MAGA: Federal deficit soars 32 percent to $895B
- Thread starter exGOPer
- Start date
Wait revenues went up after Trump's dangerous end of world corporate the tax cuts?
Tax Revenues went up after tax cuts? Again?
I thought all you drone morons said that tax cuts don't work?
I thought Piezoe told us supply side ideas failed?
Then, we see blue collar jobs returned.
WTF? Why is the real world always always destroying lefty's core beliefs?
Yet, the left will never change.
They will always tell us tax cuts don't work.
They will produce models with unfounded assumptions.
They will show us graphs about tax revenues being a smaller part of GDP as if that is a negative and not the point of tax cuts expanding the economy.
Tax Revenues went up after tax cuts? Again?
I thought all you drone morons said that tax cuts don't work?
I thought Piezoe told us supply side ideas failed?
Then, we see blue collar jobs returned.
WTF? Why is the real world always always destroying lefty's core beliefs?
Yet, the left will never change.
They will always tell us tax cuts don't work.
They will produce models with unfounded assumptions.
They will show us graphs about tax revenues being a smaller part of GDP as if that is a negative and not the point of tax cuts expanding the economy.
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Trump bewildered his economic adviser by claiming he could ‘print money’ to reduce the debt: Woodward
President Donald Trump believed he could lower the United States’ debt by instructing the Treasury Department to print more money, according to the new book Fear: Trump in the White House by veteran investigative journalist Bob Woodward, CNBC reported Tuesday.
Chapter seven of the book recounts a November 2016 meeting at Trump Tower that was organized by Jared Kushner. The purpose of the meeting was for Goldman Sachs’ then-president and chief operating officer Gary Cohn to brief president-elect Trump on the economy.
Also attending the meeting were Steve Bannon, Reince Priebus, and Steve Mnuchin.
Cohen reportedly told Trump to expect interest rates to increase.
“We should just go borrow a lot of money right now, hold it, and then sell it to make money,” Trump suggested.
Woodward described Cohn as “astounded” that Trump didn’t realize that issuing bonds to borrow money would increase the national debt.
“What do you mean?” Trump asked, according to Woodward. “Just run the presses — print money.”
Cohn reportedly tried to explain that economics does not work as Trump suggested.
President Donald Trump believed he could lower the United States’ debt by instructing the Treasury Department to print more money, according to the new book Fear: Trump in the White House by veteran investigative journalist Bob Woodward, CNBC reported Tuesday.
Chapter seven of the book recounts a November 2016 meeting at Trump Tower that was organized by Jared Kushner. The purpose of the meeting was for Goldman Sachs’ then-president and chief operating officer Gary Cohn to brief president-elect Trump on the economy.
Also attending the meeting were Steve Bannon, Reince Priebus, and Steve Mnuchin.
Cohen reportedly told Trump to expect interest rates to increase.
“We should just go borrow a lot of money right now, hold it, and then sell it to make money,” Trump suggested.
Woodward described Cohn as “astounded” that Trump didn’t realize that issuing bonds to borrow money would increase the national debt.
“What do you mean?” Trump asked, according to Woodward. “Just run the presses — print money.”
Cohn reportedly tried to explain that economics does not work as Trump suggested.
GOP yells at Obama for lowering rates and printing money.
GOP votes a guy in literally asking to print more money
Tax receipts from 1990 to 2000 went up 10 years in a row and were double in 2000 than they were in 1990.
- FY 2000 - $2.03 trillion.
- FY 1999 - $1.82 trillion.
- FY 1998 - $1.72 trillion.
- FY 1997 - $1.58 trillion.
- FY 1996 - $1.45 trillion.
- FY 1995 - $1.35 trillion.
- FY 1994 - $1.26 trillion.
- FY 1993 - $1.15 trillion.
- FY 1992 - $1.09 trillion.
- FY 1991 - $1.05 trillion.
- FY 1990 - $1.03 trillion.
After the first bush tax cuts in 2001 tax receipts were lower than 2000 levels until 2005 then went up 3 years and then crashed back down to near 2000 levels in 2009 and 2010
- FY 2010 - $2.16 trillion.
- FY 2009- $2.1 trillion.
- FY 2008 - $2.52 trillion.
- FY 2007 - $2.57 trillion.
- FY 2006 - $2.4 trillion.
- FY 2005 - $2.15 trillion.
- FY 2004 - $1.88 trillion.
- FY 2003 - $1.72 trillion.
- FY 2002 - $1.85 trillion.
- FY 2001 - $1.99 trilion.
- FY 2000 - $2.03 trillion
Clinton tax revenue( raised taxes)
FY 1990 - $1.03 trillion.
FY 2000 - $2.03 trillion
Bush tax revenue (cut taxes)
FY 2000 - $2.03 trillion
FY 2010 - $2.16 trillion.
Obama ended the bush tax cuts for the rich in 2012.Tax receipts up a trillion dollars in 4 years
- FY 2017 (est.) - $3.460 trillion.
- FY 2016 - $3.268 trillion.
- FY 2015 - $3.250 trillion.
- FY 2013 - $2.775 trillion.
- FY 2012 - $2.45 trillion
We were pulling out of the Nasdaq crash and then 9/11 and the cuts needed to be phased in faster because the economy was in trouble. His tax cuts worked and revenues started to rise within just a few years and they stayed above the those levels for the remainder of this term. Then Obama took over.
From Wikipedia.... I added the emphasis.
The phrase Bush tax cuts refers to changes to the United States tax code passed originally during the presidency of George W. Bush and extended during the presidency of Barack Obama, through:
The Bush tax cuts had sunset provisions that made them expire at the end of 2010, since otherwise they would fall under the Byrd Rule. Whether to renew the lowered rates, and how, became the subject of extended political debate, which was resolved during the presidency of Barack Obama by a two-year extension that was part of a larger tax and economic package, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. In 2012, during the fiscal cliff, the tax cuts were made permanent for single people earning less than $400,000 per year and couples making less than $450,000 per year, and eliminated for everyone else, under the American Taxpayer Relief Act of 2012.
Before the tax cuts, the highest marginal income tax rate was 39.6 percent. After the cuts, the highest rate was 35 percent. Once the cuts were eliminated for high income levels (single people making $400,000+ per year and couples making $450,000+ per year), the top income tax rate returned to 39.6 percent.
From Wikipedia.... I added the emphasis.
The phrase Bush tax cuts refers to changes to the United States tax code passed originally during the presidency of George W. Bush and extended during the presidency of Barack Obama, through:
- Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)
- Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)
- Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
- American Taxpayer Relief Act of 2012 (partial extension)
The Bush tax cuts had sunset provisions that made them expire at the end of 2010, since otherwise they would fall under the Byrd Rule. Whether to renew the lowered rates, and how, became the subject of extended political debate, which was resolved during the presidency of Barack Obama by a two-year extension that was part of a larger tax and economic package, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. In 2012, during the fiscal cliff, the tax cuts were made permanent for single people earning less than $400,000 per year and couples making less than $450,000 per year, and eliminated for everyone else, under the American Taxpayer Relief Act of 2012.
Before the tax cuts, the highest marginal income tax rate was 39.6 percent. After the cuts, the highest rate was 35 percent. Once the cuts were eliminated for high income levels (single people making $400,000+ per year and couples making $450,000+ per year), the top income tax rate returned to 39.6 percent.
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I would note the reality of this is the FED created a real estate bubble during the Bush years to help out state a Federal tax revenues which collapsed after the nasdaq/tech bubble which happened while Clinton was President.
Bush took over after the tech collapse.(and 911) The economy was floated with cheap money and easy mortgages. Then the real estate market collapsed taking down wall street with it. Then Obama took over.
Bush took over after the tech collapse.(and 911) The economy was floated with cheap money and easy mortgages. Then the real estate market collapsed taking down wall street with it. Then Obama took over.
Federal revenues were 5% higher after Bush who cut taxes left office.
Federal revenues were 100% higher after Clinton who raised taxes left office.