Big Beautiful Bill - Passes House, Now On To Senate - Elon Says Trump In Epstein Files
- Thread starter fatpiggy
- Start date
🚨 JUST IN: Treasury Secretary Scott Bessent gives his defense tonight of the Congressional spending bill - "I'm a fiscal hawk, but I'm also a realist."
"The way to think about this is every $300 billion is 1% of GDP...we have to bring this down gradually because we want to do two things. We want to cut and constrain spending, and we want to grow the economy."
"What Senator Paul is asking for could cause a sudden stop in the economy. So I'm a deficit hawk, but I'm also a realist."
"What's important here is our debt-to-GDP. If we don't grow, then we won't grow the tax base and we're not going to grow revenues. We're not going to grow the economy."
"We inherited a mess and we have to constrain spending, cut spending, and then grow our way out of this."
Cherry-picking one year of data is not the flex you think it is. Re-read what Grok said, including what happened in the two years after 2018.Dpic....geez!!! Take grok and shove it up your bum. This is like when you loony libs cannot accept that gas goes down when Trump is in office but according to you guys he was just lucky.
Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts
Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal 2018.www.investors.com
Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts
Updated 11:43 AM ET 02/08/2019
Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.
The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That's up $14 billion from fiscal 2017, and an all-time high. And that's despite the fact that individual income tax rates got a significant cut this year as part of President Donald Trump's tax reform plan.
Income Taxes After Trump Tax Cuts
True, the first three months of the fiscal year were before the tax cuts kicked in. But if you limit the accounting to this calendar year, individual income tax revenues are up by 5% through September.
Other major sources of revenue climbed as well, as the overall economy revived. FICA tax collections rose by more than 3%. Excise taxes jumped 13%.
The only category that was down? Corporate income taxes, which dropped by 31%.
Overall, federal revenues came in slightly higher in FY 2018 — up 0.5%.
Spending, on the other hand, was $127 billion higher in fiscal 2018. As a result, deficits for 2018 climbed $113 billion.
Let's compare these results with Obama's last full fiscal year in office, 2016.
Individual income tax revenues went up by a mere 0.3%, Treasury data show. Fiscal 2016 also saw a 13% drop in corporate income taxes. FICA tax collections climbed by less than 1%. Excise tax collections dropped almost 3%.
Overall revenues increased by 0.5% — about the same as this year. The deficit? It climbed by $148 billion.
So, in other words, the government did better on revenues and deficits in the year after Trump's tax cuts went into effect than it did in Obama's last year in office.
Trump Tax Cuts To Blame For Deficit?
To this, critics say, yes, but revenues would have climbed faster had it not been for the tax cuts, because the economy was booming in 2018, unlike in 2016.
Not necessarily.
Yes, the economy was booming in fiscal 2018. But it probably wouldn't have been booming without the tax cuts. Had Trump not succeeded in getting his pro-growth tax cuts across the finish line, it's possible we'd have seen a year like Obama's last one. A sluggish economy, barely increasing federal revenues, and a large increase in deficits.
Does that mean Trump's tax cuts are fully "paying for themselves"? We wouldn't make that argument. But the faster economic growth is clearly offsetting at least some of their costs — which is precisely what backers said would happen.
What is unmistakable from the data, however, is that the Trump tax cuts are not entirely, or even mostly, responsible for the increase in the deficit. Blame for that rests squarely with spendthrifts in Congress — on both sides of the aisle — who refuse to bring federal spending under control.
So, the question is: Would it have been better to have kept taxes high, and sacrificed economic, job and wage gains we've been enjoying, so that the government could have collected a little bit more in taxes?
and Senate Budget Committees, under an informal arrangement in which the lead role alternates between the House and Senate Budget chairs. The agency does not consider political affiliation in its hiring process, stating it “seeks to hire the best-qualified job candidate solely on the basis of his or her fitness to perform the duties of the position.”
This isn’t the first time Trump has tried to discredit the CBO, he did the same when they revealed his health care plan would leave millions uninsured. Now it’s happening again because the CBO dared to state the obvious: massive tax cuts and spending hikes will blow up the deficit.
State facts, and the Trump administration will come after you.
One of the bigger points of confusion on the BBB is spending vs tax cuts.
The lefty CBO says extending the 2017 tax cuts (preventing their expiration) increases the deficit.
Some critics have seen this figure and claimed or implied the bill increases *spending.*
Even according to CBO, the bill cuts spending over $1.6 trillion.
So when a libertarian (eg Rand) attacks the “deficit” impact of the bill they are attacking the tax cut.
Of course, honestly accounted, extending current tax rates has zero deficit impact which is why the bill, because of its spending cuts, reduces the deficit.
A second major point of confusion is what’s actually in a reconciliation bill. It is not an appropriations bill, or a general budget bill. It provides no funding or authorization for 99%+ of the operations of government. It was written not by appropriators but some of the most conservative members of the House. It has not a single Democrat provision or vote.
The bill has three principal sections: tax cuts, welfare reform, immigration and border security. It is a dream bill.
I truly believe this.
I don’t think anyone can dispute that inflation was the #1 issue this past election. Followed closely by immigration.
I don’t think anyone can dispute that inflation was the #1 issue this past election. Followed closely by immigration.
“The real tax on the American people is not what you label taxes, it’s total spending” - Milton Friedman.
@Catch50 - pertains to our earlier discussion.
@Catch50 - pertains to our earlier discussion.
Milty would have been no better than today's Republicans in naming actual spending cuts.
He spits straight facts. Not really disputable.
Inflation was the #1 issue this election
Informative.
Scott Jennings gives a few points about this Big, Beautiful Bill dispute:
"I just I know (Elon) has a deeply held view that the debt that we have in this country is a problem that must be dealt with urgently, and he does have some disappointment that Republicans, uh, don't share his zeal for the urgency of the issue."
"However, this is not a spending bill. This is a reconciliation bill, and it has three main points, making the tax cuts permanent, massive investments in border security."
"It fully funds the border wall, and the biggest and most necessary welfare reform in at least a generation. Those three things happen to be what Donald Trump ran on for president and won the national popular vote and a not particularly close win in the electoral college. So this is the president's agenda."
"And I actually think Elon's goals regarding reduction of debt and the president's goals regarding passing what he ran on are not irreconcilable. They're just all not gonna happen at the same time."
Scott Jennings gives a few points about this Big, Beautiful Bill dispute:
"I just I know (Elon) has a deeply held view that the debt that we have in this country is a problem that must be dealt with urgently, and he does have some disappointment that Republicans, uh, don't share his zeal for the urgency of the issue."
"However, this is not a spending bill. This is a reconciliation bill, and it has three main points, making the tax cuts permanent, massive investments in border security."
"It fully funds the border wall, and the biggest and most necessary welfare reform in at least a generation. Those three things happen to be what Donald Trump ran on for president and won the national popular vote and a not particularly close win in the electoral college. So this is the president's agenda."
"And I actually think Elon's goals regarding reduction of debt and the president's goals regarding passing what he ran on are not irreconcilable. They're just all not gonna happen at the same time."
Extremely good stuff.
Here are 50 MAJOR wins from Trump’s Big Beautiful Bill that the media is ignoring
1. No taxes on tips — servers, bartenders, and bellhops just got a raise Promises made, promises kept
2.Made Trump tax cuts permanent — Biden wanted them to expire.
3.Child tax credit raised to $2,500
4.Overtime pay tax-free — work hard, actually keep more.
5.$1.6 trillion in spending cuts — the largest rollback of government bloat in U.S. history.
6.Work requirement for welfare — able-bodied? Then get off the couch.
7.Deporting 1 million illegal immigrants per year — no more catch and release.
8. Builds the wall—finishes it — 701 miles of serious border protection. Massive!
9.10,000 new ICE agents — law and order at the border. Huge!
10.Eliminates Medicaid for illegal aliens — American benefits for Americans.
11.“Trump Savings Accounts” for kids — build generational wealth from birth. Game changer.
12.Slashes IRS funding — no more 87,000 new agents breathing down your neck.
13.Green New Deal defunded — no more money for solar BS.
14.Energy production unleashed — back to drilling, fracking, etc.
15.Tariffs on Chinese-built ships — protect American shipbuilders.
16.Buy American, build American — required on all infrastructure projects.
17.Estate tax protections expanded — family farms and businesses stay in the family.
18.Repeals DEI mandates — merit matters again. DEI is dying.
19.Bans taxpayer-funded gender ideology in federal agencies.
20.Military pay raise + benefits boost
21.National missile defense (“Golden Dome”)
22.HSA accounts expanded — use them for direct primary care.
23.School choice tax credits — parents, not unions, control education. Historic!
24.Feds barred from mandating pronoun usage.
25.Medicaid block grants to states — local control, not DC strings. Saves hundreds of billions.
26.Revives apprenticeship programs — college not required to succeed. The cartel hates this.
27.1% of exports must ship under U.S. flag
28.Mandates voter ID for federal elections.
29.Ends ESG mandates in retirement accounts
30.Cracks down on Big Pharma middlemen
31.Bans drag shows for kids at federally funded venues.
32.Fires the climate cult from federal boards
33.Veterans get priority housing access
34. Tax credit for buying American-made vehicles
35.Stops Chinese ownership of U.S. farmland — our soil is finally protected!.
36.Bans CRT from federal training programs.
37.Ends taxpayer-funded abortions abroad. And defunds planned parenthood!
38.Guts federal diversity czars — cuts the bloated bureaucracy.
39.Revives the Keystone XL pipeline
.
40. Eliminates federal COVID emergency powers
41.Enacts Social Security tax cuts for seniors.
42.Defends religious liberty in the workplace
43. Restores due process on college campuses.
44. Massively expands trade school funding
45. Outlaws federal funding for gender transitions for minors.
46. Creates nationwide “patriot curriculum” grant fund
47.Halts funding to the UN’s woke agenda arms.
48. Tax breaks for adoption and large families.
49. Increases penalties for fentanyl trafficking — life in prison for cartels.
50. Restores cash bail in federal jurisdictions — no more revolving-door criminals.
And this is just a taste.
Promises made, promises kept.
🇺🇸
Here are 50 MAJOR wins from Trump’s Big Beautiful Bill that the media is ignoring
1. No taxes on tips — servers, bartenders, and bellhops just got a raise Promises made, promises kept
2.Made Trump tax cuts permanent — Biden wanted them to expire.
3.Child tax credit raised to $2,500
4.Overtime pay tax-free — work hard, actually keep more.
5.$1.6 trillion in spending cuts — the largest rollback of government bloat in U.S. history.
6.Work requirement for welfare — able-bodied? Then get off the couch.
7.Deporting 1 million illegal immigrants per year — no more catch and release.
8. Builds the wall—finishes it — 701 miles of serious border protection. Massive!
9.10,000 new ICE agents — law and order at the border. Huge!
10.Eliminates Medicaid for illegal aliens — American benefits for Americans.
11.“Trump Savings Accounts” for kids — build generational wealth from birth. Game changer.
12.Slashes IRS funding — no more 87,000 new agents breathing down your neck.
13.Green New Deal defunded — no more money for solar BS.
14.Energy production unleashed — back to drilling, fracking, etc.
15.Tariffs on Chinese-built ships — protect American shipbuilders.
16.Buy American, build American — required on all infrastructure projects.
17.Estate tax protections expanded — family farms and businesses stay in the family.
18.Repeals DEI mandates — merit matters again. DEI is dying.
19.Bans taxpayer-funded gender ideology in federal agencies.
20.Military pay raise + benefits boost
21.National missile defense (“Golden Dome”)
22.HSA accounts expanded — use them for direct primary care.
23.School choice tax credits — parents, not unions, control education. Historic!
24.Feds barred from mandating pronoun usage.
25.Medicaid block grants to states — local control, not DC strings. Saves hundreds of billions.
26.Revives apprenticeship programs — college not required to succeed. The cartel hates this.
27.1% of exports must ship under U.S. flag
28.Mandates voter ID for federal elections.
29.Ends ESG mandates in retirement accounts
30.Cracks down on Big Pharma middlemen
31.Bans drag shows for kids at federally funded venues.
32.Fires the climate cult from federal boards
33.Veterans get priority housing access
34. Tax credit for buying American-made vehicles
35.Stops Chinese ownership of U.S. farmland — our soil is finally protected!.
36.Bans CRT from federal training programs.
37.Ends taxpayer-funded abortions abroad. And defunds planned parenthood!
38.Guts federal diversity czars — cuts the bloated bureaucracy.
39.Revives the Keystone XL pipeline
.
40. Eliminates federal COVID emergency powers
41.Enacts Social Security tax cuts for seniors.
42.Defends religious liberty in the workplace
43. Restores due process on college campuses.
44. Massively expands trade school funding
45. Outlaws federal funding for gender transitions for minors.
46. Creates nationwide “patriot curriculum” grant fund
47.Halts funding to the UN’s woke agenda arms.
48. Tax breaks for adoption and large families.
49. Increases penalties for fentanyl trafficking — life in prison for cartels.
50. Restores cash bail in federal jurisdictions — no more revolving-door criminals.
And this is just a taste.
Promises made, promises kept.
🇺🇸
Where the hell are the debt increasing $$ dollar signs and amounts for each item?
Id make Elons cuts look like child’s play if I was in charge. 😂 Everything would be on the table. Medicare, social security, defense.
Someone has to give out the medicine even if it’s highly unpopular.
I would start by voting on bills individually. No more omnibus bills. You would get a much better idea of where each politician stand and voters could vote accordingly.
Then you would be voted out of office as our economy tanked big time. Negative economic growth. You guys never learn.
This bill while not being perfect is a hell of a great first step with more to come. We are in a very deep hole at this time.
Trump is dealing with the swamp creatures and trying to thread the needle here. He will do more when he can. No one wants to fix it more than Trump.
It improves the situation. Baby steps. It's much better than any proposal ever made by dems.
Historical Tables
Historical Tables provides data on budget receipts, outlays, surpluses or deficits, Federal debt, and Federal employment over an extended time period, generally from 1940 or earlier to 2017 or 2021. To the extent feasible, the data have been adjusted to provide consistency with the 2017 Budget...
table 3.2
Of course, Trump does not have these tables up. Biden had them up. Ten years old but the functions and subfunctions are still useful for this discussion.
Oh i learned alright. I learned about 9% inflation, the highest in 50+ years, under the Biden admin.
Wrong!
Twenty-three Nobel Prize-winning economists endorsed Vice President Kamala Harris over former President Donald Trump in a joint letter released Wednesday.
The nearly two dozen economists said Trump’s economic agenda, which includes hardline tariff proposals and a slate of aggressive tax cuts, would “lead to higher prices, larger deficits, and greater inequality.”
“Simply put, Harris’s policies will result in a stronger economic performance, with economic growth that is more robust, more sustainable, and more equitable,”
https://www.cnbc.com/2024/10/23/nob...mists-donald-trump-agenda-endorse-harris.html
Because of covid, the Orange POS would have no better. Now with his tariffs inflation will soon be great again.
Nope, not due to covid.
Democrats tried to pass Build Back Better, only to be thwarted by their own Joe Manchin. Covid was in the rear view mirror and inflation was at 7% when they tried to pass it, and then inflation went up to 9%. Imagine what it would have been if they had passed the highly inflationary BBB.
The democratic policies are highly inflationary. Inflation was the #1 issue this past election followed closely by immigration.
This is why republicans are polling at a decided advantage right now when it comes to the economy.
Puleeeze - you'd say Trump's plan was better even if it included a clause to take your home and send your family to Afghanistan.
Now you've got your own BBB, but in your version, anyone outside the top 5% only receive pain to go along with the inflation and huge addition to the debt.
Last edited:
