Economy 4.5 trillion tax cut extension is the final nail in the coffin of America

[Captain Tenneal]

military cuts are on the table.

I don't understand why they didn't discuss and add them in before passing it through the house thou

 

[Sinister]

cold hard facts

Fixed your lies

Social media influence is going to become a backburner issue when people face life without medicaid:

83 million Americans without coverage
1/4 of disabled adults
Half of all special needs kids in the Country
5/8 of nursing home residents

All previously programmed with an idea that social programs are generally bad and vote accordingly.

FAFO

 

[SKYNET]

Social media influence wont mean jack when something like medicaid is eradicated.

Social media is the root of the problem but in your future you think everyone will have forgotten this?

Social media influence is going to become a backburner issue when people face life without medicaid:

you seem to be running interference?

83 million Americans without coverage
1/4 of disabled adults
Half of all special needs kids in the Country
5/8 of nursing home residents
All previously programmed with an idea that social programs are generally bad and vote accordingly.
FAFO

So basically the problem is no communism? Hasan will be proud

 

[JudoThrowFiasco]

Attack on useless eatters is exactly what a lot of people had in mind and is worth the cost.

 

[Rational Poster]

Here's a breakdown for those interested, it gives a percentage breakdown at the end

Spoiler: Breakdown

Extension of TCJA Individual Tax Cuts: This is the biggest chunk, renewing lower income tax rates, a higher standard deduction, and an enhanced Child Tax Credit (CTC) set to expire December 31, 2025. The Congressional Budget Office (CBO) pegs this at $3.5 trillion over 10 years, or about 78% of the $4.5 trillion total. It includes keeping rates like the top 37% (vs. reverting to 39.6%) and the standard deduction at $29,200 for married couples (vs. dropping to ~$16,525).

New Individual Tax Breaks: Trump campaigned on eliminating taxes on tips, overtime pay, and Social Security benefits. Estimates vary, but these could cost $500 billion to $1 trillion over 10 years. Splitting the difference at $750 billion, that’s roughly 17% of the plan. Exempting tips and overtime targets service workers and laborers, while Social Security relief aids seniors.

Corporate Tax Reduction: Trump wants to lower the corporate rate from 21% to 15% for U.S.-made goods producers. This isn’t expiring under TCJA (it’s permanent), but the new cut is estimated at $200 billion to $400 billion over 10 years. Taking $300 billion as a midpoint, it’s about 7% of the total. It’s a smaller slice but heavily favors domestic manufacturers.

Other Provisions: This includes extending pass-through business deductions (e.g., the 20% deduction for S-corps) and potentially raising the State and Local Tax (SALT) deduction cap above $10,000. These are less quantified but might be folded into the above or add a small fraction—let’s conservatively estimate -2% (effectively rounding adjustments).

So, the percentage breakdown by type:
TCJA Individual Tax Cuts: 78%
New Individual Tax Breaks (tips, overtime, Social Security): 17%
Corporate Tax Cut: 7%
Other/Margin of Error: -2% (adjusts for rounding to 100%)

The biggest problem I have is there are no military cuts in this plan. In fact military spending is slated to increase. Staggering.

The only way they will meet their spending cut goals (which won't actually improve the deficit combined with the even larger proposed tax cuts), is to cut from social security, Medicare or Medicaid.

 

[BFoe]

How do you build up manufacturing without spending? The debt seems intractable. Even if this is to set up something better in the future your still making a tradeoff that probably wasnt worth it. It seems like an almost impossible problem that either cant be addressed because of some structural inexorability, or wont because its a talking point to gain support.

Put mechanisms in the bill to pay for it and offset the spending rather than spending at absolutely massive deficits.

Look at our Inflation Reduction Act for example. It has tons of great stuff in it, and a price tag of 1 trillion dollars.
It also added almost nothing to the debt and was close to 100% paid for. We did that by repealing the Trump tax cuts for the wealthiest Americans, and also putting a mechanism in there that made the wealthiest companies that were avoiding taxes pay 15% (which incidentally is a lot less than my tax rate).
And boom—1 trillion dollar bill paid for.
(Side note, this is exactly why republicans are trying to repeal that bill. They don’t like when we make the 1% pay their fair share).

Some spending cuts are fine, but don’t believe these Republican doichebags for a moment when they cut Medicaid or fuck with SS “because there’s no money to pay for it.” The reason there’s no money to pay for it is because the rich escape taxes.

 

[deviake]

America is an empire in decline, this admin is an accelerant.

The people who still legit believe we're "making America great again" and so forth, I mean well... We're gonna find out real soon. That's the thing about reality, your feelings about it don't change what's taking place.

So, we'll see how this shakes out. By all means, if this admin lowers prescription drug costs, cuts the deficit (lol), expands healthcare coverage and lowers the cost, decreases homelessness, expands the working class, increases wages adjusted for inflation, lowers housing prices, lowers the poverty level without adjusting the numbers to artificially make it look lower, etc, then by all means, I'd be happy to be wrong.

That doesn't seem to be the trajectory that we're on though. In fact, the opposite and I strongly suspect the serious Trump supporters on here (and not the long con trolls) are incapable of disagreeing that those would all be positive changes nor could they explain how the Trump admin is working to accomplish any of that. I also strongly suspect BRICS will grow stronger as they have been and I'd be surprised if this admin's actions don't help facilitate that.

Same people who call anthropogenic climate change fake news even though the oil companies themselves have studied it and disagree with them lol.

Eh, whatever I guess.

 

[tastaylvr]

Why are the usual folks missing lol? Trump got their tongue or something?

 

[Rational Poster]

Why are the usual folks missing lol? Trump got their tongue or something?

They're very concerned about trans people having conversations with each other on government time right now.

 

[Whippy McGee]

America has a SPENDING problem, not a taxation problem. We can find all sorts of ways to deal with the revenue side of the equation.

Fix SPENDING and the rest will work out.

 

[avenue94]

America has a SPENDING problem, not a taxation problem. We can find all sorts of ways to deal with the revenue side of the equation.

Fix SPENDING and the rest will work out.

What are these all sorts of ways to deal with the revenue side of the equation? Don't tell me its tariffs lol

 

[Hog-train]

Notice how they're combining something that is popular (increasing border security) with what they really want to accomplish - lowering corporate tax rates.

 

[Garibaldi]

You guys used to be the "leader of the free world", now it looks like you (MAGA) strive to become a third world shithole country instead. Sad....