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Started By
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re: Deficits are up. How is this conservatism?
Posted on 3/6/19 at 1:08 pm to Taxing Authority
Posted on 3/6/19 at 1:08 pm to Taxing Authority
quote:
Nope.
Yep. TCJA was signed at the end of December 2017.
Specifically:
Treasury, end of 2017: 3.34 tril
Treasury, end of 2018: 3.33 tril
This happened during a year in which the economy grew 2.9%.
And that doesn't take inflation into account.
2
Posted on 3/6/19 at 1:14 pm to 90proofprofessional
Let's see what happens in year 2? First year of tax cuts, effective rates cut by OVER 14%...and we're only down 1.7%.
Obviously that is slightly bad math because of the GDP growth and inflation...but it doesn't even come close to reconciling the OVER 14% cut and only 1.7% drop...if the trend continues...you won't be able to post this rhetoric in January 2020.
Obviously that is slightly bad math because of the GDP growth and inflation...but it doesn't even come close to reconciling the OVER 14% cut and only 1.7% drop...if the trend continues...you won't be able to post this rhetoric in January 2020.
This post was edited on 3/6/19 at 1:15 pm
Posted on 3/6/19 at 1:14 pm to Zach
quote:
Everything on the front page of the NYT is opinion and spin. Everything on NBC is the same. You leftists deal in lying. So, I don't believe anything you say. It's perfectly logical.
The NBC front page reported that the Patriots won the Super Bowl. Is that spin, opinion, or fact?
Posted on 3/6/19 at 1:16 pm to Taxing Authority
quote:
you left off 'almost exclusively in non-discretionary areas'.
If we have an 8.8 percent increase in non-discretionary spending, then we have even bigger structural fiscal issues.
Posted on 3/6/19 at 1:16 pm to LSUFanHouston
quote:
The NBC front page reported that the Patriots won the Super Bowl. Is that spin, opinion, or fact?
I went to other sources to verify. You should do the same.
Posted on 3/6/19 at 1:18 pm to LSUFanHouston
quote:
How is this conservatism
It's not, but don't blame tax cuts, blame increased spending.
This post was edited on 3/6/19 at 1:23 pm
Posted on 3/6/19 at 1:18 pm to Fat Bastard
quote:
ever expected trump to fix a 21 trillion deficit.
You are confusing debt and deficit, which is a big part of the problem here.
Debt is essentially the historical total of deficits (reduced by surpluses if the surpluses were used to reduce the debt).
I never expected Trump to "fix" the debt. But, I did expect him to lower, or hopefully eliminate, the annual deficits, which is the annual amount that expenses exceed income.
I don't know WTF we are ever going to do in regards to paying down the debt... but I'd like to see us stop adding to it via annual deficits.
Posted on 3/6/19 at 1:20 pm to LSUFanHouston
With President Trump it is more about America and not so much about just being Conservative. I believe he will focus a little more on the deficit 2020-2024. A lot of things had been neglected for a lot of years.
Posted on 3/6/19 at 1:20 pm to LSUFanHouston
Wait...how are tax revenues down? I was told that everyone is paying more in taxes this year...
Posted on 3/6/19 at 1:21 pm to tigeraddict
quote:
Why is this article cherry picking date periods?
quote:
But, you can’t go to October through January and compare just a snippet of the fiscal tax year.
bullshite. As long as you are comparing the same portion of the year (in this case, the first four months of the fiscal year to the first four months of the prior fiscal year) then it's a perfectly valid discussion.
Of course, we should update this discussion throughout the year, as additional data points come in.
quote:
And I am more interested if revenue went up or down not defecits. Entitlement grows faster then inflation already and no one has balls enough to tackle that issue. And with omnibus spending increases no on has balls enough to tackle a budget.
Why are you more concerned about gross revenue, and not deficits or spending?
This post was edited on 3/6/19 at 1:32 pm
Posted on 3/6/19 at 1:24 pm to Tesla
quote:
When judging the effect of a tax policy on the budget and debt, you only need to look at receipts. The rest of any deficit and debt discussion is about spending.
Which are down.
And I don't think you can have that discussion in a vaccum. The entire, sole purpose of tax policy is to raise the revenues needed for the government to function. The government should't be profitable, but it shouldn't spend more than it has, either. If we needed less money to function, we could adjust tax policy by lowering rates, increasing credits and deductions, etc.
Again, the sole purpose of tax policy is to raise revenue for government functions.
Posted on 3/6/19 at 1:27 pm to MisslePig
quote:
it doesn't even come close to reconciling the OVER 14% cut
all taxes weren't cut by that portion, only a sliver of them were.
quote:
Let's see what happens in year 2?
We pretty much know, unless a recession happens or another tax cut or something.
The economy will grow, some inflation will happen, and tax receipts will go up relative to 2018. There's nothing else that happened in 2018 that explains the slowdown in tax revenue, which was totally predictable and thus predicted.
Posted on 3/6/19 at 1:27 pm to MisslePig
quote:Where are you getting this from? We didn’t cut payroll taxes which is a significant source of revenue in these figures, so are you saying we cut taxes by 14% including those tax sources as well?
when we cut taxes by over 14%
This post was edited on 3/6/19 at 1:29 pm
Posted on 3/6/19 at 1:28 pm to MisslePig
quote:
I'm guessing OP won't be back after the absolute arse beating he just got handed.
Sorry, was eating lunch with a client.
quote:
I wonder if I broke his mind with how are revenues down 1.7% when we cut taxes by over 14%...I can seem him in a corner with a hand held calculator trying to figure it out
Is 1.7 percent down, a reduction or an increase? Don't need a calculator to figure that out.
quote:
Most importantly, he's definitely going to miss the time value aspect of this as he's harping on the ONE YEAR effect of a major tax plan.
It hasn't worked in the past, but hey, maybe this time it will be different. We will see.
quote:
And of course exposing to him how the individual is doing better in every major category since the tax cuts...which one can say "trickled down" to them is going to effect his next post.
This post isn't about individuals. This post is about federal budget deficits. You are absolutely correct in today's sense that people are individually doing better.
Of course... when you mention time value aspects... you may want to consider that by continuing to increase the deficit, and the resultant debt increases, that we are increasing future interest payments on said debt. And as such, we are simply making our future government financial problems worse.
But hey, screw tomorrow, right?
Posted on 3/6/19 at 1:29 pm to Zach
quote:
I went to other sources to verify. You should do the same.
Oh. And what did you find out, pray tell?
Posted on 3/6/19 at 1:30 pm to RogerTheShrubber
quote:
It's not, but don't blame tax cuts, blame increased spending.
We were promised more revenue, we have less. In addition, we have more spending.
Both are at fault here.
Posted on 3/6/19 at 1:30 pm to Fat Bastard
quote:
never expected trump to fix a 21 trillion deficit.
*debt
and he did say he'd pay it off in eight years as a candidate. how? not raising taxes and not cutting spending. trade deals. lmao at this dumb snake oil salesman
Posted on 3/6/19 at 1:30 pm to LSUFanHouston
When you have fiat money and an over active Fed why does it matter
Posted on 3/6/19 at 1:31 pm to Zach
quote:Like the official treasury statement it’s citing?
I went to other sources to verify. You should do the same.
January Statement
Posted on 3/6/19 at 1:31 pm to LSUFanHouston
quote:
Bullahit. As long as you are comparing the same portion of the year (in this case, the first four months of the fiscal year to the first four months of the prior fiscal year) then it's a perfectly valid discussion.
If nothing changes from year to year your statement would be within statistical margins. A same 4 month period should be stsctistically comparable year to year. However, the tax code was overhauled for 2018. Withholding tables were changed, repatriation taxes were lowered and the standard deduction was increased. Major changes.
A lot of people had money withheld based on a combination of new tables and what they paid the prior year. Once taxes are filed your actual tax liability is reconciled. You pay or get a refund. If refund you file immediately. If you pay you wait until April 15th
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