Robert Reich:
“A new CBO report estimates that extending the Trump tax cuts for the next 10 years would add $4.6 trillion to the deficit.
Remember this the next time Republicans propose cuts to Social Security, Medicare, and Medicaid.
The ‘party of fiscal responsibility’ is full of it.”
14 comments:
I think 4.6 trillion is a low estimate.
Today, to say the republican party is "the party of fiscal responsibility" is laughable. Just as laughable as saying it's "the party of family values". The republican party has lost the right to claim either while maintaining a straight face. The republican party is the party of self centeredness, tax breaks for the wealthy corporations, and I got mine so screw you stingyness.
Republicans today would be the loyalists and monarchists in King George's court of long ago yesteryear. Today they pine for King Donnie, the rapist and insurrectionist. What a joke they are.
Those proposals to cut Social Security, Medicare, etc., will be coming soon after the latest report that shows the day of reckoning coming sooner rather than later.
There have to be some cuts, somewhere. But there also need to be revenue enhancements, or tax increases.
And the easiest way is to give the government the right to better negotiate with drugs/medical companies to force lower rates, something the GOP opposes, but what will lead to lower costs. Then we raise the taxation cap on earnings for these entitlements from 168K to 250K. Of course the GOP also opposes this. Add in some changes for new ppl entering the system, and I bet we could get it done.
But it would take bi-partisan work. Something the GOP, even with the current mini thaw, seems averse to.
BTW... if we lose that tax break, remember, the middle class will take a big hit too. Many ppl mistakenly believe all the cuts went to the rich folks, but the personal exemption was raised significantly and that hits everyone commenting on this blog.
Until conservatives finally realize that cutting taxes doesn't raise all people boats... but rather adds to annual deficits and balloons the national debt... nothing will be reasonably or sensibly resolved.
Conservatives and republicans whine about the socialism they freely and willingly accept. They love the services but hate having to pay for them.
GREED in overdrive is the motive force behind conservative and republican ideology.
How much do you pay in annual taxes, Les? LOL!
I support eliminating the tax breaks because why should people keep more of what they earn. It should go to the government to help feed and house the illegals, pay off rich kids tuition and lay off police. One solution is to have everyone pay their fair share which means everyone pays federal taxes instead of just the 50% who pay now. Look at all the money the politicians would have to buy votes and make themselves richer.
When there are proposed cuts to SS there is a panic and the elected elite start throwing stones. It is a program that was designed to be a supplement to retirement not retirement. In the 50's life expectancy was 65 now it is 74. We will have to pay longer and expect less. A certain administration decided to put SS funds in the general fund and it had been shrinking since then.
Don't forget Dick Cheney said, "Reagan proved deficits don't matter."
But ONLY when Republicans are in charge.
We've seen this nonsense from Skud before.
"A certain administration decided to put SS funds in the general fund and it had been shrinking since then."
This isn't the first time I needed to share this with him.
From the Social Security
--
https://www.ssa.gov/history/InternetMyths2.html
Debunking Some Internet Myths- Part 2
Q1. Which political party took Social Security from the independent trust fund and put it into the general fund so that Congress could spend it?
A1: There has never been any change in the way the Social Security program is financed or the way that Social Security payroll taxes are used by the federal government. The Social Security Trust Fund was created in 1939 as part of the Amendments enacted in that year. From its inception, the Trust Fund has always worked the same way. The Social Security Trust Fund has never been "put into the general fund of the government."
Q3. Which political party started taxing Social Security annuities?
A3. The taxation of Social Security began in 1984 following passage of a set of Amendments in 1983, which were signed into law by President Reagan in April 1983.
@FJdeMAGAj - I paid a little over $6000 to federal and $1200 to the state. What about you pinhead. Put up or shut up.
The question is relative. When employed i paid as much as $23,000.00 annually on a good year. BTW, that was pre 2000 CE.
This is why we can't have nice stuff, because of statements like this...
"I support eliminating the tax breaks because why should people keep more of what they earn. It should go to the government to help feed and house the illegals, pay off rich kids tuition and lay off police."
There's not a solution there at all. Just a bunch of talking point words strung together. So typical of conservatives today, unable to think outside of their boxes.
Bingo Dave D.
Driven by abject greed and overt selfishness the cons and MAGA cultists march on. Ultimately to our own financial destruction as a nation of idiots.
I was a contractor for 11 months years ago and paid more in taxes than I made in total the year before.
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