Kansas Crimson

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.

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.

Spending is up $255 billion for the first eight months of the fiscal year, the CBO said, while revenues are up only $49 billion.

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.

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I don't think anyone could possibly have predicted that republican predictions that "the tax cuts will pay for themselves" weren't spot on!

...Though business profits remain healthy and the economy is strong, total corporate taxes are at the lowest levels seen in more than 50 years...

I'm SHOCKED!!!!

Because if we've learned anything over the last 40 years of republican economic policy, cutting taxes on the wealthy is a surefire way to balance the budget and narrow the income gap:

It would be cheaper to give the 1% duffel bags and let them tour the mint every week.

Geezer wrote: ↑Thu Jun 27, 2019 9:24 pm It would be cheaper to give the 1% duffel bags and let them tour the mint every week.

lol

That's beyond stupid. Those investments are already held for over a year. 5% isn't going to make a difference in deciding whether or not to sell. It's already a regressive tax as is. JFC

Larry Kudlow, a guy who passed himself off as a "Free Market" proponent, who now shills for a protectionist tariff fetishist.

Republicans, who appointed themselves our National Budget Scolds many decades ago, prove once again that they're full of crap. "Hypocrisy" doesn't begin to describe it. Decade upon decade of whining and bitching and moaning and demagoguing about "balanced budgets", when in reality, they haven't so much as proposed a "balanced" budget, let alone actually balanced a federal budget for 60 years. To whit:

The US posted a $234 billion budget deficit in February, the biggest one-month deficit in history.

...The deficit for the first five months of the government's 2019 fiscal year, which runs from October 2018 through October 2019, hit $544.2 billion — up 40% from the first five months of fiscal year 2018...

Democrats are no better at budgeting.

You are a dumb fuck.

dolomite wrote: ↑Sun Jul 14, 2019 1:34 pm Democrats are no better at budgeting.

Get back to me after democrats spend decades demagoguing and lying to the American people about being the "small government", "let business be business", "free market conservative", "open market", "fiscal responsibility" party.

dolomite wrote: ↑Sun Jul 14, 2019 1:34 pm Democrats are no better at budgeting.

The fact that this is largest increase of the budget in history means that by definition, everyone prior to this point was in fact "better at budgeting".

Leawood wrote: ↑Sun Jul 14, 2019 1:52 pm You are a dumb fuck.

And you are a very good name caller. LOL

The White House Office of Management and Budget (OMB) projected in its midyear review Monday that the federal deficit would surpass $1 trillion this year.

Why it matters: It's the first time the U.S. deficit has exceeded the $1 trillion level since the 4-year period following the Great Recession. When President Trump was a presidential candidate, he promised to wipe out the deficit and also the entire federal debt, which has surpassed $22 trillion.

Promises Kept.

while i agree in principle, that’s such a dumb place to stand one’s ground

it’s really unbelievable to see the lengths some will go to forego caring for those citizens who’ve sacrificed the most

Makes me kind of like his neighbor.