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re: US government is running out of money faster than expected, Mnuchin warns
Posted on 7/12/19 at 1:40 pm to Mickey Goldmill
Posted on 7/12/19 at 1:40 pm to Mickey Goldmill
quote:
growing deficit thanks in part to President Donald Trump's 2017 tax cuts, had said it had enough cash to last until the fall.
Any yet tax receipts are at record numbers. It is a spending problem not an income problem.
Posted on 7/12/19 at 2:37 pm to wickowick
quote:
ny yet tax receipts are at record numbers. It is a spending problem not an income problem.
And your excuse for Trump and the gop controlled house and senate from 16-18 is what?
Posted on 7/12/19 at 6:14 pm to wickowick
quote:I support the tax cuts, but receipts were actually down last year by 1.6%, and while they’re up 3.7% for the first 6 months of this year compares to 2018, they’re only up 4% compared to 2018.
Any yet tax receipts are at record numbers. It is a spending problem not an income problem
Overall, through the first 18 months since the tax cuts officially began, receipts are up on average 0.39%. They were up by 8.34% on average for the 5 years before it (2012-2017).
If they had continued at the rate before the cuts, they would have $529 billion more in receipts over the 18 months. So despite the population growth and a strong and growing economy, receipts haven’t even kept up with inflation.
So regardless of one’s views in the tax cuts, they have undoubtedly resulted in a significant decrease in receipts. And while not limiting spending increases is inexcusable and a major problem, the negative impact on tax receipts was the opposite of what the administration was arguing and necessary to justify the lack of spending cuts.
Posted on 7/13/19 at 5:28 pm to wickowick
CUT CUT CUT!!!!
Get out of the ME
Get out of NATO
Get out of welfare for non Americans
Limit SNAP to basics and give receipentants half of any savings they have every month (this would dramatically cut how much we spend--huge)
Implement the IBFreeman plan for SS
Implement the IBFreeman plan for subscription based Medicare
Cut earned income tax credit by 50%
ect. ect. ect.
Get out of the ME
Get out of NATO
Get out of welfare for non Americans
Limit SNAP to basics and give receipentants half of any savings they have every month (this would dramatically cut how much we spend--huge)
Implement the IBFreeman plan for SS
Implement the IBFreeman plan for subscription based Medicare
Cut earned income tax credit by 50%
ect. ect. ect.
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