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Trump’s Tax Cuts Would Add $24.5 Trillion to the Debt
Posted on 1/19/16 at 2:39 am
Posted on 1/19/16 at 2:39 am
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Posted on 1/19/16 at 2:52 am to VolFanInCzechRep
Posted on 1/19/16 at 6:20 am to VolFanInCzechRep
This should be fun
Posted on 1/19/16 at 8:00 am to VolFanInCzechRep
Poor choice of words. His cuts would not add to the debt.
I read the whole article. It assumes that there will be no change in spending. Most are running on less spending on the republican side, but they're all professional liars. I'll believe it when I see it.
Taking less money in doesn't increase your debt. It decreases the rate at which you can pay it back and I understand that as a negative. But the article title is purposefully misleading.
I read the whole article. It assumes that there will be no change in spending. Most are running on less spending on the republican side, but they're all professional liars. I'll believe it when I see it.
Taking less money in doesn't increase your debt. It decreases the rate at which you can pay it back and I understand that as a negative. But the article title is purposefully misleading.
Posted on 1/19/16 at 8:05 am to 3nOut
quote:
Poor choice of words. His cuts would not add to the debt. I read the whole article. It assumes that there will be no change in spending. Most are running on less spending on the republican side, but they're all professional liars. I'll believe it when I see it. Taking less money in doesn't increase your debt. It decreases the rate at which you can pay it back and I understand that as a negative. But the article title is purposefully misleading.
You are yapping about semantics. The wording is fine. Large tax cuts = less money coming in = bigger deficit = more borrowing and more debt.
That of course assumes no major spending cuts and none of the GOP candidates have proposed any and I cannot remember the last time any GOP president tried to cut spending by any appreciable amount. GWB didn't, GB didn't, Reagan sure as hell didn't, etc.
Posted on 1/19/16 at 8:14 am to Tiger n Miami AU83
quote:
You are yapping about semantics. The wording is fine. Large tax cuts = less money coming in = bigger deficit = more borrowing and more debt.
it's not semantics in the least.
if i make 10k a month, have 500k in debt and have to spend 6k to keep the doors open then that's the status quo. it's a crappy status quo, but it is what is is.
if i start making 7k a month, that doesn't mean my debt and expenditures every month went up. it just means i have less money to pay off the 500k. to say it adds to the debt is a lie.
quote:
That of course assumes no major spending cuts and none of the GOP candidates have proposed any and I cannot remember the last time any GOP president tried to cut spending by any appreciable amount. GWB didn't, GB didn't, Reagan sure as hell didn't, etc.
i do agree with this.
This post was edited on 1/19/16 at 8:16 am
Posted on 1/19/16 at 8:18 am to 3nOut
The headline is a bit misleading, but clarification is given in the very first paragraph.
It can if you can't even meet the interest obligation, which is basically what we've been doing for the past 10 or so years.
quote:
Taking less money in doesn't increase your debt.
It can if you can't even meet the interest obligation, which is basically what we've been doing for the past 10 or so years.
Posted on 1/19/16 at 8:21 am to Tiger n Miami AU83
quote:
That of course assumes no major spending cuts and none of the GOP candidates have proposed any
quote:
Trump says that won't happen because he also plans to make "tremendous cuts" to the federal budget. During an interview with CNN's Don Lemon that aired Wednesday night, Trump said that in the coming weeks he will identify "outrageous" and "incredible" federal expenses that he would reduce, cut or renegotiate. That would likely include cutting "huge sections" of the departments of education and environmental protection, he said. Trump estimated that the U.S. loses "tens of billions of dollars" because of theft, incompetence and wasteful spending.
quote:
"So here's the thing: There's tremendous cutting that goes with my tax plan that I haven't talked about yet, but that will be phase two," Trump said in the interview. "So we're going to have a government that's going to be much leaner, much better, much meaner, but it's going to be meaner in the sense... of it's going to be efficient."
Sorry. Try again
This post was edited on 1/19/16 at 8:24 am
Posted on 1/19/16 at 8:35 am to VolFanInCzechRep
You missed the second half of the very first sentence.
Posted on 1/19/16 at 8:35 am to VolFanInCzechRep
(no message)
This post was edited on 1/19/16 at 8:36 am
Posted on 1/19/16 at 8:39 am to VolFanInCzechRep
If there is anybody even close to being capable of cutting our expenses to a salvageable level, regardless of tax cuts, I think Trump is the man, but unfortunately, I don't think even he can pull it off. This will be our downfall, one day.
Posted on 1/19/16 at 8:40 am to Tiger n Miami AU83
quote:
The wording is fine. Large tax cuts = less money coming in = bigger deficit = more borrowing and more debt.
His plan, while not perfect, gets rid of itemized deductions and depends on increased taxable monies. The horrible article makes a bunch of horrible assumptions and doesnt account for that.
FTR, I am not a trump fan
Posted on 1/19/16 at 8:46 am to Tiger n Miami AU83
quote:
You are yapping about semantics. The wording is fine. Large tax cuts = less money coming in = bigger deficit = more borrowing and more debt.
Seeing as you claim to be an accountant, you should understand the concept of income vs outgo.
Tax cuts do not automatically mean less revenue either, btw.
Posted on 1/19/16 at 8:56 am to texag7
quote:
quote:
"So here's the thing: There's tremendous cutting that goes with my tax plan that I haven't talked about yet, but that will be phase two," Trump said in the interview. "So we're going to have a government that's going to be much leaner, much better, much meaner, but it's going to be meaner in the sense... of it's going to be efficient."
Sorry. Try again
This and the other fallacy in the OP is the potential impact on the economy as a whole. When business is booming there is a real possibility of increased federal revenues with lower taxes due to an increase in the number of businesses and an increase in the revenues of existing U.S. based businesses and individuals. One thing for sure, the economy is not booming with the lowest participation rate since 1978 and darn near half of our citizens not paying taxes many of whom are government dependents.
Posted on 1/19/16 at 9:03 am to VolFanInCzechRep
Not clicking; still want Trump.
Posted on 1/19/16 at 9:05 am to wmr
Did Al Gore do that math for you?
Posted on 1/19/16 at 9:13 am to wmr
You can click and still vote for Trump. It was a leftist spin, made up of an alternate world.
Posted on 1/19/16 at 9:22 am to Vols&Shaft83
Exactly, some including the author of that horrible article don't talk about the many more jobs and better economy that can and usually does come with such tax cuts. Increasing tax payers will help increase tax revenue.
Posted on 1/19/16 at 9:33 am to Vols&Shaft83
TnM is seriously the dumbest "accountant" I've ever seen, if he actually is one.
Posted on 1/19/16 at 9:47 am to 2smooth
quote:
more jobs and better economy that can and usually does come with such tax cuts.
That's such a vague statement, and historically government revenues decline after major tax cuts. Further, the 2 worst financial crises(Great Depression, recession of the 2000's) in this country's history occurred after massive tax cuts.
There are so many moving parts to our economy, and tax rates are just a small part of that. There are times where tax cuts can boost the economy, but there are times when they can hamper the economy. And unfortunately it's not something anyone can predict because the other moving parts to the economy are constantly changing.
Truth is the tax rate at any given time is a moving target, and it is nearly impossible to peg. Running a campaign on tax cuts is straight pandering because it sounds nice to voters.
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