Welcome home, fellow Gator.

The Gator Nation's oldest and most active insider community
Join today!

Republicans consider major budget change to obscure deficit impact of extending Trump’s tax cuts

Discussion in 'Too Hot for Swamp Gas' started by G8tas, Feb 28, 2025.

  1. Feb 28, 2025 #1
    G8tas

    G8tas GC Hall of Fame

    5,358
    1,008
    553
    Sep 22, 2008
    WASHINGTON — Republicans are considering a far-reaching change to the budget process that would obscure the deficit impact of extending President Donald Trump’s multitrillion-dollar tax cuts in order to avoid paying for them.

    It comes as part of a massive bill to advance Trump’s agenda that Republicans are seeking to pass on a party-line basis. If the tactic is successful, it would upend long-standing precedent and change the accounting process for current and future lawmakers, with major policy stakes.


    Extending the Tax Cuts and Jobs Act, which Trump signed into law in 2017, would cost $4.6 trillion over a decade, according to the Congressional Budget Office, the official nonpartisan scorekeeper.

    That’s under the “current law” metric that has traditionally been used, as the tax cuts are slated to expire at the end of this year. But Senate Republicans want to use a different scoring method called the “current policy” baseline, which would assume that extending tax cuts costs $0 because they’re already law.

    Republicans consider major budget change to obscure deficit impact of extending Trump's tax cuts

    They are who e thought they were. Cry about deficits when a Democrat is in office and get nothing but crickets as soon as a Republican takes over
     
    • Informative Informative x 2
    • Winner Winner x 1
  2. Feb 28, 2025 #2
    VAg8r1

    VAg8r1 GC Hall of Fame

    22,947
    1,930
    1,763
    Apr 8, 2007
    The Republican Party of today and in fact the Republican Party going back to 1980 is not the party of fiscal responsibility, it's the party of low taxes and especially low taxes for the ultra wealthy. Republicans like to refer to Democrats as the party of tax and spend while their own party is the party of borrow and spend. George H.W. Bush was the last fiscally responsible Republican president and his position on taxation probably cost him reelection in 1992.
     
    • Agree Agree x 1
  3. Feb 28, 2025 #3
    wgbgator

    wgbgator Premium Member

    31,304
    2,026
    2,218
    Apr 19, 2007
    Nothing could illustrate more that the federal budget and deficits are simply an accounting trick as I've long contended. Want to balance the budget, just change your projected revenue! "How are you gonna pay for it" only applies to things that help people. More reason to laugh when someone compares the federal budget to a family budget or credit card. Try telling a creditor you project your income to be a billion dollars next year to increase your limit!
     
    • Like Like x 1
  4. Mar 3, 2025 #4
    JustaGator

    JustaGator All American

    397
    74
    1,743
    Sep 6, 2015
    Somewhere in Time
    I guess no MAGA folks want to talk about the $4.6 trillion dollar tax cut for the wealthy that Trump plans to drop around their necks. Weird!
     
  5. Mar 4, 2025 #5
    PITBOSS

    PITBOSS GC Hall of Fame

    8,505
    904
    558
    Apr 13, 2007