What’s more important to you— debt reduction or extending the Trump tax cut?

[TexasTiger 13,138]

https://www.semafor.com/article/05/15/2024/2024-election-trump-vs-biden-will-determine-trillions-of-dollars-in-taxes

[auburnatl1 5,253]

Debt reduction. 

[Mikey 16,777]

Extend tax cut. No matter who says what, they are NOT going to reduce the debt so let me keep MY money.

If there were truly going to be debt reduction that would be a different story but they aren't going to do it so......

[TexasTiger 13,138]

3 minutes ago, Mikey said:

Extend tax cut. No matter who says what, they are NOT going to reduce the debt so let me keep MY money.

If there were truly going to be debt reduction that would be a different story but they aren't going to do it so......

You can’t have both. Debt reduction would help with inflation your so worried about.

[SaltyTiger 7,912]

27 minutes ago, TexasTiger said:

You can’t have both. Debt reduction would help with inflation you’re so worried about.

Some of the republicans think you can have both.  According to them the cuts pay for themselves in growth.
 

Personally I would like to see debt reduction but unfortunately bureaucracy means shameful and absurd inefficiency. 

[auburnatl1 5,253]

For all the panicked threads we do about perceived threats - from China to immigration to concerns about transgender ect - compared to the incomprehensible debt we have amassed (20% of the budget now is simply paying interest on it), all other issues are becoming trivial.

It ain’t bud light sexy, but the debt is existential.  Add to that Trumps gone bankrupt countless times (he’s an undisciplined fiscal disaster) and Biden may not know what day it is - it’s my biggest fear about this country’s future.

https://amp.cnn.com/cnn/2024/05/16/business/jamie-dimon-ray-dalio-us-government-debt

[AU9377 5,137]

4 minutes ago, auburnatl1 said:

For all the panicked threads we do about perceived threats - from China to immigration to concerns about transgender ect - compared to the incomprehensible debt we have amassed (20% of the budget now is simply paying interest on it), all other issues are becoming trivial.

It ain’t bud light sexy, but the debt is existential.  Add to that Trumps gone bankrupt countless times (he’s an undisciplined fiscal disaster) and Biden may not know what day it is - it’s my biggest fear about this country’s future.

https://amp.cnn.com/cnn/2024/05/16/business/jamie-dimon-ray-dalio-us-government-debt

Everybody wants the debt and the yearly budget deficit reduced, but nobody is willing to sacrifice whatever special interest they support.  We talk a good game about capitalism, but in one way or another we subsidize almost every type of industry, regardless of its ability to sustain itself. 

[auburnatl1 5,253]

13 minutes ago, AU9377 said:

Everybody wants the debt and the yearly budget deficit reduced, but nobody is willing to sacrifice whatever special interest they support.  We talk a good game about capitalism, but in one way or another we subsidize almost every type of industry, regardless of its ability to sustain itself. 

Republicans used to be about cutting gov (cost) and dems about raising rev (taxes) - the Clinton/gingrich years were the best of both worlds and we vaporized all debt.  Now we have maga who seems to have no concept or interest in any fiscal policy - just social issues, and progressives who want to fund anything and everything green, Medicare for all, student debt, ect - with no ability to fund it (ps eliminating  the debt interest could fund almost all of it).

Credit card debt train wreck.

Edited May 16 by auburnatl1

[TexasTiger 13,138]

36 minutes ago, auburnatl1 said:

For all the panicked threads we do about perceived threats - from China to immigration to concerns about transgender ect - compared to the incomprehensible debt we have amassed (20% of the budget now is simply paying interest on it), all other issues are becoming trivial.

It ain’t bud light sexy, but the debt is existential.  Add to that Trumps gone bankrupt countless times (he’s an undisciplined fiscal disaster) and Biden may not know what day it is - it’s my biggest fear about this country’s future.

https://amp.cnn.com/cnn/2024/05/16/business/jamie-dimon-ray-dalio-us-government-debt

You make so much sense then you throw in pure stupidity about Biden not knowing what day it is. There’s plenty of valid criticisms on this topic you could rely on instead of using MAGA talking points.

[auburnatl1 5,253]

51 minutes ago, TexasTiger said:

You make so much sense then you throw in pure stupidity about Biden not knowing what day it is. There’s plenty of valid criticisms on this topic you could rely on instead of using MAGA talking points.

Maga?  I’m either hopelessly stupid or you’re in la la denial. I’m sure it’s me.

[SaltyTiger 7,912]

18 minutes ago, auburnatl1 said:

Maga?

Knew it was coming. Tex can be sensitive about Biden.

[TexasTiger 13,138]

16 minutes ago, auburnatl1 said:

Maga?  I’m either hopelessly stupid or you’re in la la denial. I’m sure it’s me.

Guess you’re hopelessly stupid, then. Keep running with MAGA critiques! This you, Tommy fan?

 

[TexasTiger 13,138]

2 minutes ago, SaltyTiger said:

Knew it was coming. Tex can be sensitive about Biden.

Read better. Critique him on the debt, or other valid points. I haven’t defended him on the debt. But you guys spouting MAGA rhetoric even if you’re too clueless (early dementia?) to know where you got it, aren’t advancing any debate.

[auburnatl1 5,253]

1 hour ago, TexasTiger said:

Guess you’re hopelessly stupid, then. Keep running with MAGA critiques! This you, Tommy fan?

 

Useful feedback.

[TexasTiger 13,138]

21 minutes ago, auburnatl1 said:

Useful feedback.

You gave me only two options.

[Son of A Tiger 576]

4 hours ago, Mikey said:

Extend tax cut. No matter who says what, they are NOT going to reduce the debt so let me keep MY money.

If there were truly going to be debt reduction that would be a different story but they aren't going to do it so......

Right on!

[Mikey 16,777]

5 hours ago, TexasTiger said:

You can’t have both. Debt reduction would help with inflation your so worried about.

It would, except neither party is going to do it. So keep the tax cuts.

[Gowebb11 9,431]

Fun question to swirl around on this board but neither of the options are happening. Our Congress has more important things to do like indictments, impeachments, and investigating each other. 

[auburnatl1 5,253]

4 hours ago, SaltyTiger said:

Knew it was coming. Tex can be sensitive about Biden.

You want the truth?…

[TexasTiger 13,138]

54 minutes ago, auburnatl1 said:

You want the truth?…

 

The truth is you're being an arrogant *&*hole. Handle that. You're only slightly more interested in problem solving than the typical MAGA guy. If you were genuinely interested, you could point to any number of legitimate criticisms of Biden on policy. But you don't. Instead you come on like Tuberville, Don Jr. or some rando MAGA moron on twitter with some inane comment about Biden not knowing what day it is. Which is your default. Just like those guys.

[auburnatl1 5,253]

37 minutes ago, TexasTiger said:

The truth is you're being an arrogant *&*hole. Handle that. You're only slightly more interested in problem solving than the typical MAGA guy. If you were genuinely interested, you could point to any number of legitimate criticisms of Biden on policy. But you don't. Instead you come on like Tuberville, Don Jr. or some rando MAGA moron on twitter with some inane comment about Biden not knowing what day it is. Which is your default. Just like those guys.

I wasn’t addressing policy issues so not sure what else to say but…  if it helps, ok,  he’s 100%. 

Edited May 16 by auburnatl1

[SaltyTiger 7,912]

1 hour ago, TexasTiger said:

The truth is you're being an arrogant *&*hole. Handle that. You're only slightly more interested in problem solving than the typical MAGA guy. If you were genuinely interested, you could point to any number of legitimate criticisms of Biden on policy. But you don't. Instead you come on like Tuberville, Don Jr. or some rando MAGA moron on twitter with some inane comment about Biden not knowing what day it is. Which is your default. Just like those guys.

Who peed in your oatmeal this morning Tex? Nat’l took a swing at Trump and Joe in the same sentence. Good topic and apparently we all feel no one in Washington cares much about debt. A boring discussion that doesn’t get them elected. Wish more people would be like Nat’l and wake up to it not being sustainable.

 

 

[TexasTiger 13,138]

46 minutes ago, SaltyTiger said:

Who peed in your oatmeal this morning Tex? Nat’l took a swing at Trump and Joe in the same sentence. Good topic and apparently we all feel no one in Washington cares much about debt. A boring discussion that doesn’t get them elected. Wish more people would be like Nat’l and wake up to it not being sustainable.

 

 

Swing at Biden all day if you want— doing it with facts would be a reasonable step. With Trump he states demonstrable, in fact undeniable, facts— he’s gone bankrupt several times. Is the only concern about Biden truly that he thinks Biden’s genuinely confused today is Thursday? That’s a MAGA talking point. You two can join the rest of MAGA folks spouting those if you like— I’ll just note it and point it out. Trump’s damn effective getting sheep who are convinced they aren’t sheep to do his bidding.

[autigeremt 6,776]

It really doesn’t matter. Our “leadership” is pathetic. The days are numbered for the United States as we have known it. 

[homersapien 11,513]

18 hours ago, Mikey said:

It would, except neither party is going to do it. So keep the tax cuts.

Seriously, are you in the "top 1%" of income earners Mikey? 
 

https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver

The 2017 Trump Tax Law Was Skewed to the Rich, Expensive, and Failed to Deliver on Its Promises

.....As this debate unfolds, policymakers and the public should understand that the 2017 Trump tax law:

• Was skewed to the rich. Households with incomes in the top 1 percent will receive an average tax cut of more than $60,000 in 2025, compared to an average tax cut of less than $500 for households in the bottom 60 percent, according to the Tax Policy Center (TPC).^[1] As a share of after-tax income, tax cuts at the top — for both households in the top 1 percent and the top 5 percent — are more than triple the total value of the tax cuts received for people with incomes in the bottom 60 percent.^[2]

• Was expensive and eroded the U.S. revenue base. The Congressional Budget Office (CBO) estimated in 2018 that the 2017 law would cost $1.9 trillion over ten years,^[3] and recent estimates show that making the law’s temporary individual income and estate tax cuts permanent would cost another roughly $350 billion a year beginning in 2027.^[4] Together with the 2001 and 2003 tax cuts enacted under President Bush (most of which were made permanent in 2012), the law has severely eroded our country’s revenue base. Revenue as a share of GDP has fallen from about 19.5 percent in the years immediately preceding the Bush tax cuts to just 16.3 percent in the years immediately following the Trump tax cuts, with revenues expected to rise to an annual average of 16.9 percent of GDP in 2018-2026 (excluding pandemic years), according to CBO. This is simply not enough revenue given the nation’s investment needs and our commitments to Social Security and health coverage.

• Failed to deliver promised economic benefits. Trump Administration officials claimed their centerpiece corporate tax rate cut would “very conservatively” lead to a $4,000 boost in household income.^[5] New research shows that workers who earned less than about $114,000 on average in 2016 saw “no change in earnings” from the corporate tax rate cut, while top executive salaries increased sharply.^[6] Similarly, rigorous research concluded that the tax law’s 20 percent pass-through deduction, which was skewed in favor of wealthy business owners, has largely failed to trickle down to workers in those companies who aren’t owners.^[7] Like the Bush tax cuts before it,^[8] the 2017 Trump tax cut was a trickle-down failure."