Feb Budget Deficit Largest on Record

Discussion in 'Budget & Taxes' started by FlamingLib, Mar 22, 2019.

  1. dagosa

    dagosa Banned

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    Republican devotees of trickle down struggle with walking and chewing gum. They need to study Economics behind legitimate tax cuts. No one can predict what massive tax cuts for the rich who have more then half the wealth and is expected to pay more then half the taxes, is going to do. . That’s why we have rates and not fees. Yet, the driver of the economy is the middle class who make the vast majority of the purchases. Targeted tax cuts for the consumer driver of the economy have proven beneficial short term. Massive cuts for the rich which depletes the treasury HAS NOT. These people don’t drive the economy. It’s demand from the populous who spend their money that drives the economy, not supply without demand. . The buying power has to be in hands if the middle class, not the rich. It’s not rocket science. So, don’t talk tax cuts without saying who they are for. The consumer pays every cent whether it’s for tax’s or goods and services to the wealthy and Corporations.
     
  2. Bluesguy

    Bluesguy Well-Known Member Donor

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    We don't tax wealth on the federal level except for a very minute estate tax. The revenue numbers show that supply-side works while trickle-up fails.

    We have both. Tax cuts for everyone have proven beneficial putting buying and investing power in everyone's pockets it's not rocket science. And the wealthy and higher earners already pay BY FAR the most taxes to the treasury.
     
  3. nopartisanbull

    nopartisanbull Well-Known Member

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    Yeah, Yeah, Yeah, "Foul is fair and fair is foul"

    Keep it simple.

    Income Tax withheld FY2003; $735 billion
    Income Tax withheld FY2007; $928 billion
    + $193 billion

    Payroll Tax withheld FY2003; $715 billion
    Payroll Tax withheld FY2007; $872 billion
    + 157 billion

    Individual Income taxes MINUS Capital Gains; FY2003; $201 billion
    Individual Income taxes MINUS Capital Gains; FY2007; $301 billion
    + $100 billion

    Corporate Income taxes; FY2003; $194 billion
    Corporate Income taxes; FY2007; $395 billion
    +201 billion

    Capital Gains taxes; FY2003; $51 billion
    Capital Gains taxes; FY2007; $137 billion
    + $86 billion

    Thus, corporate income taxes PRIMARILY boosted Bush's revenues/growth rates.
     
  4. rahl

    rahl Well-Known Member

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    this has been proven false. republicans caused the recession, which caused revenue to tank, and spending to have to increase
     
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  5. Bluesguy

    Bluesguy Well-Known Member Donor

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    There is no point in trying to have a discussion with someone who's only response is a fallacious "already refuted" and refuses to support their own claims.

    Still waiting - explain you claim that Bush could have and should have vetoed the Democrats 2009 budget.
     
  6. Bluesguy

    Bluesguy Well-Known Member Donor

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    I could care less how much is withheld and FICA contributions are for defined benefit programs, they are not income taxes.

    Capital gains taxes are personal income taxes.

    Real simple 2004 (after the Bush tax rate cuts were fully impliment) individual/personal income tax revenue produced $354,513B additional revenue and corporate $180,872B

    Personal income taxes

    Nope
     
    Last edited: Apr 10, 2019
  7. rahl

    rahl Well-Known Member

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    That wasn't my only response. I laid out how you were refuted.

    still waiting for you to pick up a civics textbook.
     
  8. nopartisanbull

    nopartisanbull Well-Known Member

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    YOUR QUOTE; Bush and the Republican congress took that a step further cutting CapGains rates to 15%, Clinton had raised to 29%, and we collected DOUBLE the CapGains revenues. With that and the additional income tax revenues at lower rates they brought the deficit down to a measly $161B by 2007.

    "we collected DOUBLE the CapGains revenues. With that and the additional income tax revenues at lower rates brought the deficit down to...…"

    "With that and the additional income tax revenues at LOWER rates brought the deficit down to...…."

    ----------------------

    MISSING IN ACTION; BUSH'S 35% CORPORATE TAX RATE/REVENUES, WHICH "AMONG ALL SOURCES", PRIMARILY BOOSTED REVENUES/BOUGHT THE DEFICIT DOWN.

    Thus, in an effort to glorify lower tax rates, you've intentionally ignored Bush's corporate revenues.
     
  9. nopartisanbull

    nopartisanbull Well-Known Member

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    Quote: Capital gains taxes are personal income taxes.

    You're the one who keeps chanting capital gain revenues have doubled under Clinton/Bush, thus, remind yourself capital gains taxes are personal income taxes.
     
  10. Bluesguy

    Bluesguy Well-Known Member Donor

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    Yes they did on top of a quadrupiling or capital gains realizations and are personal income taxes, not corporate taxes, they are in the personal column.
     
  11. Bluesguy

    Bluesguy Well-Known Member Donor

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    I already quoted the revenues. Capital gains soared through the roof and wage and salary had solid gains for over all a much higher increase than corporate taxes.

    What is your point anyway? Corporate tax revenue took an expected dip last year due to the one time depreciation acceleration and repatriation of foreign capital. We keep the economy growing, keep hiring growing, keep wages increasing and ALL sources of tax revenue will increase and government expenses will go down. You got a better plan?
     
  12. dagosa

    dagosa Banned

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    Do you really know what you’re talking about ?
    https://en.m.wikipedia.org/wiki/Trickle-down_economics
    Trickle down is Reaganomics , it is supplyside economics. When 80% of the tax cuts goes to the top 1%, its trickle down p. What have you been smoking ?
    You’re reinventing the dictionary. Trickle down......live with it.
     
    Last edited: Apr 10, 2019
  13. Bluesguy

    Bluesguy Well-Known Member Donor

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    Trickle up is what the Democrats tried in the 2008/2009 recession and it was an utter failure while supply-side, there is no such thing a trickle-down, has worked whenever it was implemented. Surpluses in the late 1990's, paltry $161B in 2007.
     
  14. dagosa

    dagosa Banned

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    You’re dillusional. The Bush tax cuts sunset in 2010 and the deficits dropped and the economy grew. You're saying the economy got worse after 2010:when tax cuts sunset ?
    FACT.....There have been 9-10:recessions under republican tax cuts. Get real. We are now in the first fiscal year of the Trump tax cuts, still under the influence of the Obama economic deficit reduction. Give Trump economy another year, then grab your ankles and kiss your portfolios good bye.
    Economy does better under Dems To 2014.
    You’re still bloviating with no references, historical charts.....something other then your delusional fibbing.


    upload_2019-4-10_21-41-23.png
     
    Last edited: Apr 10, 2019
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  15. nopartisanbull

    nopartisanbull Well-Known Member

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    My point is; You are obfuscating the facts

    Statement # 1. "I could care less how much is withheld and FICA contributions are for defined benefit programs, they are not income taxes."

    NOTE: "I could care less how much is withheld"

    Statement # 2. "Real simple 2004 (after the Bush tax rate cuts were fully impliment) individual/personal income tax revenue produced $354,513B additional revenue and corporate $180,872B

    NOTE: Individual income taxes INCLUDES "withheld".


    Monthly Treasury Statement March 2019
    Table 4. Receipts of the U.S. Government, March 2019 and Other Periods

    https://fiscal.treasury.gov/files/reports-statements/mts/mts0319.pdf

    Statement 3. Corporate tax revenue took an expected dip last year due to the one time depreciation acceleration and repatriation of foreign capital"

    NOTE: Source???????

    Statement 4. "Capital gains soared through the roof"......"The tax rate cuts produced record revenue growth and especially double the capgains than under the Clinton 29% rate"...."we collected DOUBLE the CapGains revenues. With that and the additional income tax revenues at lower rates brought the deficit down to $161B"

    "we collected DOUBLE the CapGains revenues. WITH THAT and the additional income tax revenues at lower rates brought the deficit down to $161B"

    "we collected DOUBLE the CapGains revenues. WITH THAT and the additional income tax revenues at lower rates brought the deficit down to $161B"

    NOTE; NO MENTION OF BUSH'S 35% CORPORATE TAX RATE/REVENUES?????????????

    NOTE; Bush's capital gains revenue averaged less than 5% of total revenues.....8th wonder of the world????????? Let's see;

    FY2004 Capital gains revenue; $74 billion
    Total receipts; $1.880 trillion
    Percent of total receipts; 3.9%

    FY2005 Capital gains revenue; $102 billion
    Total receipts; $2.155 trillion
    Percent of total receipts; 4.7%

    FY2006 Capital gains revenue; $118 billion
    Total receipts; $2.406 trillion
    Percent of total receipts; 4.9%

    FY2007 Capital gains revenue; $137 billion
    Total receipts; $2.567 trillion
    Percent of total receipts; 5.3%

    NOTE; Bush Corporate revenues averaged 13.7% of total revenues, let's see;

    FY2003; Corporate income taxes; $195 billion
    Percent of total receipts; 11%

    FY2004; Corporate income taxes; $230 billion
    Percent of total receipts; 12.2%

    FY2005; Corporate income taxes; $307 billion
    Percent of total receipts; 14.2%

    FY2006; Corporate income taxes; $380 billion
    Percent of total receipts; 15.8%

    FY2007; Corporate income taxes; $395 billion
    Percent of total receipts; 15.4%
     
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  16. nopartisanbull

    nopartisanbull Well-Known Member

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    Treasury Monthly Statement - MARCH 2019

    Current fiscal year to date/Prior fiscal year to date

    Withheld income taxes; $704 billion/$739 billion DOWN!

    Total individual income taxes; $724 billion/$736 billion DOWN! $12 billion

    Corporate Income taxes; $68 billion/$78 billion DOWN! $10 billion

    Employment/Payroll; $587 billion/$560 billion UP $27 billion

    Deficit; $147 billion
    Cumulative Deficit $691 billion
     
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