In fiscal year 2024, the federal government collected **$4.92 trillion** in revenue and spent **$6.75 trillion**, resulting in a budget deficit of **$1.83 trillion** the only thing both parties agree on is to spend. I’m doing Roth 401k and Roth IRA at 24 percent. They won’t be getting anything from me when they increase ss taxes, increase Medicare irmma taxes, or RMD taxes. They can get me with higher fica taxes though. I’m retiring early with the irs rule of 55 in 7 years and 1 month. Can’t wait
Tax receipts actually went up after the 2017 tax cuts. As far as pay is concerned, the correct statement would have been that people brought home more money due to less taxes not that their pay went up. The government needs to curb their waste to get the debt down. If the cuts aren't renewed then just about every working person will see their take home pay go down in 2026.
No, I think what he’s saying, whether or not it’s true, is that lowering taxes stimulated corporate investment resulting in higher job growth and wages. He’s arguing that that’s why people took home more money.
tax revenue after the tax cuts was lower than previously anticipated. So the tax cuts did not increase tax revenue. If you want to reduce the deficit or balance the budget by just stopping waste wont be succesful. You either will have cut at medicare and social security or increase taxes. But by doing none and even lowering taxes the deficit will even increase. I mean you have to decide between these two options but you cant have both
The problem is not our tax cuts; we still pay more than average for most of the world in business tax rates, and prior to Trump, it was the highest anywhere in the industrial world- which is why, along with free trade deals, our manufacturing jobs vanished overseas. $5-10 trillion was on the wars in Iraq and Afghanistan that were either a mistake in the former or went on too long in the latter case; nearly $8 trillion was spent during the Covid-19 pandemic and the aftermath under Trump and Biden which was far more than necessary and most of the lockdowns should have been avoided. That’s nearly half of our national debt, and excess spending on military- which the republicans and many democrats will not do, and lack of willingness to reform entitlements- which the democrats and sadly many republicans will not do, are the biggest burdens on our yearly deficit which contributes to the national debt and continuously inspires most of the interest payments. The AEI conservative guy on here clearly isn’t that brilliant rhetorically and is spewing some partisan conservative nonsense, but man this Democrat on the right with glasses is outright lying
The jobs in the US increased. But i would argue the reason jobs went oversea are not mainly because of high taxes but becuase of high labour costs. Labour is much cheaper in low income countries. But high skilled ans paying jobs stayed in the US. But where did the more democrat lie? I mean tax cuts are a main reason for the increase in debt and many studies have shown that the trump tax cuts had only little economic effect
@ I agree that higher labor costs cause jobs to go overseas; that’s why we need tariffs to offset the competition of cheap labor and lack of environmental laws in third world developing nations like China, Mexico, and others in Central America or the Asia-Pacific region…. Lest we lower the wages of American workers or compromise their welfare in terms of labor laws, benefits, and the environment. The gentlemen lied in that the tax cuts are not principally to blame for higher deficits- nor is it one of the top causes in a list of many. It spurred economic growth and activity along witted regulation, and the revenue reduced was used more productively in the private sector economy and to the benefit of workers and capital investment, though the revenue was not greatly reduced, and it doesn’t equate to the crazy spending amounts that cause the budget deficit!
Median household income including at lower and middle class persons and families went up under Donald Trump by 7%- more than under Obama, and more than under Biden when you account for higher inflation
Let's just continue giving tax breaks to the wealthy until this country is destroyed economically. Then we all, rich or poor, suffer.
Yes, the democrat party is getting too wealthy! Preach!
@harambenolevest69 your mom is getting wealthy homey.
In fiscal year 2024, the federal government collected **$4.92 trillion** in revenue and spent **$6.75 trillion**, resulting in a budget deficit of **$1.83 trillion** the only thing both parties agree on is to spend. I’m doing Roth 401k and Roth IRA at 24 percent. They won’t be getting anything from me when they increase ss taxes, increase Medicare irmma taxes, or RMD taxes. They can get me with higher fica taxes though. I’m retiring early with the irs rule of 55 in 7 years and 1 month. Can’t wait
Deficit increasing. Nothing new. No politician has shown the courage to tackle the debt. It's not politically popular
Tax receipts actually went up after the 2017 tax cuts. As far as pay is concerned, the correct statement would have been that people brought home more money due to less taxes not that their pay went up. The government needs to curb their waste to get the debt down. If the cuts aren't renewed then just about every working person will see their take home pay go down in 2026.
We need to pay our debts. If tax cuts need to expire to make that happen, so be it.
No, I think what he’s saying, whether or not it’s true, is that lowering taxes stimulated corporate investment resulting in higher job growth and wages. He’s arguing that that’s why people took home more money.
tax revenue after the tax cuts was lower than previously anticipated. So the tax cuts did not increase tax revenue. If you want to reduce the deficit or balance the budget by just stopping waste wont be succesful. You either will have cut at medicare and social security or increase taxes. But by doing none and even lowering taxes the deficit will even increase. I mean you have to decide between these two options but you cant have both
Yes, they didn't cut spending, so revenue would be up, but so was debrt
But the deficit increased anyway.
If his tax cuts were so good then why has the deficit continued to increase?
The wage gains was not associated with the wage gains, it was the restrictive immigration reducing supply
One side wants to spend money like there's no tomorrow while the other wants to cancel the limit on spending in order to spend less? 🤔
How about we just do a flat tax so we can stop arguing about who is paying what.
im just confused
Robotics, AI, Labor is in trouble.
All speculation without any facts ( yet ) to base their conclusions upon . Just balance the budget and quit giving freebies to the undeserving .
If you care about America, do whatever trump wants … lololol
What an idiotic statement.
TDS
The problem is not our tax cuts; we still pay more than average for most of the world in business tax rates, and prior to Trump, it was the highest anywhere in the industrial world- which is why, along with free trade deals, our manufacturing jobs vanished overseas. $5-10 trillion was on the wars in Iraq and Afghanistan that were either a mistake in the former or went on too long in the latter case; nearly $8 trillion was spent during the Covid-19 pandemic and the aftermath under Trump and Biden which was far more than necessary and most of the lockdowns should have been avoided. That’s nearly half of our national debt, and excess spending on military- which the republicans and many democrats will not do, and lack of willingness to reform entitlements- which the democrats and sadly many republicans will not do, are the biggest burdens on our yearly deficit which contributes to the national debt and continuously inspires most of the interest payments. The AEI conservative guy on here clearly isn’t that brilliant rhetorically and is spewing some partisan conservative nonsense, but man this Democrat on the right with glasses is outright lying
The jobs in the US increased. But i would argue the reason jobs went oversea are not mainly because of high taxes but becuase of high labour costs. Labour is much cheaper in low income countries. But high skilled ans paying jobs stayed in the US.
But where did the more democrat lie? I mean tax cuts are a main reason for the increase in debt and many studies have shown that the trump tax cuts had only little economic effect
@ I agree that higher labor costs cause jobs to go overseas; that’s why we need tariffs to offset the competition of cheap labor and lack of environmental laws in third world developing nations like China, Mexico, and others in Central America or the Asia-Pacific region…. Lest we lower the wages of American workers or compromise their welfare in terms of labor laws, benefits, and the environment.
The gentlemen lied in that the tax cuts are not principally to blame for higher deficits- nor is it one of the top causes in a list of many. It spurred economic growth and activity along witted regulation, and the revenue reduced was used more productively in the private sector economy and to the benefit of workers and capital investment, though the revenue was not greatly reduced, and it doesn’t equate to the crazy spending amounts that cause the budget deficit!
@@Grantthecatholic What makes you think anything will be different now. The deficit will go up.
Median household income including at lower and middle class persons and families went up under Donald Trump by 7%- more than under Obama, and more than under Biden when you account for higher inflation