Every single time there is a tax cut, revenue goes up. There isn't a revenue problem, there is a spending problem.
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The Debt Limit..
Re: The Debt Limit..
New York and Chicago were all in with respect to their sanctuary status — until they were hit with the challenge of actually providing sanctuary. In other words, typical liberal hypocrisy.
Re: The Debt Limit..
Um, the interest number would certainly be higher in 2023 because the Fed keeps raising interest rates to fight BidInflation.TC Talks wrote: ↑Sun May 28, 2023 7:57 pmYou are incorrect. Here's 2022...Bryce wrote: ↑Sun May 28, 2023 5:58 pmFrom what I understand we are currently making larger interest payments then we spend on national defense.km1125 wrote: ↑Sun May 28, 2023 4:27 pmHow much of our annual budget just pays for interest on the debt?Rate This wrote: ↑Sun May 28, 2023 4:24 pmI keep hearing the debt is some giant problem lurking to kill us and we have gone from $4 to $30+ Trillion in 22 years… gee… we are still here.bmw wrote: ↑Sun May 28, 2023 12:48 pmCapping spending for 2 years without any cuts (when the Republican position going into negotiation was to return to 2022 spending levels, which is hardly a radical position) is not what I'd call moderation. Most Democrats will vote in favor of this deal because, as per usual, they got the better end of it. Ultimately, we continue down the path of massive federal spending and a growing, unsustainable debt.
New York and Chicago were all in with respect to their sanctuary status — until they were hit with the challenge of actually providing sanctuary. In other words, typical liberal hypocrisy.
Re: The Debt Limit..
That's a sucker statement. Revenue always grows. Ask the right questionsBryce wrote: ↑Mon May 29, 2023 12:12 amEvery single time there is a tax cut, revenue goes up. There isn't a revenue problem, there is a spending problem.
BrookingsDid the TCJA spur enough growth to maintain federal revenue levels?
While some TCJA supporters observe that nominal revenues were higher in fiscal year 2018 (which began Oct. 1, 2017) than in FY2017, that comparison does not address the question of the TCJA’s effects. Nominal revenues rise because of inflation and economic growth. Adjusted for inflation, total revenues fell from FY2017 to FY2018 (Figure 1). Adjusted for the size of the economy, they fell even more.
The right question: What would revenues have been without the TCJA?
The most appropriate test of the revenue impact of the TCJA is to compare actual revenues in FY2018 with predicted revenues in FY2018 assuming Congress had not passed the legislation. In fact, the actual amount of revenue collected in FY2018 was significantly lower than the Congressional Budget Office’s (CBO) projection of FY2018 revenue made in January 2017—before the tax cuts were signed into law in December 2017. The shortfall was $275 billion, or 7.6% of revenues that were expected before the tax cuts took place. Given that the economy grew, and in the absence of another policy that could have caused a large revenue loss, the data imply that the TCJA substantially reduced revenues (Figure 1).
For Kristian Trumpers are not serving our Lord Christ, but their own appetites. By smooth talk and flattery they deceive the minds of naive people.
-Romans 16:18
Posting Content © 2024 TC Talks Holdings LP.
-Romans 16:18
Posting Content © 2024 TC Talks Holdings LP.
- MWmetalhead
- Site Admin
- Posts: 13052
- Joined: Sun Oct 31, 2004 11:23 am
Re: The Debt Limit..
Government Debt to GDP is the ratio I like to use to analyze trends. That ratio is now twice as high as it was fifteen years ago. That's despite the fact our GDP has grown substantially over that time.
The growth in this ratio needs to be brought under control. 2020 was the year where it really surged; it's gotten slightly worse since then. The spending caps contained in the debt ceiling deal are a reasonable place to start, but it's only that - a start.
The annual budget / appropriations process ought to be used to enact further, specific cuts.
https://www.macrotrends.net/countries/U ... rom%202016.
https://tradingeconomics.com/united-sta ... 0in%201981.
The pandemic is over; government spending needs to be closer to 2019 levels.
I do think entitlement reform is needed for Gen Y and younger. Nearly half of Medicare funding now comes from the general budget as opposed to payroll taxes.
While SS is not in as bad of fiscal shape as Medicare, that program has been running deficits for each of the past 12 years, thereby requiring the U.S. Treasury to issue debt to cover the shortfall.
https://www.poynter.org/fact-checking/2 ... t-deficit/
The growth in this ratio needs to be brought under control. 2020 was the year where it really surged; it's gotten slightly worse since then. The spending caps contained in the debt ceiling deal are a reasonable place to start, but it's only that - a start.
The annual budget / appropriations process ought to be used to enact further, specific cuts.
https://www.macrotrends.net/countries/U ... rom%202016.
https://tradingeconomics.com/united-sta ... 0in%201981.
The pandemic is over; government spending needs to be closer to 2019 levels.
I do think entitlement reform is needed for Gen Y and younger. Nearly half of Medicare funding now comes from the general budget as opposed to payroll taxes.
While SS is not in as bad of fiscal shape as Medicare, that program has been running deficits for each of the past 12 years, thereby requiring the U.S. Treasury to issue debt to cover the shortfall.
https://www.poynter.org/fact-checking/2 ... t-deficit/
DTE Energy paid $752 million in dividends to its shareholders last fiscal year. Remember that the next time they ask the MPSC to approve rate hikes.
- audiophile
- Posts: 9032
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- Location: Between 88 and 108 MHz.
Re: The Debt Limit..
Government is still handing out money like candy at a parade. I'm convinced it is to "buy" votes.
Ask not what your country can do FOR you; ask what they are about to do TO YOU!!
- MWmetalhead
- Site Admin
- Posts: 13052
- Joined: Sun Oct 31, 2004 11:23 am
Re: The Debt Limit..
Without a doubt. The whole blanket college loan forgiveness edict that the Biden Administration tried to institute was a ploy to drive young adults to the polls in 2022. The moratorium on loan payback requirements is a similar strategy.
Corporate welfare programs supported by members of both parties at the federal and state levels often receive such support because the proponents know they can expect campaign contributions or "soft money" advocacy in return. Such programs largely backfired with regard to economic benefit during the Granholm and Snyder years, which is why it is so profoundly disappointing to see Whitmer want to hand out absurdly high "incentives" to proposed manufacturing facilities in Marshall and Big Rapids. I could give two shits about the Chinese involvement (in terms of assessing cost vs. benefit). Fiscally, those proposals are terrible ideas, period.
Corporate welfare programs supported by members of both parties at the federal and state levels often receive such support because the proponents know they can expect campaign contributions or "soft money" advocacy in return. Such programs largely backfired with regard to economic benefit during the Granholm and Snyder years, which is why it is so profoundly disappointing to see Whitmer want to hand out absurdly high "incentives" to proposed manufacturing facilities in Marshall and Big Rapids. I could give two shits about the Chinese involvement (in terms of assessing cost vs. benefit). Fiscally, those proposals are terrible ideas, period.
DTE Energy paid $752 million in dividends to its shareholders last fiscal year. Remember that the next time they ask the MPSC to approve rate hikes.
Re: The Debt Limit..
Realistically, the debt will never, ever be paid off.
Woe to you, oh earth and sea
For the Devil sends the beast with wrath
Because he knows the time is short
Let him who hath understanding reckon the number of the beast
For it is a human number
Its number is six hundred and sixty-six
For the Devil sends the beast with wrath
Because he knows the time is short
Let him who hath understanding reckon the number of the beast
For it is a human number
Its number is six hundred and sixty-six
- MWmetalhead
- Site Admin
- Posts: 13052
- Joined: Sun Oct 31, 2004 11:23 am
Re: The Debt Limit..
True; it doesn't need to be. Controlling annual deficits, and ideally, getting to a balanced budget should be the goal.
DTE Energy paid $752 million in dividends to its shareholders last fiscal year. Remember that the next time they ask the MPSC to approve rate hikes.
Re: The Debt Limit..
I have noticed that Churches still don't pay any taxes... That is sort of the same thing...audiophile wrote: ↑Mon May 29, 2023 7:05 amGovernment is still handing out money like candy at a parade. I'm convinced it is to "buy" votes.
For Kristian Trumpers are not serving our Lord Christ, but their own appetites. By smooth talk and flattery they deceive the minds of naive people.
-Romans 16:18
Posting Content © 2024 TC Talks Holdings LP.
-Romans 16:18
Posting Content © 2024 TC Talks Holdings LP.
Re: The Debt Limit..
Wow... checking if Hell is freezing over again. I'm actually with you on this one.TC Talks wrote: ↑Mon May 29, 2023 11:23 amI have noticed that Churches still don't pay any taxes... That is sort of the same thing...audiophile wrote: ↑Mon May 29, 2023 7:05 amGovernment is still handing out money like candy at a parade. I'm convinced it is to "buy" votes.
I think EVERY property owner should be paying property taxes, based at least in part by how many acres (or portion thereof) that you own, and the proportion it is of the county or municipality. And those should be based on the minimum operating requirements of the area. And I don't think they **ever** should be waived. You could add additional assessments for certain "luxuries" that could be waived in certain circumstances. (and only property owners should have a vote on property taxes!)
If you and your buddies want to create a church or lodge that's just fine. Pool your resources and pay for the property and the ongoing costs, which include some type of property tax.
Re: The Debt Limit..
And Billionaires pay nearly no taxes but their donations basically keep the GOP alive thanks to the gaping loopholes Biden will hopefully close.audiophile wrote: ↑Mon May 29, 2023 7:05 amGovernment is still handing out money like candy at a parade. I'm convinced it is to "buy" votes.
You are the biggest patsey for this group on the board.
For Kristian Trumpers are not serving our Lord Christ, but their own appetites. By smooth talk and flattery they deceive the minds of naive people.
-Romans 16:18
Posting Content © 2024 TC Talks Holdings LP.
-Romans 16:18
Posting Content © 2024 TC Talks Holdings LP.
Re: The Debt Limit..
They can afford people to get them out of taxes… income into losses and on it goes.
Donald Trump… In your guts you know he’s nuts.
Re: The Debt Limit..
BMW must really have a crappy CPA.
For Kristian Trumpers are not serving our Lord Christ, but their own appetites. By smooth talk and flattery they deceive the minds of naive people.
-Romans 16:18
Posting Content © 2024 TC Talks Holdings LP.
-Romans 16:18
Posting Content © 2024 TC Talks Holdings LP.
Re: The Debt Limit..
And just in the interest of public disclosure, exactly how many different non-profit boards have you served on in your lifetime? And how much do the organizations on whose boards you've served actually pay in taxes?