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Started By
Message
Trump would accrue more debt in 4 years than Obama did in 8.
Posted on 11/14/16 at 11:15 am
Posted on 11/14/16 at 11:15 am
quote:
Donald Trump’s newly released tax plan would add a staggering $10 trillion to the national debt over a decade, according to scoring by the Tax Foundation, a well-respected (especially in conservative circles) nonpartisan source. To put that into perspective, that’s more debt than Barack Obama—by far the most profligate president in American history—has managed to rack up so far on his watch (although he’s not done yet). According to the Treasury Department, the national debt has risen an unconscionable $9 trillion under Obama, from $9.2 trillion when he took office to $18.2 trillion today. But all by itself, Trump’s tax plan would generate more debt than 80 months of Obama.
To be clear, that’s after accounting for the increased economic growth that Trump’s plan would spur—and it would spur a lot of growth, raising the gross domestic product by 11 percent (or about $3 trillion) in year-10 compared to what it otherwise would have been, according to the scoring. In “static scoring,” which doesn’t take into account tax cuts’ effect on growth (and hence is of rather limited use), Trump’s plan would reduce revenues by $12 trillion. The economic growth and corresponding tax revenues that his plan would generate would decrease that shortfall by about $2 trillion, to $10.14 trillion, but that’s all.
The hope would be that a good conservative tax plan would cut taxes, spur growth, and over time create enough growth that it would actually generate more tax revenue than would have been generated without the tax cut. Trump’s plan would fall an estimated $10,140,000,000,000 short of that goal.
Actually, the plan’s effects on the debt would be even worse than that. The Tax Foundation writes, “The plan would also result in increased outlays due to higher interest on the debt,” creating a 10-year deficit “somewhat larger” than $10.14 trillion.
In addition to being an incredible budget-buster, Trump’s plan raises one other major concern: It would, Trump claims,take most Americans off the income-tax rolls. It’s bad enough that about 40 percent of Americans currently pay no federal income taxes—and thus don’t help fund national defense, national parks, federal highway spending, the general cost of government, etc. Trump’s plan would turn that large minority into a majority. It’s hard to imagine how having most Americans not have skin in the game is conducive to cultivating a virtuous republican citizenry that prides itself on its self-reliance and doesn’t view government spending as a free lunch.
LINK
Posted on 11/14/16 at 11:15 am to TJGator1215
And still be a better president and any liberal schuck you would vote for
Posted on 11/14/16 at 11:16 am to TJGator1215
It's been 6 days since he's been elected.
Posted on 11/14/16 at 11:17 am to TJGator1215
does this take into account any of the budget cutting he will do?
Posted on 11/14/16 at 11:17 am to member12
UHHHH, MAYBE HE SPEND LESS TOO
Posted on 11/14/16 at 11:17 am to TJGator1215
We will never have a budget surplus so long as non-discretionary spending in form of medicare, medicaid, and SS is 60%+ of the budget, for the record.
ETA: And I know Trump will never even try to touch them, unfortunately.
ETA: And I know Trump will never even try to touch them, unfortunately.
This post was edited on 11/14/16 at 11:23 am
Posted on 11/14/16 at 11:18 am to TJGator1215
Well, in reality, every conservative knows spending has to be reeled in as well. Tax cuts with spending cuts is the way to go.
Hillary proposed more taxes and more spending.
Hillary proposed more taxes and more spending.
Posted on 11/14/16 at 11:19 am to TJGator1215
quote:
Short of being arrested HRC will be POTUS.Posted on 10/31/16 at 8:29 am
11137
Now that she's had more voters turnout than Trump in swing states. It's over. Trump will need a miracle
Posted on 11/14/16 at 11:19 am to TJGator1215
quote:
It’s bad enough that about 40 percent of Americans currently pay no federal income taxes—
So was this guy bitching about that 40% not contributing before Trump was elected?
Posted on 11/14/16 at 11:20 am to Y.A. Tittle
quote:
Short of being arrested HRC will be POTUS.Posted on 10/31/16 at 8:29 am 11137 Now that she's had more voters turnout than Trump in swing states. It's over. Trump will need a miracle
Posted on 11/14/16 at 11:20 am to TJGator1215
Damn, man you still melting?
Posted on 11/14/16 at 11:22 am to CptRusty
Less spending? Budget cut?
Are you crazy? What is this?
-lib
Are you crazy? What is this?
-lib
Posted on 11/14/16 at 11:22 am to TJGator1215
trump? you said Clinton would be president
Posted on 11/14/16 at 11:22 am to GregMaddux
TJ is going to melt into over drive when we beat those bitch gators up and down the field
Posted on 11/14/16 at 11:23 am to TJGator1215
Wait, didn't you post "Madam President" and a picture of Crooked before Florida's results were fully in? Oh yeah...melt!
Posted on 11/14/16 at 11:23 am to Deuces
I'd still prefer to see the FairTax implemented, as it's revenue neutral to current receipts. Cutting spending pushes it into budget surplus territory, while expanding the contributing tax base to 300M from 60M.
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