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B-CR-TEO
No, Republican Tax Cuts
Won´t Explode The Deficit

Investor’s Business Daily, by Staff

Original Article

Posted By:RockyTCB, 11/14/2017 7:27:25 AM

Budgets: After eight years of silence during President Obama eight years in office, which saw deficits average $910 billion a year and the national debt explode by $9.3 trillion, Democrats are suddenly fretting about deficits. If only their concern were genuine and not a cynical attempt to derail much-needed tax reform. The Republican plan is a "deficit-busting tax cut to benefit the wealthiest Republicans," says Senate Minority Leader Charles Schumer. House Minority Leader Nancy Pelosi warns that it would "take us so deeply into debt … it will necessitate a trillion dollars being cut out of Medicaid." Various other Democrats

      


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Reply 1 - Posted by: Pearson365, 11/14/2017 7:46:12 AM     (No. 11451477)

No, but Republicans uncontrolled spending and fhe failure to end Obamacare subsidies will. And, if the tax cuts do generate better economic growth, the cost of servicing $20+ trillion in federal debt due to rising interest rates will add more red ink to the federal deficit that will likely approach $1 billion next year,



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Reply 2 - Posted by: 6079 Smith, W, 11/14/2017 8:19:45 AM     (No. 11451519)

Taxes are revenue. Deficits are expenditures. If your revenue decreases and you continue your same expenditure, you will have a deficit. If you live within your means, you don´t run deficits.
The idea that government needs more revenue is to believe that the government has absolutely no waste. Does anyone honestly believe that?

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Reply 3 - Posted by: strike3, 11/14/2017 9:24:10 AM     (No. 11451576)

Both sides continue to play their devious games and spread the same lies that we have been hearing for decades. Government continues to betray us because we have not resisted strongly enough. They have the power to make laws, we have the vote, which is subject to cheating and lies. The whole mess needs to be torn down and rebuilt in a bullet-proof way. We can no longer trust them and their false charade that they are honorable and well-intentioned. Obama didn´t even follow a budget, he just spent money and drained the treasury. Neither Republicans nor Democrats spoke one word of protest. The best way out of a hole is to never get into it.

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Reply 4 - Posted by: thethirdruffian, 11/14/2017 10:04:14 AM     (No. 11451606)

I used to be a deficit hawk, but am no longer.

When we have a deficit, the government gives a note to the federal reserve (itself) and prints money.

Long story short, it´s just printing money. Yes, this is inflationary, but not overly bothersome.

In effect, it´s a flat tax, and the only non-progressive thing our government does, as inflation (more or less) hits everyone the same.

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Reply 5 - Posted by: Davids918, 11/14/2017 11:10:47 AM     (No. 11451671)

Agree that no one seemed to complain, particularly Democrats, over the last 10 years of massive deficits, due to not actually following the budget process.

Now, there are ads on FB, and such, stating NotOnePenny, for the rich.

What this means, no tax relief or tax bill, period, since we have a progressive tax system, that everyone pays the same percentage on the same amount of income with the scale increasing as the income increases. So, everyone pays the same 15% on the first say $12,000 of their earned income, then the next level is taxed at X amount, so on and so forth.
Thus, the wealthy pay that same initial percentage as someone making $50,000 a year.

And, our deficit will increase regardless of any tax reform.


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