Republicans moving ahead with Trump’s ‘big’ bill of tax breaks (1 Viewer)

[zztop]

Republicans moving ahead with Trump's 'big' bill of tax breaks and spending cuts amid tariff uproar

After a long wait, the Senate is launching action on President Donald Trump’s ”“big, beautiful bill” of tax breaks and spending cuts.

apnews.com

More than a month after House Republicans surprised Washington by advancing their framework for Trump’s $4.5 trillion in tax breaks and $2 trillion in spending cuts, Senate Republicans voted Thursday to start working on their version. The largely party-line vote, 52-48, sets the stage for a potential Senate all-nighter Friday spilling into the weekend.

 

[superchuck500]

So, the budget deficit from 2021-2024 was $7.68 trillion.

Fiscal Data Explains the National Deficit

Check out @FiscalService Fiscal Data’s new national deficit page! #NationalDeficit

fiscaldata.treasury.gov

$3.8T over 10 years doesn’t seem so horrible.

That’s additional deficit added purely by the measures in the plan - the plan itself adds 3.8T to the deficit, on top of the components of the deficit that are already built in. So take whatever trajectory we’re on right now, and this bends the curve upward by $3.8T over 10 years.

 

[MT15]

The reason its only 3.8T is because they are slashing Medicare and other programs for the poor.

Still doesn't seem horrible?

Not to him, I would bet. He likes that feature, IMO. He also thinks it’s no big deal for Trump to accept a $400 million airplane from Qatar, and then have taxpayers pay another $400B to $1T to retrofit it for use as AF1, only to have Trump take it with him when he leaves office. It’s justifiable expense to him.

But slashing Medicaid is okey-dokey.

 

[MT15]

That’s additional deficit added purely by the measures in the plan - the plan itself adds 3.8T to the deficit, on top of the components of the deficit that are already built it. So take whatever trajectory we’re on right now, and this bends the curve upward by $3.8T over 10 years.

Thank you, that’s what I thought but I wasn’t 100% sure.

 

[UriUT]

The reason its only 3.8T is because they are slashing Medicare and other programs for the poor.

Still doesn't seem horrible?

Reagan has been a plague. He's convinced Americans that the rich would find it in their hearts to provide for the rest of america and that government is pure evil.

 

[efil4]

On to the Senate- passes house with 215-214 vote.

 

[UriUT]

By looking at the federal deficit or surplus based on fiscal year, the data in this report show all four Republican presidents since 1980, with our methodology, increased the federal deficit during their time in office: Ronald Reagan had a 94% increase, George H.W. Bush had a 67% increase, George W. Bush had a 1,204% increase, and Trump had a 317% increase.

Both Democratic presidents since 1980 with completed terms decreased the federal deficit while in office: Bill Clinton had a 150% decrease to end his presidency with a federal surplus of $128 billion, and Barack Obama decreased the deficit by 53%. Joe Biden decreased the deficit by 50% in his first fiscal year, but his overall results are pending the end of his presidency.

U.S. Presidents and the Federal Deficit

A report examining the federal deficit (or surplus) by fiscal year rather than calendar year for each presidential term from 1981 to 2020.

amarkfoundation.org

What did Bush Jr do with that surplus? Cut taxes on the rich and voila, a recession plus a deficit. In addition to what sachs argued, giving tax breaks to the rich and not funnel that lost tax revenue and wealth downward is the cause of this widening of wealth inequality. All based on stupid supply side economics that hinges on this idea that corporations and the rich would automatically reinvest. Their greed would horde that tax break if profit cannot be had.



Plus a bigger deficit...something that government efficiency hawks seem to champion against.

 

[efil4]

doesnt seem like much, right? but the IRS will do away with direct ( FREE ) file - meaning every single income earner in the country will now have to pay to file taxes.

So my 21 yr old and 17 yr old, both earning less than $10,000 and $4000 annual ( respectively ) will have to spend $50~ to file their taxes.

Yay.

 

[zztop]

more depressing details in the article

Trump's big tax bill has passed the House. Here's what's inside it

House Republicans have taken a major step forward on President Donald Trump’s agenda. The House early Thursday passed a legislative package that combines tax breaks, spending cuts, border security funding and other priorities.

apnews.com

• Tax cuts for individuals and businesses
• Parents and older Americans face work requirements for food assistance
• And new work requirements for Medicaid
• No taxes on gun silencers, no money for Planned Parenthood and more
• ‘Trump’ kids $1,000 savings accounts
• Funding for Trump’s mass deportation operation
• More money for the Pentagon and Trump’s ‘Golden Dome’
• Tax on university endowments and overhaul of student loans
• More drilling, mining on public lands

 

[coldseat]

doesnt seem like much, right? but the IRS will do away with direct ( FREE ) file - meaning every single income earner in the country will now have to pay to file taxes.

So my 21 yr old and 17 yr old, both earning less than $10,000 and $4000 annual ( respectively ) will have to spend $50~ to file their taxes.

Yay.

This is so ridiculous and unnecessary. It's like Republican's can't stomach any service that the federal government provides that makes it's citizens believe, "Oh, that's cool. I'm glad our government does this." That's like the fuel of their hate fire for the federal government.

As an aside, most people who have simple taxes should learn to fill out their own taxes again and save themselves money. For me it's easy because I go back to the days we had to get the tax forms from the library and mail them in. Ever since I started having to fill out taxes, I've done them myself. My not be practical if you have complicated taxes, but mine are still mostly straight forward. I use Free Fillable Forms and it makes it very easy.

 

[Sendai]

doesnt seem like much, right? but the IRS will do away with direct ( FREE ) file - meaning every single income earner in the country will now have to pay to file taxes.

So my 21 yr old and 17 yr old, both earning less than $10,000 and $4000 annual ( respectively ) will have to spend $50~ to file their taxes.

Yay.

I still file with good old fashioned paper forms. Cost of an envelope and stamp. Show them how to save $50

 

[efil4]

I still file with good old fashioned paper forms. Cost of an envelope and stamp. Show them how to save $50

its 2025 not 1985.

There should be zero reason someone making $4000/yr has to a ) pay to file or b) mail in their return when this country has moved to web-based.

( oh and if you dont send certified, you are at the will of the USPS- best of luck )

 

[Dragon]

Why make it so complicated? Why not simply do it the way we do?

Employers report employee earnings, and banks report interest and capital gains. Then, individuals just review and either approve or correct the information online. It’s all done through secure triple-factor authentication: something you have, something you know, and something you do. It takes me less than 10 minutes to file my taxes, and it’s completely free. A week later, my refund is deposited directly into my official bank account — quick and hassle-free.

Because all data is reported monthly, the system is also proactive. A few months ago, the tax authority notified me that my taxes would be lowered automatically because I retired due to illness and now receive pension benefits, which are taxed at a lower rate.

Efficient, accurate, free and citizen-friendly — it just works.

 

[efil4]

Why make it so complicated? Why not simply do it the way we do?

Employers report employee earnings, and banks report interest and capital gains. Then, individuals just review and either approve or correct the information online. It’s all done through secure triple-factor authentication: something you have, something you know, and something you do. It takes me less than 10 minutes to file my taxes, and it’s completely free. A week later, my refund is deposited directly into my official bank account — quick and hassle-free.

Because all data is reported monthly, the system is also proactive. A few months ago, the tax authority notified me that my taxes would be lowered automatically because I retired due to illness and now receive pension benefits, which are taxed at a lower rate.

Efficient, accurate, free and citizen-friendly — it just works.

150,000,000+ people and while that system sounds nice, here in US, would be absolutely abused by folks with the means to do so.

 

[Dragon]

150,000,000+ people and while that system sounds nice, here in US, would be absolutely abused by folks with the means to do so.

The abuse would probably be less given that all data is verified. The salaries reported are double checked with the employers records and all bank trransactions over 700$ likewise.
But I really don't think that most of the top 10% would want this system because it is almost impossible to cheat

 

[DJ1BigTymer]

I still file with good old fashioned paper forms. Cost of an envelope and stamp. Show them how to save $50

It's like a reflex with you guys! You completely ignore the point of the tweet and the GOP's "reasoning" for their action. Then you go on to introduce your own deflective reasoning to support their actions. Nvmd your solution in this matter is more expensive and less efficient than just allowing IRS provide this service to the people. Typical.

 

[Sendai]

It's like a reflex with you guys! You completely ignore the point of the tweet and the GOP's "reasoning" for their action. Then you go on to introduce your own deflective reasoning to support their actions. Nvmd your solution in this matter is more expensive and less efficient than just allowing IRS provide this service to the people. Typical.

Simply reminding folks you don’t need to spend $50 to file your taxes. Nothing more.

And it was only available to 25 states.

 

[DJ1BigTymer]

Simply reminding folks you don’t need to spend $50 to file your taxes. Nothing more.

Why even make that comment then?

All taxpayers know that, but we choose to use a more efficient way of filing our taxes and the IRS knows that e-filing is a more efficient way for both the Government and The People. The only entities being harmed by the IRS' direct filing feature are the companies that charge for that service and that GOP Rep opted to feed a lie to us rather than admit that the GOP are corporate's birch.

How is the GOP helping The People by terminating that service? Nvmd, Corporations are people too and the GOP value their support more than John Q. Public.

 

[Sendai]

Why even make that comment then?

All taxpayers know that, but we choose to use a more efficient way of filing our taxes and the IRS knows that e-filing is a more efficient way for both the Government and The People. The only entities being harmed by the IRS' direct filing feature are the companies that charge for that service and that GOP Rep opted to feed a lie to us rather than admit that the GOP are corporate's birch.

How is the GOP helping The People by terminating that service? Nvmd, Corporations are people too and the GOP value their support more than John Q. Public.

Seemed like some folks needed a reminder. That there are other options than using a tax filing service. The post I responded to only mentioned their son would have to spend $50. I simply reminded of the paper forms, envelope, stamp option. Much cheaper.