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"If there is one thing I am, it's always right." -Ted Nugent.
"I honestly believe saying someone is a smart lawyer is damning with faint praise. The smartest people become engineers and scientists." -SU.
"Yet I still see wisdom in that which Uncle Ted posts." -creek.
GIVE 'EM HELL, BRIGHAM!
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Originally posted by Uncle Ted View Post"There is no creature more arrogant than a self-righteous libertarian on the web, am I right? Those folks are just intolerable."
"It's no secret that the great American pastime is no longer baseball. Now it's sanctimony." -- Guy Periwinkle, The Nix.
"Juilliardk N I ibuprofen Hyu I U unhurt u" - creekster
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UT, what's gotten in to you? You're supposed to post something like this:
https://www.usatoday.com/story/money...line/79835274/
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Originally posted by beefytee View PostUT, what's gotten in to you? You're supposed to post something like this:
https://www.usatoday.com/story/money...line/79835274/
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Originally posted by Uncle Ted View Post"Yeah, but never trust a Ph.D who has an MBA as well. The PhD symbolizes intelligence and discipline. The MBA symbolizes lust for power." -- Katy Lied
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It's Official: Trump Tax Cuts Are Boosting Growth And Mostly Paying For Themselves
Taxes: When the Congressional Budget Office released its updated budget forecast, everyone focused on the deficit number. But buried in the report was the CBO's tacit admission that it vastly overestimated the cost of the Trump tax cuts, because it didn't account for the strong economic growth they would generate.
Among the many details in the report, the one reporters focused on was the CBO's forecast that the federal deficit would top $1 trillion in 2020, two years earlier than the CBO had previously said.
And, naturally, most news accounts blamed the tax cuts. "U.S. budget deficit to balloon on Republican tax cuts" is how Reuters put it in a headline.
But there's more to the story that the media overlooked.
First, the CBO revised its economic forecast sharply upward this year and next.
Last June, the CBO said GDP growth for 2018 would be just 2%. Now it figures growth will be 3.3% — a significant upward revision. It also boosted its forecast for 2019 from a meager 1.5% to a respectable 2.4%.
"Underlying economic conditions have improved in some unexpected ways since June," the CBO says. Unexpected to the CBO, perhaps, but not to those of us who understood that Trump's tax cuts and deregulatory efforts would boosts growth.
In any case, the CBO now expects GDP to be $6.1 trillion bigger by 2027 than it did before the tax cuts.
[...]
Now if we can cut spending by not getting into yet another dumbass war."If there is one thing I am, it's always right." -Ted Nugent.
"I honestly believe saying someone is a smart lawyer is damning with faint praise. The smartest people become engineers and scientists." -SU.
"Yet I still see wisdom in that which Uncle Ted posts." -creek.
GIVE 'EM HELL, BRIGHAM!
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Originally posted by Uncle Ted View Posthttps://www.investors.com/politics/e...or-themselves/
Now if we can cut spending by not getting into yet another dumbass war.Ain't it like most people, I'm no different. We love to talk on things we don't know about.
"The only one of us who is so significant that Jeff owes us something simply because he decided to grace us with his presence is falafel." -- All-American
GIVE 'EM HELL, BRIGHAM!
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Originally posted by falafel View PostWhy are we even taxing people at all, right Ted?"If there is one thing I am, it's always right." -Ted Nugent.
"I honestly believe saying someone is a smart lawyer is damning with faint praise. The smartest people become engineers and scientists." -SU.
"Yet I still see wisdom in that which Uncle Ted posts." -creek.
GIVE 'EM HELL, BRIGHAM!
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Originally posted by Uncle Ted View Posthttps://www.investors.com/politics/e...or-themselves/
Now if we can cut spending by not getting into yet another dumbass war."I think it was King Benjamin who said 'you sorry ass shitbags who have no skills that the market values also have an obligation to have the attitude that if one day you do in fact win the PowerBall Lottery that you will then impart of your substance to those without.'"
- Goatnapper'96
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Originally posted by Pelado View PostSo, basically, even with the economy performing better than previously expected, we'll still see trillion-dollar deficits again soon. Great news, Ted."If there is one thing I am, it's always right." -Ted Nugent.
"I honestly believe saying someone is a smart lawyer is damning with faint praise. The smartest people become engineers and scientists." -SU.
"Yet I still see wisdom in that which Uncle Ted posts." -creek.
GIVE 'EM HELL, BRIGHAM!
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Originally posted by frank ryan View PostWe didn't kill any Syrian kids. Knock it off."If there is one thing I am, it's always right." -Ted Nugent.
"I honestly believe saying someone is a smart lawyer is damning with faint praise. The smartest people become engineers and scientists." -SU.
"Yet I still see wisdom in that which Uncle Ted posts." -creek.
GIVE 'EM HELL, BRIGHAM!
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Originally posted by Uncle Ted View PostYeah we did, man. Ask Walter... He will tell you and show you the pictures.
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Originally posted by cowboy View PostIt's $1.4-$1.7 trillion...over ten years...if nothing changes. In other words, if people invest as normal and the tax rates create no GDP growth, the deficit will increase by around $150 billion. And then they multiply that by the magic number 10 because they need to multiply it by something. That way, tax increases sound better and tax cuts sound worse.
Over a 2-year period, the CBO does a decent job with projections, but beyond that, a monkey throwing a dart could guess the true effect of things better. This is partly because long-term projections are nearly impossible, and partly because a lot of legislation is written to game the 10-year time window.
As I've said before, there is very little correlation between tax rates and tax receipts. Taken to extremes, there obviously would be, but this change isn't extreme. The likely long-term effect is going to depend on how the rate change effects growth because receipts will continue to be a function GDP growth.Originally posted by Uncle Ted View Posthttps://www.investors.com/politics/e...or-themselves/
Now if we can cut spending by not getting into yet another dumbass war.sigpic
"Outlined against a blue, gray
October sky the Four Horsemen rode again"
Grantland Rice, 1924
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Originally posted by Pelado View PostSo, basically, even with the economy performing better than previously expected, we'll still see trillion-dollar deficits again soon. Great news, Ted.
Unless we do something to cut spending, all this means is even more deficit spending.
Unfortunately, spending is on track to climb even faster — going from 20.6% of GDP this year to 23.6% by 2028. (The highest spending ever got under Obama was 24.4% of GDP, and the post-War average is 19.3%.)
This is little short of a disgrace, and shows that Republicans love spending taxpayer money as much as Democrats.
In fact, some GOP senators don't even want Trump to use his rescission authority to strip some of the worst spending items out of the bipartisan $1.3 trillion spending monstrosity.
Someone needs to remind these alleged fiscal conservatives that if they can't get control of spending today, it's a virtual guarantee they'll end up agreeing to a "deficit cutting" tax hike tomorrow."There is no creature more arrogant than a self-righteous libertarian on the web, am I right? Those folks are just intolerable."
"It's no secret that the great American pastime is no longer baseball. Now it's sanctimony." -- Guy Periwinkle, The Nix.
"Juilliardk N I ibuprofen Hyu I U unhurt u" - creekster
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