Shocker!! The CBO was wrong - Tax cuts mostly pay for themselves.

Of course this will get 1/50th the publicity of the "fact" that they were going to balloon the deficit.

It's Official: Trump Tax Cuts Are Boosting Growth And Mostly Paying For Themselves

Taxes: When the Congressional Budget Office released its updated budget forecast, everyone focused on the deficit number. But buried in the report was the CBO's tacit admission that it vastly overestimated the cost of the Trump tax cuts, because it didn't account for the strong economic growth they would generate.

In a table buried in the appendix of the CBO report, it shows that, before accounting for economic growth, the tax cuts Trump signed into law late last year would cut federal revenues by $1.69 trillion from 2018-2027.

But it goes on to say that higher rate of GDP growth will produce $1.1 trillion in new revenues. In other words, 65% of the tax cuts are paid for by extra economic growth.

And they save more $$ by getting people off welfare and working....

That faster growth will also reduce federal entitlement spending keyed to the economy — unemployment insurance, food stamps, welfare and the like — by $150 billion, the CBO says.

If you subtract that from the cost of the tax cuts, the net cost drops to $440 billion.

Even with Trump's tax cuts in place, federal revenues climb every year as a share of GDP, going from 16.6% this year to 17.5% by 2025. (The post-World War II average for revenues is 17.2% of GDP.)

Unfortunately, spending is on track to climb even faster — going from 20.6% of GDP this year to 23.6% by 2028. (The highest spending ever got under Obama was 24.4% of GDP, and the post-War average is 19.3%.)

This is little short of a disgrace, and shows that Republicans love spending taxpayer money as much as Democrats.

So, the deficit is going down?

Goose loves him some Trump.

So what percentage growth are we talking about here, Goose?

I guess if it were important to get the word out the president could put his Twitter down for 30 seconds. Has he mentioned it to his press secretary or is she still reading answers to precscripted questions from a piece of paper on really important stuff like book releases?

LooseGoose wrote:Of course this will get 1/50th the publicity of the "fact" that they were going to balloon the deficit.

It's Official: Trump Tax Cuts Are Boosting Growth And Mostly Paying For Themselves

Taxes: When the Congressional Budget Office released its updated budget forecast, everyone focused on the deficit number. But buried in the report was the CBO's tacit admission that it vastly overestimated the cost of the Trump tax cuts, because it didn't account for the strong economic growth they would generate.

In a table buried in the appendix of the CBO report, it shows that, before accounting for economic growth, the tax cuts Trump signed into law late last year would cut federal revenues by $1.69 trillion from 2018-2027.

But it goes on to say that higher rate of GDP growth will produce $1.1 trillion in new revenues. In other words, 65% of the tax cuts are paid for by extra economic growth.

And they save more $$ by getting people off welfare and working....

That faster growth will also reduce federal entitlement spending keyed to the economy — unemployment insurance, food stamps, welfare and the like — by $150 billion, the CBO says.

If you subtract that from the cost of the tax cuts, the net cost drops to $440 billion.

Even with Trump's tax cuts in place, federal revenues climb every year as a share of GDP, going from 16.6% this year to 17.5% by 2025. (The post-World War II average for revenues is 17.2% of GDP.)

Unfortunately, spending is on track to climb even faster — going from 20.6% of GDP this year to 23.6% by 2028. (The highest spending ever got under Obama was 24.4% of GDP, and the post-War average is 19.3%.)

This is little short of a disgrace, and shows that Republicans love spending taxpayer money as much as Democrats.

thanks for the mainstream media link.. I'm sure everyone trusts it.

Watch Out Pylon! wrote:Goose loves him some Trump.

and he trusts the mainstream media.

Oh really?

[tw]1160985277009145856[/tw]

Floyd Robertson wrote:Oh really?

[tw]1160985277009145856[/tw]

so basically someone who filed for bankruptcy 6 times doesn't know how business works?

man.. if only we had known this before the 2016 election.

also.. I love a good thread that reminds me of Goose and his commitment to the mainstream media and the racist, bigoted christian sexual predator.

Can't believe greedy billionaires that got more hand outs from their fake billionaire buddy haven't done anything to put that money back into the economy.

Guest is not going to like this libtard news.

Robert J Sakimano wrote:

Floyd Robertson wrote:Oh really?

[tw]1160985277009145856[/tw]

so basically someone who filed for bankruptcy 6 times doesn't know how business works?

man.. if only we had known this before the 2016 election.

From the same group of people that said well the US economy is just like a household budget. You gotta manage it the same way.

In my head I'm thinking what household deals with trade in the billions of dollars with other countries and has R and D coming out of their ears to billions more and in it's spare time is solving the world's worst diseases. Like what stupid fuck think our government budget is like a household budget.

I don't think budgets matter as much now that the socialist Muslim president born in a different country is gone. They only matter when a Democrat is in the WH. We know this.

Floyd Robertson wrote:Oh really?

[tw]1160985277009145856[/tw]

Fake News! - Goose Trump

Turtleneck wrote:I don't think budgets matter as much now that the socialist Muslim president born in a different country is gone. They only matter when a Democrat is in the WH. We know this.

remember when the Tea Party patriots insisted that they weren't racist.. that they were just worried about "government spending"?

I wonder when their next rally is..?

I saw that tax revenues were up 3%, record revenue, but leave it to Congress to raise spending 8%, just a clue, those lines never meet.

I don't believe any President can do very much about this, it's pretty much purely a Congressional problem, both parties talk about the budget, and blame the other guy, but it's only about the next election and neither party does anything but spend more. If you could pay people to vote for you with someone else's money, wouldn't you?
Keep blaming the other team, that's what they want you to do. We'll probably have a huge crash sometime in the not too distant future, or we'll get a grass roots movement to pass a balanced budget amendment, unlikely.

I.B. Fine wrote:I saw that tax revenues were up 3%, record revenue, but leave it to Congress to raise spending 8%, just a clue, those lines never meet.

I don't believe any President can do very much about this, it's pretty much purely a Congressional problem, both parties talk about the budget, and blame the other guy, but it's only about the next election and neither party does anything but spend more. If you could pay people to vote for you with someone else's money, wouldn't you?
Keep blaming the other team, that's what they want you to do. We'll probably have a huge crash sometime in the not too distant future, or we'll get a grass roots movement to pass a balanced budget amendment, unlikely.

I blame the racist, bigoted christian sexual predator and the knuckle-draggin' racist misogynists that voted for him.

we tried to warn them.. but it's what happens when you're blinded by hate, ideology and the mainstream media.

I.B. Fine wrote:I saw that tax revenues were up 3%, record revenue, but leave it to Congress to raise spending 8%, just a clue, those lines never meet.

I don't believe any President can do very much about this, it's pretty much purely a Congressional problem, both parties talk about the budget, and blame the other guy, but it's only about the next election and neither party does anything but spend more. If you could pay people to vote for you with someone else's money, wouldn't you?
Keep blaming the other team, that's what they want you to do. We'll probably have a huge crash sometime in the not too distant future, or we'll get a grass roots movement to pass a balanced budget amendment, unlikely.

Bill Clinton balanced the budget. The last president before him to do it was Nixon. Clinton was the most fiscally conservative president in my life time.

Robert J Sakimano wrote:

I.B. Fine wrote:I saw that tax revenues were up 3%, record revenue, but leave it to Congress to raise spending 8%, just a clue, those lines never meet.

I don't believe any President can do very much about this, it's pretty much purely a Congressional problem, both parties talk about the budget, and blame the other guy, but it's only about the next election and neither party does anything but spend more. If you could pay people to vote for you with someone else's money, wouldn't you?
Keep blaming the other team, that's what they want you to do. We'll probably have a huge crash sometime in the not too distant future, or we'll get a grass roots movement to pass a balanced budget amendment, unlikely.

I blame the racist, bigoted christian sexual predator and the knuckle-draggin' racist misogynists that voted for him.

we tried to warn them.. but it's what happens when you're blinded by hate, ideology and the mainstream media.

I'll take your word about being blinded by hate, seems like a subject you're well acquainted with.

steveschneider wrote:

I.B. Fine wrote:I saw that tax revenues were up 3%, record revenue, but leave it to Congress to raise spending 8%, just a clue, those lines never meet.

I don't believe any President can do very much about this, it's pretty much purely a Congressional problem, both parties talk about the budget, and blame the other guy, but it's only about the next election and neither party does anything but spend more. If you could pay people to vote for you with someone else's money, wouldn't you?
Keep blaming the other team, that's what they want you to do. We'll probably have a huge crash sometime in the not too distant future, or we'll get a grass roots movement to pass a balanced budget amendment, unlikely.

Bill Clinton balanced the budget. The last president before him to do it was Nixon. Clinton was the most fiscally conservative president in my life time.

Clinton had a lot of help from a freshmen Congressional class that hadn't been totally 'persuaded' how to vote, yet, (that changed pretty quickly) along with a booming internet bubble in the economy. It was in the 70's post Nixon, that Congress started getting out of control.

I.B. Fine wrote:

Robert J Sakimano wrote:I blame the racist, bigoted christian sexual predator and the knuckle-draggin' racist misogynists that voted for him.

we tried to warn them.. but it's what happens when you're blinded by hate, ideology and the mainstream media.

I'll take your word about being blinded by hate, seems like a subject you're well acquainted with.

unfortunately, it's hard not to be acquainted with it with the MAGA white supremacist rallies and mass shootings inspires by them.

steveschneider wrote:

I.B. Fine wrote:I saw that tax revenues were up 3%, record revenue, but leave it to Congress to raise spending 8%, just a clue, those lines never meet.

I don't believe any President can do very much about this, it's pretty much purely a Congressional problem, both parties talk about the budget, and blame the other guy, but it's only about the next election and neither party does anything but spend more. If you could pay people to vote for you with someone else's money, wouldn't you?
Keep blaming the other team, that's what they want you to do. We'll probably have a huge crash sometime in the not too distant future, or we'll get a grass roots movement to pass a balanced budget amendment, unlikely.

Bill Clinton balanced the budget. The last president before him to do it was Nixon. Clinton was the most fiscally conservative president in my life time.

don't go bringing facts into the conversation while the MAGA patriots are trying to absolve their racist, bigoted, christian sexual predator hero from responsibility for not doing what he said he would do.

Robert J Sakimano wrote:

steveschneider wrote:

Bill Clinton balanced the budget. The last president before him to do it was Nixon. Clinton was the most fiscally conservative president in my life time.

don't go bringing facts into the conversation while the MAGA patriots are trying to absolve their racist, bigoted, christian sexual predator hero from responsibility for not doing what he said he would do.

Yeah, I've kind of realized a lot of people that try to be rational about an unhinged racist sexual predator are probably just closeted Trump fans. Had a guy at work tell me he would probably vote for Trump in 2020 just to piss off all the snow flake liberals in Queens. My first response was that's no way to stick it to these people, and then I realized oh wait he's probably just a closeted red hat. Not much you can do to reach these people, just hope they wake up and figure it out.

steveschneider wrote:

Robert J Sakimano wrote: don't go bringing facts into the conversation while the MAGA patriots are trying to absolve their racist, bigoted, christian sexual predator hero from responsibility for not doing what he said he would do.

Yeah, I've kind of realized a lot of people that try to be rational about an unhinged racist sexual predator are probably just closeted Trump fans. Had a guy at work tell me he would probably vote for Trump in 2020 just to piss off all the snow flake liberals in Queens. My first response was that's no way to stick it to these people, and then I realized oh wait he's probably just a closeted red hat. Not much you can do to reach these people, just hope they wake up and figure it out.

they're an odd, yet predictable bunch.

I.B. Fine wrote:I saw that tax revenues were up 3%, record revenue, but leave it to Congress to raise spending 8%, just a clue, those lines never meet.

I don't believe any President can do very much about this, it's pretty much purely a Congressional problem, both parties talk about the budget, and blame the other guy, but it's only about the next election and neither party does anything but spend more. If you could pay people to vote for you with someone else's money, wouldn't you?
Keep blaming the other team, that's what they want you to do. We'll probably have a huge crash sometime in the not too distant future, or we'll get a grass roots movement to pass a balanced budget amendment, unlikely.

It won’t have anything to do with the deficit tho

steveschneider wrote:

I.B. Fine wrote:I saw that tax revenues were up 3%, record revenue, but leave it to Congress to raise spending 8%, just a clue, those lines never meet.

I don't believe any President can do very much about this, it's pretty much purely a Congressional problem, both parties talk about the budget, and blame the other guy, but it's only about the next election and neither party does anything but spend more. If you could pay people to vote for you with someone else's money, wouldn't you?
Keep blaming the other team, that's what they want you to do. We'll probably have a huge crash sometime in the not too distant future, or we'll get a grass roots movement to pass a balanced budget amendment, unlikely.

Bill Clinton balanced the budget. The last president before him to do it was Nixon. Clinton was the most fiscally conservative president in my life time.

Clinton had a yearly surplus, when the extra money from payroll taxes, back when Social Security was paying out less than the payroll taxes, which was used to buy US debt, was included.  Without that his budgets were in deficit.

I remember when we used to get articles from iluvconservatives.livejournal.geocities and had to discuss it like it was real and not just bullshit

Travis of the Cosmos wrote:I remember when we used to get articles from iluvconservatives.livejournal.geocities and had to discuss it like it was real and not just bullshit

The Conservatives still believe, but they no longer post since the facts don't agree with their beliefs.

I saw this over and over again over on Wells, where Conservative posters would stop posting after their mistaken beliefs were exposed as being totally wrong.

Goose is just one example of this.