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Thread: GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows

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    GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows

    Ha ha ha ha! I guess the cult leader really cares for his cult. We are all going to pay for this and guess who does not pay for it, the billionaires who derived the most benefit. But the stupid MAGAT thinks that the POS is for them.

    GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows

    Rep. Kevin Brady (R-Tex.), a lead architect of the GOP tax bill, suggested Tuesday the tax cuts may not fully pay for themselves, contradicting a promise Republicans made repeatedly while pushing the law in late 2017.

    Pressed about what portion of the tax cuts were fully paid for, Brady said it was “hard to know."

    “We will know in year 8, 9 or 10 what revenues it brought in to the government over time. So it’s way too early to tell,” said Brady at the Peterson Foundation’s annual Fiscal Summit in Washington D.C.

    The federal government’s deficit typically shrinks during strong economic times, but the deficit is up nearly 40 percent so far this fiscal year, according to the latest Congressional Budget Office report released Friday.

    [Trump vowed to eliminate the debt in 8 years. He’s on track to leave it at least 50 percent higher.]

    Spending is up $255 billion for the first eight months of the fiscal year, the CBO said, while revenues are up only $49 billion. Corporate tax receipts are down after Republicans enacted the largest reduction in business taxes in U.S. history. Individual income taxes are basically flat this year (they are growing less than the rate of inflation). Most of the revenue increase is coming from President Trump’s tariffs and more payroll taxes, which were not cut in the tax bill.

    “Revenue fell, it didn’t rise, after the tax cuts,” said Marc Goldwein, senior policy director for the Committee for a Responsible Federal Budget.

    Brady’s comments are a marked departure from the claim many Republicans made during the tax bill debate that the tax cuts would be fully paid for by additional economic growth that would, in turn, spur additional tax revenues for government coffers.

    Numerous independent analyses concluded that the tax bill would add substantially to the U.S. debt, which currently stands at $22 trillion. CBO estimated the total cost of the Tax Cuts and Jobs Act is $1.9 trillion — after taking into account additional growth and interest payments.

    “Anybody who tells you the fact the tax cuts are going to pay for themselves. It’s not true. It’s nonsense. You can use the full words of B.S.,” said House Speaker Nancy Pelosi (D-Calif). in an appearance at the Fiscal Summit shortly after Brady.

    But Brady said it was important to consider whether the tax cuts were a good investment. He argued there are “very encouraging” signs that the economy is performing better after the tax cuts with strong job growth, improved wage growth and higher business investment.

    “I don’t think anything could have been worse for the deficit than to stick with the old economy and stick with the tax code that was so outdated,” said Brady, who pointed to higher payroll tax collection as a sign more people are working now.

    The economy expanded at a rate of 2.9 percent last year, up from 2.2 in 2017 and 1.6 in 2016, according to the Commerce Department. The White House predicts 3 percent growth for years to come, but nearly all independent economists expect growth to be closer to 2 percent for much of the next decade.

    Republicans say the federal government has a spending problem and needs to scale back while many Democrats want to see higher taxes, especially on wealthier households.

    The GOP-controlled Senate, the Democrat-controlled House and the White House are currently in the midst of tough negotiations on the 2020 budget plan that is supposed to take effect on Oct. 1. If no agreement is reached, automatic caps will take effect that reduce both domestic and military spending by a total of $125 billion, a scenario few want in the run up to an election year.

    House Budget Chair John Yarmuth (D-Ky.) said the negotiations are “not going very well” so far.

    “I don’t think there would be any problem at all getting Senate and House agreement on funding levels,” said Yarmuth, but he called the White House “unpredictable.”

    The expectation is that Congress and the White House will eventually agree to lift spending even higher than it is now for both military and domestic programs. Yarmuth’s proposal would raise spending by about the same amount as the GOP tax cuts for the next decade, according to the Committee for a Responsible Federal Budget.

    “There is no center of gravity to reduce spending in this town,” said Mick Mulvaney, Trump’s acting chief of staff at the Fiscal Summit.

    Mulvaney, a former GOP congressman who pushed back aggressively against President Obama for smaller budgets, called Trump’s budgets the “most fiscally responsible budgets that have ever been drafted.”

    But experts disagreed, pointing out that the president’s budgets relied on very optimistic growth assumptions and hefty cuts to domestic programs that were a non-starter in Congress. The budget deficit is up more than 80 percent so far this fiscal year over the same period in 2016 before Trump took office.

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    Nothing will help until we cut spending and Congress has not adequately addressed that yet.
    Sack "The Buffalo Range's TRUSTED News Source!"

    "But, man, you're never going to get any truth from us. We'll tell you anything you want to hear; we lie like hell... We'll tell you any shit you want to hear. We deal in *illusions*, man! None of it is true! But you people sit there, day after day, night after night, all ages, colors, creeds... We're all you know. You're beginning to believe the illusions we're spinning here."

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    Quote Originally Posted by SackMan518 View Post
    Nothing will help until we cut spending and Congress has not adequately addressed that yet.
    You mean like the cost guzzler called Obamacare! Not gonna happen unfortunely with the Democrat led House.

    I ran into people from Switzerland that said they pay 500 a month for supposedly what people in the US think is free healthcare, while the ones who don’t work get free healthcare as long as they can show they are interviewing for jobs. What a concept!

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    Quote Originally Posted by rcas0308 View Post
    You mean like the cost guzzler called Obamacare! Not gonna happen unfortunely with the Democrat led House.

    I ran into people from Switzerland that said they pay 500 a month for supposedly what people in the US think is free healthcare, while the ones who don’t work get free healthcare as long as they can show they are interviewing for jobs. What a concept!
    I would be happy to spend $500/month for healthcare comparable to what the Swiss are getting.

    The bottom line is that once again "Trickle down" economics don't work. Like that scam of a charity that only passes through a small percentage of the donations to people in need, that's the same with assuming that giving more $$ to investors will spur investment and additional domestic economic opportunity.

    You want to supercharge the economy? Invest in domestic infrastructure projects - These $$ rarely leave the country and it puts real money into the hands of the middle class. Take the responsibility of healthcare away from businesses. Part of the issue of future investment and stagnant wage growth is the growth in the cost of healthcare is unpredictable. As a business owner, I'd rather pay a flat % tax on wages/profits? towards healthcare and let an employee purchase their own plan. Why make my cost of doing business include paying for healthcare? It would also allow employees to more freely move from job to job or community to community instead of being held hostage because of a healthcare plan.

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    Quote Originally Posted by rcas0308 View Post
    You mean like the cost guzzler called Obamacare! Not gonna happen unfortunely with the Democrat led House.

    I ran into people from Switzerland that said they pay 500 a month for supposedly what people in the US think is free healthcare, while the ones who don’t work get free healthcare as long as they can show they are interviewing for jobs. What a concept!
    Well it goes down to the simple fact that when something economic is declared a "right" whether it be health care, housing, guaranteed basic income or anything else it confers an obligation on someone else to pay for it. Now the rich are only going to pay so much before they influence politicians to give them special tax breaks (already done) or just bail from the country so who does that leave? That's right, the middle class. The poor aren't paying anything and are only going to take, take, take so now all of us who work 40 hours or more a week and have a couple of nice things get stuck with the bill. You don't have to be a Democrat or Republican to understand these fundamentals and loons like Breadline Bernie don't seem to want to tell you that all of these wonderful things are just going to cost you more in taxes.

    The best part is that when you try to apply for any of them they'll tell you that you make too much or, if you do get them, they'll just harass you until you get off of them much like NYS unemployment.
    Sack "The Buffalo Range's TRUSTED News Source!"

    "But, man, you're never going to get any truth from us. We'll tell you anything you want to hear; we lie like hell... We'll tell you any shit you want to hear. We deal in *illusions*, man! None of it is true! But you people sit there, day after day, night after night, all ages, colors, creeds... We're all you know. You're beginning to believe the illusions we're spinning here."

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    Quote Originally Posted by foster View Post
    I would be happy to spend $500/month for healthcare comparable to what the Swiss are getting.

    The bottom line is that once again "Trickle down" economics don't work. Like that scam of a charity that only passes through a small percentage of the donations to people in need, that's the same with assuming that giving more $$ to investors will spur investment and additional domestic economic opportunity.

    You want to supercharge the economy? Invest in domestic infrastructure projects - These $$ rarely leave the country and it puts real money into the hands of the middle class. Take the responsibility of healthcare away from businesses. Part of the issue of future investment and stagnant wage growth is the growth in the cost of healthcare is unpredictable. As a business owner, I'd rather pay a flat % tax on wages/profits? towards healthcare and let an employee purchase their own plan. Why make my cost of doing business include paying for healthcare? It would also allow employees to more freely move from job to job or community to community instead of being held hostage because of a healthcare plan.
    Well I should have asked them the quality of care but I was a little tipsy at the time. The point is their system isn’t the free lunch that Obamacare is. Everyone is paying their share and the ones who aren’t will not have healthcare if they aren’t interviewing for jobs with exceptions to disabled I assume.

    I have to disagree about charities..I fly a billionaire around the world so he can provide hearing aids to the poor. So far he’s helped 3 million people hear. I fly another billionaire who gave 400 kids scholarships in Africa all the way through college. So there is a lot of really good people that come from money that are contributing. Even though these are examples of my international experience. It’s not fair for the media and Dems to demonize a whole group of people that are a mixed bag like the rest of us. Their whole platform is sticking it to these people who are actually making a difference in communities.

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    Quote Originally Posted by rcas0308 View Post
    You mean like the cost guzzler called Obamacare! Not gonna happen unfortunely with the Democrat led House.

    I ran into people from Switzerland that said they pay 500 a month for supposedly what people in the US think is free healthcare, while the ones who don’t work get free healthcare as long as they can show they are interviewing for jobs. What a concept!
    $500 a month??? lolz... I pay $900 a month for me and my 2 kids.

    Did they tell you that $500 a month covers EVERYTHING???? My buddy had a heart attack in Germany a few yrs ago. 3 days later, he walked out of the hospital with a $214 bill.
    “There he goes. One of God's own prototypes.
    A high-powered mutant of some kind, never even considered for mass production.
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    Quote Originally Posted by rcas0308 View Post
    I ran into people from Switzerland that said they pay 500 a month for supposedly what people in the US think is free healthcare, while the ones who don’t work get free healthcare as long as they can show they are interviewing for jobs. What a concept!
    It seems to me that you're referring to private healthcare, and then criticising it for not being free or almost free like public healthcare generally is. I don't know much about Switzerland, except to say that they have always marched to a different beat-- they were just about the only European country not involved in the two world wars, are not part of the EU, etc.-- but here in the UK I've never had to pay anything for my healthcare. The same with several other European countries I've lived in.

    I don't understand why you or anyone else would not want universal healthcare coverage paid through taxes. Do you also not want roads built and maintained, schools funded, police and fire departments funded, etc?





    Tя☭mp, when he thinks back on all the suckers he scammed throughout his life who either did business with him or who voted for him.


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    HipKat's Avatar
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    Quote Originally Posted by Professor Pigworth View Post
    It seems to me that you're referring to private healthcare, and then criticising it for not being free or almost free like public healthcare generally is. I don't know much about Switzerland, except to say that they have always marched to a different beat-- they were just about the only European country not involved in the two world wars, are not part of the EU, etc.-- but here in the UK I've never had to pay anything for my healthcare. The same with several other European countries I've lived in.

    I don't understand why you or anyone else would not want universal healthcare coverage paid through taxes. Do you also not want roads built and maintained, schools funded, police and fire departments funded, etc?
    Because Trump lovers would rather cut their own throats than see everyone get taken care of
    “There he goes. One of God's own prototypes.
    A high-powered mutant of some kind, never even considered for mass production.
    Too weird to live, and too rare to die.”


    Twitter: @HKTheResistance

    HipKat, on *** other h***, is genuine, unapoli***tically nasty, and w**** his hea** on his ******. jc856
    I’ll just forward them to Bridgett. comssvet11
    Seek help. soflabillsfan

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