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Message
re: What in the BBB increases the deficit?
Posted on 5/29/25 at 12:02 pm to BuckI
Posted on 5/29/25 at 12:02 pm to BuckI
quote:
What in the BBB increases the deficit?
Executive gets an office under the executive (Office of Management and Budget) to peg growth at a ridiculously high number given the facts on the ground to argue that the spending increases and tax cuts will not actually lead to increases in deficit due to tax revenue increases from growth outstripping the spending and tax cuts.
This has happened before but this time its Trump's WH doing it.
This post was edited on 5/29/25 at 12:03 pm
0
Posted on 5/29/25 at 12:08 pm to BuckI
No taxes on tips and SS increases the deficit. When you cut taxes you don’t stimulate the economy enough to cover the decrease. You give me an extra $1,000 and I will spend $600 and put $400 in the bank. You need a sane level of taxes on everybody and serious reductions in spending.
Posted on 5/29/25 at 12:14 pm to SlowFlowPro
quote:
Isn't there pretty big defense spending increases?
Posted on 5/29/25 at 12:17 pm to BuckI
CBO does a simpleton's analysis and makes extremely conservative assumptions about economic growth and revenue forecasts. They are never terribly accurate with predictions.
They predicted huge deficits from TCJA, but TCJA brought in more revenue than was projected under prior law.
They predicted huge deficits from TCJA, but TCJA brought in more revenue than was projected under prior law.
Posted on 5/29/25 at 12:22 pm to SlowFlowPro
quote:Indeed.
Isn't there pretty big defense spending increases?
But the real issue is not "increases" to the deficit (at least as it will be referred to by DC politicians). The issue is the Biden deficit was about $2T. No "increase" translates to another $2T deficit. That number must come down!
Posted on 5/29/25 at 12:29 pm to rileytiger
quote:
The Big Beautiful Bill is NOT an annual budget bill and does not fund the departments of government. It does not finance our agencies or federal programs
This is just a matter of semantics. The CR passed back in March funded the departments of government. This reconciliation bill alters that CR without the need for 60 votes in the Senate.
If you recall a major selling point in support of passing the CR was that it would lead to cuts via a reconciliation bill.
quote:
The House adopted its budget resolution last week that would allow Republicans to write “one big beautiful bill” through the party-line budget reconciliation process, tying together border, energy and defense policy with an overhaul of the tax code.
Posted on 5/29/25 at 12:30 pm to BuckI
quote:Does anyone really know what's in it?
No one seems to have the answer.
Posted on 5/29/25 at 12:32 pm to dickkellog
Let the child tax credit expire and revert to $600
Tax tips
Tax overtime
Medicaid work requirements starting now
Lower Medicaid reimbursement to 50%
Keep SALT at $10k (or better yet $0)
Tax tips
Tax overtime
Medicaid work requirements starting now
Lower Medicaid reimbursement to 50%
Keep SALT at $10k (or better yet $0)
This post was edited on 5/29/25 at 12:36 pm
Posted on 5/29/25 at 12:39 pm to TigerFanatic99
quote:
would refuse to approve an additional penny of defense funding over last years levels until Pete Hegseth himself releases a video explaining, in detail, the root cause of how every individual year for the last decade we have spent HUNDREDS OF BILLIONS more than China and Russia combined, but there is a constant garage of studies and reports that we are losing the race to China and they are an existential threat to the US.
This will not be solved without a DOGE type dive. Also have to have the manufacturing to make all the parts needed.
It's really stupid to rely on enemies for tech...or anything.
Posted on 5/29/25 at 12:39 pm to TenWheelsForJesus
quote:
If it wasn't already proven many times that lower taxes increase tax revenue, you would be right.
There isn’t much correlation either way, at least relative to percentage of GDP.
2017 TJCA saw tax receipts grow at a lower rate than nominal GDP until post COVID boom.
Posted on 5/29/25 at 12:41 pm to TenWheelsForJesus
quote:
If it wasn't already proven many times that lower taxes increase tax revenue, you would be right.
Then why not make them even lower? Did they fail us in that regard?
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