Trump's Tax Plan

[RunInRed 16,402]

What's every ones' take?  I'm all for lower taxes ... especially Corporate ... all sounds good but does that math work?

Quote

Most Economists Agree: Trump Tax Plan Will Widen Budget Deficit

Amid all the controversy and questions surrounding President Donald Trump’s tax-reform blueprint, one thing seems pretty clear to most economists: It will increase the federal government’s budget deficits.

Twenty-one of 26 economists surveyed by Bloomberg News after Trump and Republican congressional leaders rolled out their tax plan this week predicted it will widen the budget gap over the next 10 years. That forecast flies in the face of Treasury Secretary Steven Mnuchin’s assertion that the program will slash deficits by spurring faster economic growth and thus more federal revenue.

The bigger budget shortfalls that the economists foresee would add to the more than $10 trillion-plus rise in federal debt over the next decade that the Congressional Budget Office was already forecasting before the plan was revealed.

The increased red ink also would come after past criticism of President Barack Obama by Republicans -- and by then-candidate Trump -- for allowing government debt to roughly double on his watch.

Only one of the economists surveyed said the unveiling of the Republican plan will lead him to increase his forecast for economic growth this year. A number, though, noted they had already incorporated some impact from prospective tax changes in their outlooks before the plan was announced.

https://www.bloomberg.com/news/articles/2017-09-28/most-economists-agree-trump-tax-plan-will-widen-budget-deficit

 

 

[wdefromtx 3,159]

I have come to the conclusion that it will most likely increase my taxes. Really depends on the income levels for each bracket. So I can't say for sure until I see that.

 

Also removing the deduction for property taxes will hurt me because it will force me into the standard deduction in which will end up being less than the few things I itemize. 

 

My my view is that it is going to hurt a significant chunk of the middle class especially if your income is on the higher end of what is considered middle class. 

 

 

[Brad_ATX 13,654]

Lower taxes sound great on the surface, but what does the plan do to reduce the deficit and pay off our debts?  Otherwise, we're just looking at turning the entire country into Louisiana and Kansas fiscally, which is an awful move. See this in particular from the article:

The bigger budget shortfalls that the economists foresee would add to the more than $10 trillion-plus rise in federal debt over the next decade that the Congressional Budget Office was already forecasting before the plan was revealed.

The increased red ink also would come after past criticism of President Barack Obama by Republicans -- and by then-candidate Trump -- for allowing government debt to roughly double on his watch.

 

[wdefromtx 3,159]

Hopefully it has the same success the repeal plan did......

[RunInRed 16,402]

El Oh El

 

[homersapien 11,367]

On 9/28/2017 at 8:39 PM, Brad_ATX said:

Lower taxes sound great on the surface, but what does the plan do to reduce the deficit and pay off our debts?  Otherwise, we're just looking at turning the entire country into Louisiana and Kansas fiscally, which is an awful move. See this in particular from the article:

The bigger budget shortfalls that the economists foresee would add to the more than $10 trillion-plus rise in federal debt over the next decade that the Congressional Budget Office was already forecasting before the plan was revealed.

The increased red ink also would come after past criticism of President Barack Obama by Republicans -- and by then-candidate Trump -- for allowing government debt to roughly double on his watch.

 

Deficits don't matter (for Republicans).