U.S. Budget Negotiations

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HintonJamesHeel said:
We are kind of hosed with our tax policies. 40% of the country doesn’t pay taxes. The tax bracket for the rich is too low. There is no appetite to change it.
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We at least agree on half of the problem. IMO There is little point in further taxing, via income tax, people who already can barely afford the cost of living. but certainly we are too low on the high end - in particular I think we are long overdue for at least one, maybe two additional tax brackets at the top. And the rates for the existing top 2-3 brackets probably need to go up.
 
rodoheel said:
We at least agree on half of the problem. IMO There is little point in further taxing, via income tax, people who already can barely afford the cost of living. but certainly we are too low on the high end - in particular I think we are long overdue for at least one, maybe two additional tax brackets at the top. And the rates for the existing top 2-3 brackets probably need to go up.
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And lets not forget Corporate income taxes For ex no freaking reason to cut taxes for banks in trump 1-most had just experienced record profits
 
rodoheel said:
We at least agree on half of the problem. IMO There is little point in further taxing, via income tax, people who already can barely afford the cost of living. but certainly we are too low on the high end - in particular I think we are long overdue for at least one, maybe two additional tax brackets at the top. And the rates for the existing top 2-3 brackets probably need to go up.
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Agreed but with that said - the issue over the last five years has been expenditures. It’s gone up 56% in 5 years, which is obscene.
 
HintonJamesHeel said:
  • Roughly 28% to 30% of adult tax units (individual filers or couples) pay no federal income tax in a typical year.
  • Of that 28–30%, roughly 10–15% of all tax units not only pay $0 but receive money back through refundable credits (i.e., “negative income tax”).
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So, you want to charge impoverished people income tax? Even though they pay FISA and federal excise taxes?
 
HintonJamesHeel said:
Agreed but with that said - the issue over the last five years has been expenditures. It’s gone up 56% in 5 years, which is obscene.
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How much of that was COVID/STIMULUS Blip??
I honestly don't know but I figure its a lot of it-and a lot of "it " will go away
 
HintonJamesHeel said:
What does Covid have to do with 2024?
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It's part of the 8 trillion dollars that Trump added to the national debt. David Stockman has said that between his first term and his announced plans for this term, he might add 30 trillion before he and his policies are done. The interest on that debt is a part of it.
 
finesse said:
It's part of the 8 trillion dollars that Trump added to the national debt. David Stockman has said that between his first term and his announced plans for this term, he might add 30 trillion before he and his policies are done. The interest on that debt is a part of it.
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The interest is just a fraction of the 56% increase since 2019.


A million seconds ago was May 23rd
A billion seconds ago was 1993
A trillion seconds ago was 30,000 B.C.

The US national debt is now rising by $1 Trillion every 180 days.
 
HintonJamesHeel said:
The interest is just a fraction of the 56% increase since 2019.


A million seconds ago was May 23rd
A billion seconds ago was 1993
A trillion seconds ago was 30,000 B.C.

The US national debt is now rising by $1 Trillion every 180 days.
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Yes and directly or indirectly, as when Obama had to pay for the Shrub's military mistakes, the Republicans are responsible for the greatest part of it by far. Reagan almost tripled it and was the one to first really put us behind the eight ball. You're like the guy who killed his parents and asked the judge to have mercy on him because he's an orphan.
 
finesse said:
Yes and directly or indirectly, as when Obama had to pay for the Shrub's military mistakes, the Republicans are responsible for the greatest part of it by far. Reagan almost tripled it and was the one to first really put us behind the eight ball. You're like the guy who killed his parents and asked the judge to have mercy on him because he's an orphan.
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The Republicans are responsible alone for a 56% increase in expenses 2019-2024?
 
HintonJamesHeel said:
The Republicans are responsible alone for a 56% increase in expenses 2019-2024?
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I didn't say that. I just said they set the table ,picked the menu and the cooks. Who's controlled the legislature and the courts through any means possible? Eat it and choke on it. There are all sorts of studies that show the economy has consistently done better until Democrats. Not that they haven't made mistakes but, frankly, plus is better than minus and not the first thing good has come out of the Republican Party for the nation as a whole since Eisenhower.
 
finesse said:
I didn't say that. I just said they set the table ,picked the menu and the cooks. Who's controlled the legislature and the courts through any means possible? Eat it and choke on it. There are all sorts of studies that show the economy has consistently done better until Democrats. Not that they haven't made mistakes but, frankly, plus is better than minus and not the first thing good has come out of the Republican Party for the nation as a whole since Eisenhower.
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Ok but none of that goes into why we have seen a 56% increase in the federal government expenses in 5 years.
 
HintonJamesHeel said:
Ok but none of that goes into why we have seen a 56% increase in the federal government expenses in 5 years.
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This is from a pretty conservative source but does a good job of showing why and how expeditures shot up in 2020. You are correct that they have stayed at those elevated levels, largely because of the multi-year impact of the Covid spending bills, but this at least answers a lot of the "why."

www.pgpf.org

13 Charts That Show the Stunning Impact of 2020 on Our Fiscal and Economic Outlook

Our fiscal situation was already unsustainable, but COVID-19 certainly did not help.
www.pgpf.org www.pgpf.org

Reasonable people could disagree as to whether we need to address spending or revenue or both, but I agree the current deficit and projections for where it will go from here is a problem that must be addressed.
 
lawtig02 said:
This is from a pretty conservative source but does a good job of showing why and how expeditures shot up in 2020. You are correct that they have stayed at those elevated levels, largely because of the multi-year impact of the Covid spending bills, but this at least answers a lot of the "why."

www.pgpf.org

13 Charts That Show the Stunning Impact of 2020 on Our Fiscal and Economic Outlook

Our fiscal situation was already unsustainable, but COVID-19 certainly did not help.
www.pgpf.org www.pgpf.org

Reasonable people could disagree as to whether we need to address spending or revenue or both, but I agree the current deficit and projections for where it will go from here is a problem that must be addressed.
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Revenue has stayed right at 17% of GDP, which has been the 50 year average. The issue has been expenses.
 
HintonJamesHeel said:
Revenue has stayed right at 17% of GDP, which has been the 50 year average. The issue has been expenses.
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Other than in 2020-22 (the main years for the Covid bills), expenses have been pretty consistent with the 50 year average as well.

fred.stlouisfed.org

Federal Net Outlays as Percent of Gross Domestic Product

Graph and download economic data for Federal Net Outlays as Percent of Gross Domestic Product (FYONGDA188S) from 1929 to 2024 about outlays, federal, Net, GDP, and USA.
fred.stlouisfed.org
 


Meanwhile, Thune has people trying to entice Fetterman to switch parties (and provide a vote for the BBB).
 
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