Rand Paul's report on $1 Trillion in guvment waste in 2024

And net revenue went down.

And the deficit went up.



When the Trump-championed Tax Cuts and Jobs Act went into effect in 2018, economists saw an opportunity to test the theory that tax cuts pay for themselves due to economic growth.

Six years later, Trump says the results are in and that the U.S. took in more revenue after corporate tax cuts in the TCJA. Revenues actually went down in the first two years after the TCJA was enacted, and then the pandemic hit — which muddied analyses of the TCJA’s impact.

Revenues went up after 2020, though economists say revenues are not up as much as was expected in the absence of the TCJA when taking inflation into account. And the government’s nonpartisan Congressional Budget Office has said the tax law is contributing to rising national debt, and would add hundreds of billions to the nation’s debt if all the individual income tax provisions set to expire at the end of 2025 are extended.

Trump's Spin on Tax Cuts Raising Revenues - FactCheck.org

 

I certainly know that at certain rates, we can increase revs by cutting taxes while at other rates we can increase revs by raising taxes.

You have not provided any evidence that "tax cuts did not cause our revenue to drop". The very difficult Q is what would tax revenues have been without the cuts?

It's like the joke...they told me if I voted for Goldwater, the country would go to hell. I voted for him & they were right. It did go to hell.

 

I wonder what this graph tells you

Federal Receipts as Percent of Gross Domestic Product

 

I know what it means. I want to hear what you think it means.

 

You started the thread, so what makes up most of the proposed 1 trillion spending cuts? Given you started the thread presumably you know the answer, correct?

 

So why did revenue pct to gdp in 2019 drop dramatically after the Trump tax cut?

 

So the debt is not a concern of yours, only spending. I would imagine if the debt was a concern you would want to increase taxes and cut spending so that the debt can be brought down.

 

I’d bet a trillion dollars you didn’t read the report. It claims $500B of its $1T wasted was covid spending which isn’t in any upcoming budget. It also classifies all the interest paid on the debt as waste. That’s over a trillion together then all the culture shit like electric car subsidies add up to a tiny amount that won’t make a difference. Youre easy to manipulate.

 

You have zero idea what you are talking about. You have no concept of what is in the budget or an inkling of what cuts add up to. Your comments are so non-specific and general that they are unworthy of debate.

 

At this point, we are paying hundreds of billions more annually to re-pay interest on the current debt than we are spending on our entire military budget. I don't see a way out of this without some very drastic measures. We're not going to catch up by raising taxes. You'd have to raise taxes to a point where it would most certainly slow the economy severely. If you chop too much, that could hurt the economy too, although I trust the free market to allocate those dollars saved eventually. I don't trust the government to do so. Cutting spending is the only way out, but it will have to be drastic. There is going to be pain either way, but the free market can turn pain around a lot faster than government can. (assuming government can at all)

 

To add to my previous post, the only way we get out of this is drastic reduction in spending or an epic world war. Take your pick.

 

Yet another negative side effect of Joey's open borders policy is that the influx of illegal immigrants will no doubt put additional stress on our already maxed out services, which drive up additional revenue shortfalls and deficits. The kicker is that the illegals aren't paying income taxes. Literally the worst moment in history to open the floodgates at the border, because the needs of those illegals will drive additional deficits. Joe Biden is perhaps the worst president of all time.

 

Why not raise taxes and cut spending? If people are really concerned about the debt then you need to do both

 

What would you meaningfully cut? It’s hard to engage you righties flying at 50,000 feet high. “We spend too much”, then you list out about 10 things that add up to meaningless reductions. What are your specifics?