Google Groups no longer supports new Usenet posts or subscriptions. Historical content remains viewable.
Dismiss
Re: Keeping Promises - House Takes the Axe to Biden's IRS Budget
2 views
Skip to first unread message
governo...@gmail.com
Jan 12, 2023, 5:45:10 PM1/12/23
to
On Thu, 12 Jan 2023 10:45:13 -0500, Yak wrote:
Some bullshit.
>On 1/12/23 9:07 AM, Mitchell Holman wrote:
>> "Recently we have had a tax bill that added
>> $2.7 trillion to the debt — after growth, if
>> you make it permanent and you account for
>> interest payments,” she told the committee.
>> http://tinyurl.com/y53fxwtl
>
>Yeah...and? Now do the spending part.
Tax cuts have exactly the same effect on the budget as spending. If
you increase spending by 100B, you've added 100B to the deficit. If
you decrease revenues by 100B, you've added 100B to the deficit.
See how that works? Revenue cutting adds to the deficit same as
spending increases do.
>The $2.7T that you're complaining about is added to the debt over a
>decade. That's $2.7B/year. Biden pisses that away in a NY minute.
>Meanwhile, the spending portion occurs over two years since it's a two
>year spending bill.
To start with, you seem to have no problem adding 2.7T to the debt.
When Reagan beat up Carter for debt in the 1980 campaign, the 204 year
national debt was less than $900B. You want to add $2,700B more to
the debt. Even that spendthrift Reagan only added $1,700B to the
debt.
Next, your math is off. 2.7T (that is, 2,700B) / 10 = 270B per year,
NOT 2.7B.
>Go ahead, remove two years of tax cuts ($2.7T/10*2=$5.5B)
$550B, not $5.5B.
>from the two
>year $3.3T spending bill. Congratulations, take your victory lap
Certainly! Enjoy the ride!
That means a deficit reduction of over a *quarter trillion each year*
by NOT doing those tax cuts. That 2.7T in debt added by those cuts
isn't exactly chicken feed even if it is spread out over ten years.
>and do
>tell us how tax cuts here have been crushing to the debt while the
>spending portion hasn't.
Nobody is denying that. The profligate spending of Republicans is
notorious. Reagan (with a GOP Senate) slashed taxes and massively
increased spending. George Bush did the same thing (with a GOP House
and Senate). Over his eight years Obama cut Bush's deficit by two
thirds with mixed Congresses. As soon as Trump got in office (with a
Republican Congress) the deficit started climbing again.
Democrats tax and spend.
Republicans borrow and spend.
Do you see the difference?
Deficits and debt always go up and/or go up faster under Republicans.
Due to COVID, you can't really blame Trump's massive 2020-21 spending
on his poor fiscal management nor can Biden really be pinned as much
to the deficit as you'd like because of residual Covid related
systemic increases not easily got rid of.
The fact remains that Biden is reducing the deficit just as Obama,
Clinton, Johnson and Truman did. Gradually and carefully so as not to
shock the economy into recession.
If we can keep Republicans out of Washington, we stand a good chance
of balancing the budget within a decade. Even faster if we stop
underwriting the budgets of undertaxed states.
Swill
--
"Reality is an acquired taste." - Matthew Perry
Some bullshit.
>On 1/12/23 9:07 AM, Mitchell Holman wrote:
>> "Recently we have had a tax bill that added
>> $2.7 trillion to the debt — after growth, if
>> you make it permanent and you account for
>> interest payments,” she told the committee.
>> http://tinyurl.com/y53fxwtl
>
>Yeah...and? Now do the spending part.
Tax cuts have exactly the same effect on the budget as spending. If
you increase spending by 100B, you've added 100B to the deficit. If
you decrease revenues by 100B, you've added 100B to the deficit.
See how that works? Revenue cutting adds to the deficit same as
spending increases do.
>The $2.7T that you're complaining about is added to the debt over a
>decade. That's $2.7B/year. Biden pisses that away in a NY minute.
>Meanwhile, the spending portion occurs over two years since it's a two
>year spending bill.
To start with, you seem to have no problem adding 2.7T to the debt.
When Reagan beat up Carter for debt in the 1980 campaign, the 204 year
national debt was less than $900B. You want to add $2,700B more to
the debt. Even that spendthrift Reagan only added $1,700B to the
debt.
Next, your math is off. 2.7T (that is, 2,700B) / 10 = 270B per year,
NOT 2.7B.
>Go ahead, remove two years of tax cuts ($2.7T/10*2=$5.5B)
$550B, not $5.5B.
>from the two
>year $3.3T spending bill. Congratulations, take your victory lap
Certainly! Enjoy the ride!
That means a deficit reduction of over a *quarter trillion each year*
by NOT doing those tax cuts. That 2.7T in debt added by those cuts
isn't exactly chicken feed even if it is spread out over ten years.
>and do
>tell us how tax cuts here have been crushing to the debt while the
>spending portion hasn't.
Nobody is denying that. The profligate spending of Republicans is
notorious. Reagan (with a GOP Senate) slashed taxes and massively
increased spending. George Bush did the same thing (with a GOP House
and Senate). Over his eight years Obama cut Bush's deficit by two
thirds with mixed Congresses. As soon as Trump got in office (with a
Republican Congress) the deficit started climbing again.
Democrats tax and spend.
Republicans borrow and spend.
Do you see the difference?
Deficits and debt always go up and/or go up faster under Republicans.
Due to COVID, you can't really blame Trump's massive 2020-21 spending
on his poor fiscal management nor can Biden really be pinned as much
to the deficit as you'd like because of residual Covid related
systemic increases not easily got rid of.
The fact remains that Biden is reducing the deficit just as Obama,
Clinton, Johnson and Truman did. Gradually and carefully so as not to
shock the economy into recession.
If we can keep Republicans out of Washington, we stand a good chance
of balancing the budget within a decade. Even faster if we stop
underwriting the budgets of undertaxed states.
Swill
--
"Reality is an acquired taste." - Matthew Perry
0 new messages