White House Proposes $4.4 Trillion Budget That Adds $7 Trillion to Deficits

White House Proposes $4.4 Trillion Budget That Adds $7 Trillion to Deficits

Well, you can't say you weren't warned.

Trump has just dropped a $7 Trillion turd.

 

Donald Trump's Plans Would Add $5.3 Trillion to the National Debt

Donald Trump Would Boost Debt More Than Hillary Clinton, Report Says

Trump would beat Clinton by trillions when it comes to driving up debt

Trump plans would increase debt 26 TIMES more than Clinton's: Study

Donald Trump’s tax plan could land America $10 trillion deeper in debt


You. Were. Warned.

 

lofl @ the thread title

"Trump Drops $7 Trillion Turd".

I literally cannot type.

 

What would you suggest, not cut spending and raise my tax rate?

 

I have been proposing for years that we ban tax expenditures, which would provide a surplus which could be used to lower tax rates for everyone and pay off the debt. Once the debt was paid off, we could lower tax rates for everyone even more.

 

Since Trump took office, we have rocketed past the $20 trillion debt milestone. Trump has already signed two debt ceiling hikes.

And yet not one pseudocon propaganda outlet has made a peep about Trump's spending after whining about Obama's spending for eight years.

Now Trump has dropped trou and excreted another $7 trillion in debt onto their faces.

I bet they eat it and call it cake.

 

It is a gold-plated turd, and has a giant TRUMP logo on top.

 

Cutting Medicaid and other popular programs will eviscerate the right.

 

Here's our genius businessman's alleged brain at work:

http://www.cnn.com/2016/05/09/politics/donald-trump-national-debt-strategy/index.html

 

Hmmmm...

I wonder what would happen if you print $20 trillion...

Gosh, that would solve all our problems!

The man is fricking scary.

 

I can hear the Two Cookie Posse coming, Pa!

 

You have my interest.
Ban tax expenditures? Can you elaborate?

 

So half of what Obama added then.

 

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You forgot the $666 billion he added last year, plus the $1.5 trillion he added with his tax reform.

In less than a year, Trump has exceeded Obama.

"I tole ya I heard the Two Cookie Posse coming, Pa!"

 

I was not calling out staff or administration.

I was referring to the Tu Quoque Fallacy whcih was sure to come from the Trump apologists. "B-b-b-b-b-b-but Obama!" And I was right. See post 13.

Tu Quoque. Two Cookie.

 

By the NY Slimes? Warned?

 

Happy to.

I want you to imagine two next door neighbors, Robert and William. They each have an annual household income of $50,000.

Now I want you to imagine the cost of the stretch of road in front of their two houses represents their total tax burden. For the purposes of this illustration, it does not matter what the total cost is. That stretch of road represents all the costs of the services the government provides. Defense, infrastructure, post offices, food stamps, whatever.

Most budget battles are over how much the government does and how much it spends, and that is all well and good. But the point of this exercise is to demonstrate that no matter what the size of the budget is, these neighbors of equal incomes should have an equal tax burden.

Let’s say the stretch of road in front of both houses costs $10,000. Therefore, each neighbor’s share of the burden should be $5,000, or 10 percent of their incomes.

But thanks to government tax expenditures, that is not the case in America.

What are tax expenditures? They are those tax deductions, exemptions, and credits you take when you file your income taxes. Some pundits like to portray this process of taking advantage of exemptions, credits, and deductions as “getting to keep more of your own money”, but they are either deliberately misleading you, or they are woefully misinformed.

I am not saying you should leave money on the table. If the government puts it there for you to take, you would be a fool not to take it. But I am going to show you it is not really your money.

As it happens, Robert has a mortgage and so he gets a $500 mortgage interest deduction. He also has two kids, and gets another $1000 child tax credit.

Robert's tax bill, therefore, is reduced from $5,000 to $3,500. This is the part where those pundits jump up and down with glee and say Robert is getting to keep $1,500 of his own money.

Now let's look at William's situation and see whose money it really is that Robert is getting. William is a renter (or he has paid off his mortgage). And he is childless. So William cannot take those deductions.

The government still needs a total of $10,000 from Robert and William to pay for that stretch of road in front of their houses. How will the government make up for the $1,500 it is giving back to Robert?

It will have to get that money from William, if there is to be a balanced budget. Otherwise, the government will have to run a deficit and borrow the money from places like China or the Federal Reserve.

If the government wants to balance the budget, it will have get $6,500 out of William instead of $5,000. It accomplishes this by raising the tax rate considerably. Instead of a 10 percent rate, which is what William would have had under a system of equality, the government will have to raise the tax rate to 13 percent.

William's tax rate just jumped 30 percent to pay for Robert's deductions and credits! So while disingenous pundits cheer that Robert “gets to keep more of his own money”, they are ignoring that William is having to give up more of his money to keep the budget in balance.

In the real world, taxpayers will not stand for a 30 percent jump in taxes. They won't even stand for a 10 percent jump. In fact, there are quite a few politicians saying we need to lower everyone's tax rates even more, even though we are running annual deficits!

Since the taxpayers will only stand for so much in the way of a tax hike, the only other means to pay for all these deductions, credits, and exemptions is for the government to borrow the money that it is giving back to Robert.

Today, the government is handing out $1.4 trillion every year in these tax expenditures. This is the only real figure in this allegory. Every time you take advantage of a deduction or exemption or credit, you are responsible for everyone's tax rates being higher than they should be, and for the excessive annual deficits.

We live under an insane system where two people earning identical incomes are paying radically different amounts in taxes.

This is also true for businesses. Two businesses earning identical incomes are paying radically different corporate income taxes.

This insanity must end.

If we eliminated $1.4 trillion in government handouts, not only would be no longer have a deficit, we would be running a surplus. We could then use that surplus to lower everyone's tax rates and pay down the debt, and once the debt was paid off, we could further lower everyone's tax rates.

We whine about someone getting food stamps or welfare, and fail to see that every one of us is greedily demanding our own form of government handout. Capital depreciation deductions, mortgage interest deductions, employer-sponsored health insurance income exemptions. Most of these tax expenditures are highly regressive. The more income you have, the bigger the tax break you get.

 

You were warned by CNBC, the Wall Street Journal, the Brookings Institute, and many others.

And lookee here. Trump has fulfilled that warning. And you are laughing like an idiot over another $7 trillion being foisted onto the backs of our descendants by Trump.

 

Obama spent that much in one years on a "stimulus" package that just kept state Government workers employed, but did little or nothing for the economy.



2009 to 2016 less than 2% mean GDP growth.

 

Thread titles in "Current Events" must be the same as the article title.

 

You mean to tell me you are more upset over the topic title than what Trump has just done!?!?!?!

Wow!

Just...wow.

 

"B-b-b-b-b-but Obama!"

Is that all you have?

 

Has this budget been voted on or signed?

The answer is NO!

 

When Obama spent a trillion dollars on stimulus, the pseuedocons whined and whined and whined.

Trump spends a trillion and a half dollars on stimulus, the same pseudocons cheered!

I guess that extra half a trillion dollars of debt makes all the difference...