Biden to end most tax cuts if he wins. This will be intriguing.
- Thread starter S2007S
- Start date
https://www.whitehouse.gov/omb/historical-tables/
The TCJA was the primary reason the federal budget deficit increased by 17 percent to $779 billion, or 3.9 percent of gross domestic product (GDP), for FY 2018.11 Revenue fell to 16.5 percent of GDP. The draining of revenue and corresponding rise in the deficit is particularly striking given that the economic recovery has continued apace in 2018, with unemployment levels continuing on the downward trajectory that began in 2009. The level of revenue as a share of GDP in FY 2018 was the lowest in more than 50 years except for six years during and following recessions, FY 2003–2004 and FY 2009–2012.
The TCJA was the primary reason the federal budget deficit increased by 17 percent to $779 billion, or 3.9 percent of gross domestic product (GDP), for FY 2018.11 Revenue fell to 16.5 percent of GDP. The draining of revenue and corresponding rise in the deficit is particularly striking given that the economic recovery has continued apace in 2018, with unemployment levels continuing on the downward trajectory that began in 2009. The level of revenue as a share of GDP in FY 2018 was the lowest in more than 50 years except for six years during and following recessions, FY 2003–2004 and FY 2009–2012.
https://www.washingtonpost.com/busi...set-off-an-investment-boom-they-arent-so-far/
The draining of revenues belies the predictions made by the TCJA’s proponents. Upon the bill’s passage in the Senate, then-Majority Leader Mitch McConnell (R-KY) said: “I not only don’t think it will increase the deficit, I think it will be beyond revenue neutral.”13 Treasury Secretary Steven Mnuchin claimed that “this tax plan will not only pay for itself but in fact create additional revenue for the government.”14 All credible nonpartisan analysts rejected claims that the tax cut would pay for itself, and their warnings of reduced revenue are now bearing out. The TCJA’s proponents’ claims were premised on the law sparking an enormous boom in private investment, but to date, there is little to no sign of any such investment boom.
The draining of revenues belies the predictions made by the TCJA’s proponents. Upon the bill’s passage in the Senate, then-Majority Leader Mitch McConnell (R-KY) said: “I not only don’t think it will increase the deficit, I think it will be beyond revenue neutral.”13 Treasury Secretary Steven Mnuchin claimed that “this tax plan will not only pay for itself but in fact create additional revenue for the government.”14 All credible nonpartisan analysts rejected claims that the tax cut would pay for itself, and their warnings of reduced revenue are now bearing out. The TCJA’s proponents’ claims were premised on the law sparking an enormous boom in private investment, but to date, there is little to no sign of any such investment boom.
Don't you go providing "verifiable facts that disagreed with his worldview." of the jackasses who can't admit the tax cuts blew up the deficit. They're so certain of their moral superiority I'm certain they won't be bothered to actually take time to read and understand those verifiable facts.
Did the debt and deficit blow up after the TJCA? At the end of the day, that's all that matters. My money is on you Mr. "disagreed with his worldview" to be completely unwilling to provide a yes or no answer to that very yes or no question. Because guess what, it disagrees with your worldview!You replied to him with verifiable facts that disagreed with his worldview. Therefore, you should not be allowed to see his wisdom. Q.E.D.
Sadly any efforts towards austerity appear to be over. I question whether debt burdens will matter until it is too late.
That's what he said, lets hope he'll forget it by then...
Yes, the federal deficit went up (and I don't approve of that either). But did the tax cut cause that?
https://thehill.com/opinion/finance...-for-our-ballooning-deficits-misses-the-point
Blaming Trump's tax cuts for our ballooning deficits misses the point
...
Total receipts are actually up by $9 billion, but spending is up by far more — to the tune of $103 billion. That nets out to an increase in the deficit of $94 billion.
That article was published before Covid-19 arrived.
The point of my post was to show displeasure that because one EliteTrader member didn't like the facts another member posted, he blocked the other member. That type of behavior is what a typical two-year-old would do.
BEA data.
The TCJA was the primary reason the federal budget deficit increased by 17 percent to $779 billion, or 3.9 percent of gross domestic product (GDP), for FY 2018. Revenue fell to 16.5 percent of GDP. The draining of revenue and corresponding rise in the deficit is particularly striking given that the economic recovery has continued apace in 2018, with unemployment levels continuing on the downward trajectory that began in 2009. The level of revenue as a share of GDP in FY 2018 was the lowest in more than 50 years except for six years during and following recessions, FY 2003–2004 and FY 2009–2012.
The TCJA was the primary reason the federal budget deficit increased by 17 percent to $779 billion, or 3.9 percent of gross domestic product (GDP), for FY 2018. Revenue fell to 16.5 percent of GDP. The draining of revenue and corresponding rise in the deficit is particularly striking given that the economic recovery has continued apace in 2018, with unemployment levels continuing on the downward trajectory that began in 2009. The level of revenue as a share of GDP in FY 2018 was the lowest in more than 50 years except for six years during and following recessions, FY 2003–2004 and FY 2009–2012.