Tag: Republican tax cuts

Republicans Are Not Deficit Hawks

Buck Banks

“What Republicans want is to spend at levels they think appropriate (more on defense and some domestic programs, less on others) and to tax at levels they think appropriate (generally less, especially for the wealthy). They are consistent in those preferences. They don’t care — at all — about how the revenues the government receives from those taxes compares to overall government spending. Republican preferences don’t add up, which is why deficits leap up every time they get to control policy.”

— Jonathan Bernstein

The King of Debt, as Trump Called Himself, is Earning His Crown

Trish

As tempting as it is to tune out news about the debt ceiling and budget deals, it’s time to pay attention. The excellent Daily 202 from James Hohman and the Washington Post breaks down how bad red ink has gotten under Trump.

Estimated deficit for 2019: $1 trillion +
Deficit for 2018: $779 billion
Deficit for 2016: (Obama) $587 billion

National debt as of July, 2019: $22 trillion
National debt at Trump inauguration: $19 trillion

As we remember, Pres. Obama used debt to successfully stimulate an economy that was collapsing as he took office.

Trump used debt to finance a huge tax break for corporations and rich folk, which he and the Republicans said would make things better for us average Joes.

Here’s the full quote: […]

Most Small Businesses Oppose GOP Tax Plan

Buck Banks

51%

A Public Policy Polling poll finds that 51% of small businesses are opposed to the Republican tax bill, while 34% support the GOP tax plan. Just over half of respondents — 52% — agreed with the statement that current proposals favor large corporations over small businesses. Fifty-eight percent said it felt wealthy corporations would benefit the most.

Trump, GOP Congress Will get Blamed for Higher Healthcare Costs

Buck Banks

50%

A new NBC News/Wall Street Journal poll finds 50% of Americans say they will blame President Trump and congressional Republicans if health care costs increase under Obamacare and if more end up losing coverage, while 37% say they would put the blame on former President Obama and Democrats. As for Trump’s tax plan, 25% of Americans say it’s a good idea, compared with 35% who say it’s a bad idea; another 39% say they don’t have an opinion.

Fewer than a Third of Voters Back Trump’s Tax Plan

Buck Banks

28%

Reuters/IPSOS: Of those adults who said they had heard of the “tax reform plan recently proposed by congressional Republicans,” just 28 percent said they support it, while 41 percent said they oppose it and another 31 percent said they do not know. The poll found opinions on Trump’s plan were sharply divided along party lines, with 56 percent of Republicans and just 9 percent of Democrats supporting it.

GOP Gov’s Tax Cuts Lead to $1 Billion Shortfall for Kansas

Buck Banks

$1 billion

Kansas’ shortfall in revenue in 2015 and 2016 following massive income tax cuts signed into law by Republican Gov. Sam Brownback (R), the Kansas City Star reports. “The new figure raises the prospect of deep cuts in the state budget following controversial income tax cuts that Brownback vigorously defended during his re-election campaign against Democrat Paul Davis. Critics worry that schools, roads and social services will be among the areas cut in coming months.”

Extending High-Income Tax Cuts Would Balloon Deficit

Trish

$3.9 trillion

Amount extending the Bush tax cuts for high-income households would add to the deficit over the next 10 years. The increase would, “slow future economic growth, saddle future generations with sizable interest payments, and leave the nation ill-prepared not only for the retirement of baby boomers but also for responding to potential future crises…”