy. Too many have incomes that barely keep them above water.
Anyone can live within their means. If it means having roommates, not having the latest cell phone, not having cable TV, not eating out, and not wasting money on drugs/alcohol, etc., etc., so be it. The issue seem to be some people feel "entitled" to a much better lifestyle than they have earned. No one is entitled to that, not even someone who earns $250,000/year. Everyone has to live within their means. If they don't, it's no one's fault or burden but their own. There's NO excuse for why 49% of all births in the US are to people who need Medicaid. Can't afford kids? Don't have them. There are thousands of Title X family planning clinics located throughout the US that provide very low cost or free contraceptive services, devices, and meds. And those thousands of Title X FPCs don't even include a single Planned Parenthood facility.
Really? That ignores a lot of pertinent information. Republican tax cuts without spending reductions are what caused this. The Republican Senate and Republican President agreed to this budget. Look at the deficit trend lines since Trump took office. If he cared about this, don’t you think he would say something?
Revenue in 2019 will be down less than 1.4% from the 2015 peak.
Meanwhile, spending is up more than 14% from 2015.
How can any serious person conclude that taxes need to be raised?
The problem is spending, and the last I heard all the Democrat candidates running for president want to provide illegals with health insurance.
You are REALLY reaching when you have to use "estimated" numbers....and are dealing in fractions of a percentile.
I'll gladly update when the official numbers are released.
The point being that rather than a cut in federal tax revenue, which so many of you were completely wrong to assume would be the result, the tax cuts stimulated a higher than GDP growth increase in tax revenue.
Federal Tax Revenue is calculated BEFORE the earned income credit. Figure all the earned income tax credit paid out and your numbers will look much different.
A tax “cut” without a corresponding spending cut is a tax on future earnings
and the fascist liberals would not allow any spending cuts.... they even squawked when trumpo suggested cutting foreign aid
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