RunInRed 16,438 Posted September 28, 2017 Share Posted September 28, 2017 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 Link to comment Share on other sites More sharing options...
wdefromtx 3,159 Posted September 28, 2017 Share Posted September 28, 2017 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. Link to comment Share on other sites More sharing options...
Brad_ATX 13,654 Posted September 29, 2017 Share Posted September 29, 2017 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. Link to comment Share on other sites More sharing options...
wdefromtx 3,159 Posted September 29, 2017 Share Posted September 29, 2017 Hopefully it has the same success the repeal plan did...... Link to comment Share on other sites More sharing options...
RunInRed 16,438 Posted September 29, 2017 Author Share Posted September 29, 2017 El Oh El Link to comment Share on other sites More sharing options...
homersapien 11,393 Posted September 30, 2017 Share Posted September 30, 2017 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). Link to comment Share on other sites More sharing options...
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