Massie: This bill adds 20T to the debt over 10 years.
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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.
wrote on 26 Feb 2025, 15:19 last edited by@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.
wrote on 26 Feb 2025, 15:54 last edited by@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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wrote on 26 Feb 2025, 16:09 last edited by
Wait until hedge fund managers start paying themselves tips from their LLCs.
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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.
wrote on 26 Feb 2025, 16:21 last edited by@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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wrote on 26 Feb 2025, 16:22 last edited by
Secondly, a lot of our problem is entitlements. Fer gawd's sake, take the cap off of FICA...
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wrote on 26 Feb 2025, 16:24 last edited by
So, where's the removal of the SS cap? Is that in the picture in any conceivable legislative future?
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wrote on 26 Feb 2025, 16:39 last edited by
Pssst, it’s not the entitlements…
https://budget.house.gov/press-release/op-ed-wall-street-journal-welfare-is-whats-eating-the-budget
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wrote on 26 Feb 2025, 16:45 last edited by
"We give too much money to the poor" will be a tough sell.
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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
wrote on 26 Feb 2025, 16:47 last edited by jon-nyc@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.
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wrote on 26 Feb 2025, 16:52 last edited by
This might be a good time to start a balanced budget movement.
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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.
wrote on 26 Feb 2025, 17:08 last edited by@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?
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wrote on 26 Feb 2025, 17:10 last edited by
But everybody keeps forgetting about the upcoming 25% tariffs. That will take care of everything.
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@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?
wrote on 26 Feb 2025, 17:10 last edited by@LuFins-Dad said in Massie: This bill adds 20T to the debt over 10 years.:
@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?
Me.
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wrote on 26 Feb 2025, 17:15 last edited by
I think everybody on this board has been in favor of a removal of the SS cap.
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@LuFins-Dad said in Massie: This bill adds 20T to the debt over 10 years.:
@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?
Me.
wrote on 26 Feb 2025, 17:16 last edited by@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.:
@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?
Me.
Here’s one of mine - https://nodebb.the-new-coffee-room.club/post/328667
Show me one of yours.
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wrote on 26 Feb 2025, 17:16 last edited by
@Horace said in Massie: This bill adds 20T to the debt over 10 years.:
I think everybody on this board has been in favor of a removal of the SS cap.
Ahhh, but a FICA increase as well?
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wrote on 26 Feb 2025, 18:48 last edited by
@Horace said in Massie: This bill adds 20T to the debt over 10 years.:
I think everybody on this board has been in favor of a removal of the SS cap.
Speak for yourselves! I make $2 million per year and have no need to pay social security after the first $175k... aka what I call January's paycheck.
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wrote on 26 Feb 2025, 18:51 last edited by
BTW if you remove the SS cap, about 12 million people will be paying more (7% of the employed population make more than 175k per year, according to the IRS). Yes, it's more income for the IRS, but also more people pissed off about raised taxes. They'll likely talk about it at their annual caviar charity polo match.
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wrote on 26 Feb 2025, 22:14 last edited by Jolly
Welfare is abused, ain't no doubt about. Meth is cheap. Pot is cheap. Fentanyl is cheap.
One can stay strung out in HUD housing for a long time and not hit a lick at a snake. If they were broke, they couldn't buy drugs. If they were hungry, they would work.
There's a reason I walked through a multimillion dollar job earlier this week and saw one white person (the job super), no black people and enough Mexicans to reenact the Battle of the Alamo.
