Tax Cuts and Jobs Act

[VanPastorMan]

That’s @T.M.P. stomping grounds. Invite him to church, lord knows he needs it.

I would do that but I worry he might find where I live and kill all of us in our sleep.

 

[snarlcakes]

Most of it is set to expire. Will Pubs extend it?

I say no…we can’t afford it

I didn’t know where to put this, but thought you would like to read it.

 

[Spartans9312]

View embedded media

I didn’t know where to put this, but thought you would like to read it.

Did you watch the Cato videos I linked in the moderate thread? That will be a major fight on the Republican side.

I think Cato did a piss poor job making their point….or there is nothing to defend

 

[NPT]

Tax cuts every time they are done bring more money into the treasury.

Not sure about that but if you notice in the following article revenue increased more from 2016 to 2023 than it did from 2008-2015. I don't pretend to understand all of what goes into getting to the revenue numbers.

U.S. Federal Government Tax Revenue

The federal government generates tax revenue through sources like income and corporate taxes. Learn how much tax revenue the U.S. generates each year.

www.thebalancemoney.com

 

[VanPastorMan]

Not sure about that but if you notice in the following article revenue increased more from 2016 to 2023 than it did from 2008-2015. I don't pretend to understand all of what goes into getting to the revenue numbers.

U.S. Federal Government Tax Revenue

The federal government generates tax revenue through sources like income and corporate taxes. Learn how much tax revenue the U.S. generates each year.

www.thebalancemoney.com

I don't understand how they get their numbers either. I suspect they could manipulate them if they wanted to by not counting certain monies as revenue etc. Thanks for the article. It does point out that tax cuts work to create revenue no matter how you calculate it.

 

[Spartans9312]

They’ll extend it.

 

[IUCrazy2]

View embedded media

The only cuts that matter they won't make. Social Security and Medicare are two of the biggest deficit drivers now and they are expected to be the biggest drivers over the next decade.

All of the things that "DOGE" people are talking about is negligible. The government spends most of its money on Social Security, Medicare, Defense, and interest on the debt. You would have to cut everything else to zero to get in balance.

 

[JamieDimonsBalls]

Tax cuts every time they are done bring more money into the treasury. The problem is we don't hold the politician's feet to the fire to not spend the new found money. What you have to understand is the freedom tax cuts bring to the individual is good for the treasury because it stimulates the economy. The economy can grow or shrink depending upon government policy.

Economic growth / output and tax revenues are not the same, and despite correlation, tax cuts may not bring in necessary additional revenues required to “pay for themselves “.

 

[Digressions]

I don't understand how they get their numbers either. I suspect they could manipulate them if they wanted to by not counting certain monies as revenue etc. Thanks for the article. It does point out that tax cuts work to create revenue no matter how you calculate it.

Van, it actually said the opposite.

 

[JamieDimonsBalls]

They shouldn't, but they will. And they will pretend that the economic stimulus resulting from it will somehow increase revenues.

Technically, gross Revenues did increase, though very modestly.

 

[twenty02]

The only cuts that matter they won't make. Social Security and Medicare are two of the biggest deficit drivers now and they are expected to be the biggest drivers over the next decade.

All of the things that "DOGE" people are talking about is negligible. The government spends most of its money on Social Security, Medicare, Defense, and interest on the debt. You would have to cut everything else to zero to get in balance.

If DOGE were intended to be a serious operation they would focus 100% of their efforts on CMS. Fraud alone in Medicare and Medicaid is estimated at $100B/yr.

 

[twenty02]

View embedded media

They plan to punt the tax work until late next year. And do the 'easier' reconciliation bill first. Though the reality is they will have difficulty passing anything where you can only lose 2 votes in the House on a partisan reconciliation bill. The tax bill is going to be a very difficult lift.