Massie: This bill adds 20T to the debt over 10 years.
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8 89th referenced this topic on
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An interesting piece on current and historical tax rates. It's not as simple as either side would have you believe.
https://www.gobankingrates.com/taxes/tax-laws/billionaires-vs-middle-class-america-who-pays-more-in-taxes/ -
@89th said in Massie: This bill adds 20T to the debt over 10 years.:
Not as sexy as a headline of "$60 million dollars sent to NY on illegals!"
We're fucked.
Yeah, but it's impossible to take seriously any argument that a vote for Harris would have put us on a viable correction course.
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The bill is a bunch of crap for a lot of reasons beyond the deficit increase. If passed, it makes servers and common labor into a protected and favored class, paying less on their taxes than others in the same income bracket. That is nuts. I want to see what those numbers alone are. I honestly wonder about the legality of it.
But the meat of it is still making the 2017 tax cuts permanent, and frankly, I distrust the CBO’s estimates. From 2019-2023, the tax revenues averaged nearly $170B more per year than the CBO projections. At the same time, CBO projections on higher tax levels almost always overestimate the projected revenue. CBO projections for the Obama years projected $30T in federal revenues under the Obama administration’s plans, but the reality was about $4.5T less.
Simultaneously, we’ve got a very serious market and real estate bubble going on, inflation is still higher than the Fed is comfortable with, and we still have high interest rates over what we’re used to seeing. We need substantial and sustainable growth right now, desperately. I don’t see how that happens while raising taxes back to the Obama levels.
The Brad
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The bill is a bunch of crap for a lot of reasons beyond the deficit increase. If passed, it makes servers and common labor into a protected and favored class, paying less on their taxes than others in the same income bracket. That is nuts. I want to see what those numbers alone are. I honestly wonder about the legality of it.
But the meat of it is still making the 2017 tax cuts permanent, and frankly, I distrust the CBO’s estimates. From 2019-2023, the tax revenues averaged nearly $170B more per year than the CBO projections. At the same time, CBO projections on higher tax levels almost always overestimate the projected revenue. CBO projections for the Obama years projected $30T in federal revenues under the Obama administration’s plans, but the reality was about $4.5T less.
Simultaneously, we’ve got a very serious market and real estate bubble going on, inflation is still higher than the Fed is comfortable with, and we still have high interest rates over what we’re used to seeing. We need substantial and sustainable growth right now, desperately. I don’t see how that happens while raising taxes back to the Obama levels.
@LuFins-Dad said in Massie: This bill adds 20T to the debt over 10 years.:
The bill is a bunch of crap for a lot of reasons beyond the deficit increase. If passed, it makes servers and common labor into a protected and favored class, paying less on their taxes than others in the same income bracket. That is nuts. I want to see what those numbers alone are. I honestly wonder about the legality of it.
I get the principle of the objection, but I think the actual numbers in play here are a rounding error.
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@LuFins-Dad said in Massie: This bill adds 20T to the debt over 10 years.:
The bill is a bunch of crap for a lot of reasons beyond the deficit increase. If passed, it makes servers and common labor into a protected and favored class, paying less on their taxes than others in the same income bracket. That is nuts. I want to see what those numbers alone are. I honestly wonder about the legality of it.
I get the principle of the objection, but I think the actual numbers in play here are a rounding error.
@Horace said in Massie: This bill adds 20T to the debt increase 10 years.:
@LuFins-Dad said in Massie: This bill adds 20T to the debt over 10 years.:
The bill is a bunch of crap for a lot of reasons beyond the deficit increase. If passed, it makes servers and common labor into a protected and favored class, paying less on their taxes than others in the same income bracket. That is nuts. I want to see what those numbers alone are. I honestly wonder about the legality of it.
I get the principle of the objection, but I think the actual numbers in play here are a rounding error.
You’re probably right, but the principal of the objection is still the point.
Can my year end bonus be made a tip? Heck, what about my commissions?
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The bill is a bunch of crap for a lot of reasons beyond the deficit increase. If passed, it makes servers and common labor into a protected and favored class, paying less on their taxes than others in the same income bracket. That is nuts. I want to see what those numbers alone are. I honestly wonder about the legality of it.
But the meat of it is still making the 2017 tax cuts permanent, and frankly, I distrust the CBO’s estimates. From 2019-2023, the tax revenues averaged nearly $170B more per year than the CBO projections. At the same time, CBO projections on higher tax levels almost always overestimate the projected revenue. CBO projections for the Obama years projected $30T in federal revenues under the Obama administration’s plans, but the reality was about $4.5T less.
Simultaneously, we’ve got a very serious market and real estate bubble going on, inflation is still higher than the Fed is comfortable with, and we still have high interest rates over what we’re used to seeing. We need substantial and sustainable growth right now, desperately. I don’t see how that happens while raising taxes back to the Obama levels.
@LuFins-Dad said in Massie: This bill adds 20T to the debt over 10 years.:
Simultaneously, we’ve got a very serious market and real estate bubble going on, inflation is still higher than the Fed is comfortable with, and we still have high interest rates over what we’re used to seeing. We need substantial and sustainable growth right now, desperately. I don’t see how that happens while raising taxes back to the Obama levels.
This.
I'm also in favor of a cap on the tip exemption.
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Pssst, it’s not the entitlements…
https://budget.house.gov/press-release/op-ed-wall-street-journal-welfare-is-whats-eating-the-budget
The Brad
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Pssst, it’s not the entitlements…
https://budget.house.gov/press-release/op-ed-wall-street-journal-welfare-is-whats-eating-the-budget
@LuFins-Dad said in Massie: This bill adds 20T to the debt over 10 years.:
Pssst, it’s not the entitlements…
https://budget.house.gov/press-release/op-ed-wall-street-journal-welfare-is-whats-eating-the-budget
This is really disingenuous. The ticking time bomb that are entitlements won’t actually explode for a decade ergo it’s not the problem.
Zero out everything he mentions and entitlements still bankrupt us before Finley graduates college.
Only non-witches get due process.
- Cotton Mather, Salem Massachusetts, 1692
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@LuFins-Dad said in Massie: This bill adds 20T to the debt over 10 years.:
Pssst, it’s not the entitlements…
https://budget.house.gov/press-release/op-ed-wall-street-journal-welfare-is-whats-eating-the-budget
This is really disingenuous. The ticking time bomb that are entitlements won’t actually explode for a decade ergo it’s not the problem.
Zero out everything he mentions and entitlements still bankrupt us before Finley graduates college.
@jon-nyc said in Massie: This bill adds 20T to the debt over 10 years.:
@LuFins-Dad said in Massie: This bill adds 20T to the debt over 10 years.:
Pssst, it’s not the entitlements…
https://budget.house.gov/press-release/op-ed-wall-street-journal-welfare-is-whats-eating-the-budget
This is really disingenuous. The ticking time bomb that are entitlements won’t actually explode for a decade ergo it’s not the problem.
Zero out everything he mentions and entitlements still bankrupt us before Finley graduates college.
Yeah, remind me again who has been calling for a removal of the FICA caps and a .5% FICA increase?
The Brad
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But everybody keeps forgetting about the upcoming 25% tariffs. That will take care of everything.
