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Started By
Message
Cost of GOP tax plan could exceed $2 trillion
Posted on 12/18/17 at 12:52 pm
Posted on 12/18/17 at 12:52 pm
LINK
"
quote:
The GOP tax bill would cost significantly more if tax cuts that are temporary in the legislation are eventually made permanent, according to two new reports.
Most of the bill's changes for individuals sunsets in 2025, even as a cut to the corporate rate from 35 percent to 21 percent is made permanent.
If future Congress's decide to extend the lower tax rates for individuals and families rather than allow them to expire, the bill will end up costing $2 trillion to $2.2 trillion, according to a report by the Committee for a Responsible Federal Budget, a nonpartisan deficit hawk group.
Even accounting for economic growth, it predicts the bill would add to the deficit $1.5 trillion to $1.7 trillion - or 100 percent of the nation's GDP.
"
quote:
If expiring provisions are extended and late-stage tax hikes avoided, debt could reach as high as 98 percent or 100 percent of GDP by 2027," the group said. "In other words, the national debt could exceed the size of the economy."
Congress's official scorekeeper, the Joint Committee on Taxation, estimated that the bill would cost about $1.46 trillion over 10 years before factoring in economic growth.
In a separate report, the conservative-leaning Tax Foundation estimated that the tax plan, if made permanent, would cost $2.7 trillion on a static basis and $1.4 trillion using "dynamic" scoring that factors in growth.
"This change would increase the cost of the plan, but also increase the economic growth and dynamic revenue generated by the plan," the Tax Foundation said.
49
Posted on 12/18/17 at 12:53 pm to Prince_Hakeem
Are liberals pretending to give a shite about spending now? Right on cue.
Posted on 12/18/17 at 12:53 pm to Prince_Hakeem
Then lets cut some bloated entitlement programs that hardly serve the middle class.
Posted on 12/18/17 at 12:54 pm to olddawg26
Pretty sure you only incur a cost if you spend...last time I checked taking other people’s money isn’t spending
Posted on 12/18/17 at 12:54 pm to Prince_Hakeem
Cool, take it out of spending.
Posted on 12/18/17 at 12:54 pm to olddawg26
I think conservatives are pretending to give a shite about deficits?
Posted on 12/18/17 at 12:54 pm to Prince_Hakeem
Cost of GOP tax plan could be less than $3.50
Posted on 12/18/17 at 12:55 pm to Prince_Hakeem
I do not care.
I am tired of paying for wars and welfare.
I am tired of paying for wars and welfare.
Posted on 12/18/17 at 12:55 pm to Prince_Hakeem
quote:
could
Or could not. Will never know if we don't try it.
Posted on 12/18/17 at 12:56 pm to Prince_Hakeem
I love how libtards love repeating this is a corporate tax cut like that's a bad thing. That's exactly what we need to grow the economy, make us dominant in the world economy again, and repatriate trillions in annual corporate profits that have moved offshore to tax Haven countries to escape our ludicrously high tax rate. There could be no individual tax break in this bill and it would still be a good idea.
Posted on 12/18/17 at 12:56 pm to Prince_Hakeem
Obama spent over $10 trillion while in office. So BTFO liberals
Posted on 12/18/17 at 12:56 pm to I B Freeman
I never want to hear about an entitlement program again
Posted on 12/18/17 at 12:57 pm to Prince_Hakeem
quote:I think it's funny liberals are pretending to care. Obama had already added a trillion dollars to the national debt by the same point in his presidency
I think conservatives are pretending to give a shite about deficits?
This post was edited on 12/18/17 at 12:58 pm
Posted on 12/18/17 at 12:57 pm to biggsc
quote:
Obama spent over $10 trillion while in office. So BTFO liberals
Name me the last president that didn’t have 10 trillion in spending?
This post was edited on 12/18/17 at 1:00 pm
Posted on 12/18/17 at 12:57 pm to Prince_Hakeem
What they mean to say is that the plan gives too much money back to tax payers and won't be enough to pay for the bloated welfare system and government spending programs we have in place.
Guess we'll need to start making some more cuts...
Guess we'll need to start making some more cuts...
Posted on 12/18/17 at 12:59 pm to narddogg81
quote:
I thin it's funny liberals are pretending to. Obama had already added a trillion dollars to the national debt by the same point in his presidency
Interesting you just ignore Obama was given a full fledged recession by a Republican Administration?
Posted on 12/18/17 at 1:00 pm to Prince_Hakeem
quote:
I never want to hear about an entitlement program again
I don't want to hear about sudden concern over deficits ever again.
Posted on 12/18/17 at 1:00 pm to Prince_Hakeem
quote:1 – George Washington, 1789-1797
Name me the president that didn’t have 10 trillion in spending?
2 – John Adams, 1797-1801, Federalist Party
3 – Thomas Jefferson, 1801-1809, Democratic-Republican
4 – James Madison, 1809-1817, Democratic-Republican
5 – James Monroe, 1817-1825, Democratic-Republican
6 – John Quincy Adams, 1825-1829, Democratic-Republican
7 – Andrew Jackson, 1829-1837, Democrat
8 – Martin Van Buren, 1837-1841, Democrat
9 – William Henry Harrison, 1841-1841(died In office), Whig
10 – John Tyler , 1841-1845, Whig
11 – James K. Polk, 1845-1849, Democrat
12 – Zachary Taylor, 1849-1850, Whig
13 – Millard Fillmore, 1850-1853, Whig
14 – Franklen Pierce, 1853-1857, Democrat
15 – James Buchanan, 1857-1861, Democrat
16 – Abraham Lincoln, 1861-1865, Republican
17 – Andrew Johnson, 1865-1869, Democrat/National Union
18 – Gen. Ulysses S. Grant, 1869-1877, Republican
19 – Rutherford B. Hayes, 1877-1881, Republican
20 – James A. Garfield, 1881(died in office), Republican
21 – Chester A. Arthur, 1881-1885, Republican
22 – Grover Cleveland, 1885-1889, Democrat
23 – Benjamin Harrison, 1889-1893, Republican
24 – Grover Cleveland, 1893-1897, Democrat
25 – William McKinley, 1897-1901, Republican
26 – Theodore Roosevelt, 1901-1909, Republican
27 – William Howard Taft, 1909-1913, Republican
28 – Woodrow Wilson, 1913-1921, Democrat
29 – Warren G. Harding, 1921-1923, Republican
30 – Calvin Coolidge, 1923-1929, Republican
31 – Herbert Hoover, 1929-1933, Republican
32 – Franklin D. Roosevelt, 1933-1945, Democrat
33 – Harry S. Truman, 1945-1953,Democrat
34 – Dwight D. Eisenhower, 1953-1961, Republican
35 – John F. Kennedy, 1961-1963, Democrat
36 – Lyndon B. Johnson, 1963-1969, Democrat
37 – Richard M. Nixon, 1969-1974, Republican
38 – Gerald R. Ford, 1974-1977, Republican
39 – Jimmy Carter, 1977-1981, Democrat
40 – Ronald Reagan, 1981-1989, Republican
41 – George Bush, 1989-1993, Republican
42 – Bill Clinton, 1993-2001, Democrat
43 – George W. Bush, 2001-2009, Republican
45 – Donald Trump, 2017 – Present, Republican
Posted on 12/18/17 at 1:00 pm to Prince_Hakeem
National debt will increase regardless with the size of government. A hard working middle class person might as well get a tax relief.
This post was edited on 12/18/17 at 1:37 pm
Posted on 12/18/17 at 1:01 pm to Prince_Hakeem
That is $2T over 10 years. With modest growth the us economy will have $300T in activity over those 10 years. The tax bill can easily generate more revenue than the alternative
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