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Started By
Message
Cost of GOP tax plan could exceed $2 trillion
Posted on 12/18/17 at 12:52 pm
Posted on 12/18/17 at 12:52 pm
LINK
"
quote:
The GOP tax bill would cost significantly more if tax cuts that are temporary in the legislation are eventually made permanent, according to two new reports.
Most of the bill's changes for individuals sunsets in 2025, even as a cut to the corporate rate from 35 percent to 21 percent is made permanent.
If future Congress's decide to extend the lower tax rates for individuals and families rather than allow them to expire, the bill will end up costing $2 trillion to $2.2 trillion, according to a report by the Committee for a Responsible Federal Budget, a nonpartisan deficit hawk group.
Even accounting for economic growth, it predicts the bill would add to the deficit $1.5 trillion to $1.7 trillion - or 100 percent of the nation's GDP.
"
quote:
If expiring provisions are extended and late-stage tax hikes avoided, debt could reach as high as 98 percent or 100 percent of GDP by 2027," the group said. "In other words, the national debt could exceed the size of the economy."
Congress's official scorekeeper, the Joint Committee on Taxation, estimated that the bill would cost about $1.46 trillion over 10 years before factoring in economic growth.
In a separate report, the conservative-leaning Tax Foundation estimated that the tax plan, if made permanent, would cost $2.7 trillion on a static basis and $1.4 trillion using "dynamic" scoring that factors in growth.
"This change would increase the cost of the plan, but also increase the economic growth and dynamic revenue generated by the plan," the Tax Foundation said.
Posted on 12/18/17 at 12:53 pm to Prince_Hakeem
Are liberals pretending to give a shite about spending now? Right on cue.
Posted on 12/18/17 at 12:53 pm to Prince_Hakeem
Then lets cut some bloated entitlement programs that hardly serve the middle class.
Posted on 12/18/17 at 12:54 pm to Prince_Hakeem
Cool, take it out of spending.
Posted on 12/18/17 at 12:54 pm to Prince_Hakeem
Cost of GOP tax plan could be less than $3.50
Posted on 12/18/17 at 12:55 pm to Prince_Hakeem
I do not care.
I am tired of paying for wars and welfare.
I am tired of paying for wars and welfare.
Posted on 12/18/17 at 12:55 pm to Prince_Hakeem
quote:
could
Or could not. Will never know if we don't try it.
Posted on 12/18/17 at 12:56 pm to Prince_Hakeem
I love how libtards love repeating this is a corporate tax cut like that's a bad thing. That's exactly what we need to grow the economy, make us dominant in the world economy again, and repatriate trillions in annual corporate profits that have moved offshore to tax Haven countries to escape our ludicrously high tax rate. There could be no individual tax break in this bill and it would still be a good idea.
Posted on 12/18/17 at 12:56 pm to Prince_Hakeem
Obama spent over $10 trillion while in office. So BTFO liberals
Posted on 12/18/17 at 12:57 pm to Prince_Hakeem
What they mean to say is that the plan gives too much money back to tax payers and won't be enough to pay for the bloated welfare system and government spending programs we have in place.
Guess we'll need to start making some more cuts...
Guess we'll need to start making some more cuts...
Posted on 12/18/17 at 1:00 pm to Prince_Hakeem
National debt will increase regardless with the size of government. A hard working middle class person might as well get a tax relief.
This post was edited on 12/18/17 at 1:37 pm
Posted on 12/18/17 at 1:01 pm to Prince_Hakeem
That is $2T over 10 years. With modest growth the us economy will have $300T in activity over those 10 years. The tax bill can easily generate more revenue than the alternative
Posted on 12/18/17 at 1:03 pm to Prince_Hakeem
quote:
Even accounting for economic growth, it predicts the bill would add to the deficit $1.5 trillion to $1.7 trillion - or 100 percent of the nation's GDP.
Lots of predictions went to shite already, mostly negative. Even if these come true 1.5 trillion is a drop in the bucket from the 10+ trillion we added over the last 8 years
Posted on 12/18/17 at 1:04 pm to Prince_Hakeem
Letting people keep more of their money doesn't "cost" anything
Posted on 12/18/17 at 1:20 pm to Prince_Hakeem
quote:
Cost of GOP tax plan could exceed $2 trillion by Prince_Hakeem
Why not tell the whole story... not the one that fit the agenda.
There is a "could" in that statement and it's also lacking a key detail... the about of time it COULD take to get to 2 trillion. Nearly a decade... meanwhile we saw 1.4 TRILLION added to the debt from Jan 2015 to Jan 2016.
You tell me how many things given a decades time that can change in U.S. policy and in world and national economy? Name the things that COULD change debt forecast over a decades time? Then get back to me on this tax cut and how that COULD increase the U.S. debt.
Meanwhile I'll sit over here with the majority of working America and enjoy the tax break and watch with anticipation as the corp tax cut put the Great U.S.A back in competition with investors both foreign and domestic.
Posted on 12/18/17 at 1:21 pm to Prince_Hakeem
2 trillion in the private sectors hands? Sounds good to me
Posted on 12/18/17 at 1:26 pm to Prince_Hakeem
Obama doubled the deficit in 8 years.
Elections have consequences.
Welcome back from your ban and goodbye for using an alter to avoid your ban.
Oh and it isn't your fricking money. I'm thrilled that rich and working folks get to keep their money from the leeches.
Entitlement cuts next.
Elections have consequences.
Welcome back from your ban and goodbye for using an alter to avoid your ban.
Oh and it isn't your fricking money. I'm thrilled that rich and working folks get to keep their money from the leeches.
Entitlement cuts next.
This post was edited on 12/18/17 at 1:28 pm
Posted on 12/18/17 at 1:27 pm to Prince_Hakeem
With 4% growth it could generate 250billion a year surpluses
Posted on 12/18/17 at 1:27 pm to Prince_Hakeem
quote:
Cost of GOP tax plan could exceed $2 trillion
2 questions:
1.) Will the federal government collect more tax revenue during the Trump administration than it ever has before?
2.) If the answer to #1 is yes, why should I be concerned about the revenue side of the issue? Our previous administration added 9 Trillion to the debt.
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