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MrRodgers -> RE: New GOP Tax Plan (11/13/2017 2:40:10 PM)
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ORIGINAL: DesideriScuri
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ORIGINAL: MrRodgers
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ORIGINAL: DesideriScuri
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ORIGINAL: Musicmystery
bounty, does the thought of cuts to pay for this ever enter the GOP/conservative/alt-right minds????
Because there's nothing but "I have faith the economy will magically grow to generate more than the foregone revenue."
A faith based on nothing but a belief in an already oft-discredited ideology.
It is NO different than the "comrades" wanting services with no idea how to fund them.
BOTH are mindless, simplistic, frankly child-like ideologies.
And this "plan" is a prime example.
The GOP always offers cuts to spending. It's cuts to spending growth (this is also how the Democrats do it, too).
Stated: "We're axing spending by $500B on XYZ!"
Reality: Spending was going to increased by $1T over 10 years, but now, it's "only" going to increase $500B!
Plus, they have all these "cuts" backloaded over 10 years, so most of them won't even be there when it comes time to cut. Plus, by that time, there will be a hue and cry to not cut "my" spending and the cuts-that-aren't-really-cuts end up not happening then, either.
Not cutting revenues (if you look at the revenues under Bush, his tax cuts didn't result in reduced revenues) is almost enabling Government to continue to waste money left and right (figurative figure of speech, and also indicative that both sides are guilty of it, btw).
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Not cutting revenues (if you look at the revenues under Bush, his tax cuts didn't result in reduced revenues)
Not according to these people and others.
The surplus in the fiscal 2001 federal budget was $127 billion. The 2010 budget had a budget deficit of $1.3 trillion. The long-term national debt more than doubled from $5.6 trillion in 2000 to $13.6 trillion in 2010, mostly under Bush’s watch.
Federal tax receipts in 2010 were 14.9 percent of gross domestic product. In 2000 it was as high as 20 percent.
Department of the Treasury, usgovernmentrevenue.com
You're arguing %GDP with actual dollars. That's apples to oranges. Since things are priced in actual dollars and not %GDP, I tend to work with actual dollar amounts. YMMV
The facts are that with the tax cuts, federal revenue fell precipitously and drove the treasury right into deficit. Cutting taxes twice, once on 1040 rates and again on corp. taxes and cap gains and financing it with more repub borrowing.
The first tax cut the Economic Growth and Tax Relief Reconciliation Act of 2001, was signed into law June 7, 2001. It began to affect revenues almost immediately as "advance rebate" checks were mailed to millions of taxpayers starting that July. After the fiscal year ended Sept. 30, 2001, the nonpartisan Congressional Budget Office calculated that those rebates had already amounted to $35 billion. As a result, CBO said, federal income tax receipts fell that year, rather than posting an increase.
Total federal revenues declined not only in 2001, but also in the following two years, according to CBO historical budget figures. In fiscal 2002, total revenues declined by $138 billion, and in fiscal 2003, they went down for a third year in a row — by nearly $71 billion. Revenues turned up in fiscal 2004, but didn't reach pre-tax-cut levels until fiscal year 2005.
HERE
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