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CBO--gop Tax Plan WALLOPS Lowest Income Earners..ADDS to Deficit


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  1. Senate GOP tax bill would hit lower-income Americans most: CBO...

    www.cnbc.com/2017/11/27/senate-gop-tax-bill-would-hit-lower-income-americans-most-cbo-report.html

    20 hours ago ... The CBO report estimates that lower-income groups would foot a bigger ... Lowest-income Americans would take bigger hit than first thought under ... their burden reduced under the Senate Republican tax plan, according to ...

  2. CBO: Senate Tax Bill Is Even Worse For Low-Income People Than ...

    www.forbes.com/sites/eriksherman/2017/11/27/cbo-senate-tax-bill-is-even-worse-for-low-incomes-than-before/

    1 day ago ... CBO: Senate Tax Bill Is Even Worse For Low-Income People Than ... Republican taxbill, after attending the Senate GOP policy luncheon, at US ...

  3. CBO: Senate tax plan would increase deficit by $1.4T over 10...

    www.cnn.com/2017/11/27/politics/cbo-score-senate-tax/index.html

    19 hours ago ... The Senate GOP's tax plan would increase the deficit by $1.4 trillion over the next 10 years, the Congressional Budget Office estimates.

  4. GOP Tax Plan Estimated To Add $1.7 Trillion To National Debt ...

    www.huffingtonpost.com/entry/gop-tax-plan-debt-cbo_us_5a03306ae4b04e96f0c70a68

    Nov 8, 2017 ... The House Republican tax reform plan would add $1.7 trillion to the ... by theCongressional Budget Office, exceeding the limits Republicans ...

  5. The GOP Tax Plan Could Force Trump to Break His Promise to ...

    finance.yahoo.com/news/gop-tax-plan-could-force-134800493.html

    1 day ago ... As for corporations, the peak marginal income-tax rate would be lowered to 20% from 35%. ... by the Congressional Budget Office (CBO), the GOP tax plan would ... by tax increases and/or cuts in mandatory spending -- though it doesn't .... Lowest-income Americans would take bigger hit than first thought ...

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The CBO report, released Sunday, estimates that lower-income groups would foot a bigger bill from tax cuts than previously expected.

 

In 2019, all income groups under $30,000 would have a bigger burden under the bill, the CBO projected. In 2027, that would extend to all income groups under $75,000, as individual tax reductions expire.

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2 minutes ago, benson13 said:

Obamas Deficits?.....He cut the Deficit in Half

 

even after inheriting the gops 3RD DEPRESSION...and LIES FOR WAR

He tripled it and then cut it...

 

I thought $10 trillion debt was "irresponsible"..?

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17 minutes ago, benson13 said:

Obamas Deficits?.....He cut the Deficit in Half

 

So???

 

You OBVIOUSLY ARE TOO F'UCKING STUPID to realize that HE STILL ADDS TO THE TOTAL DEBT regardless of what the deficit is.

 

You godd'amn s'hitstains are some MASSIVELY MANIPULATED FOOLS!!

 

 

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Tag: Liberal Idiots

Tonight’s State of the Union…

Tonight’s State of the Union…

I’d rather be butt raped with a cactus than watch the boy king tell me how my country is doing. I don’t need some half ass’d marxist explain to me how we’re “Moving Forward” despite those awful tea party extremists… I don’t need to hear any more lies from the pretender in chief about his policies effectiveness… The proof is the results.

Gas prices setting records, Unemployment going up, Food stamp use is up, poverty is up, our moral fiber going down, our wages going down, our taxes going up, our hero’s being forgotten, our lives being threatened, our kids are in debt, our nation is dying… But this asshat will stand in front of an adoring crowd and speak about “Forward” and “Future”

Let me tell you the future: These sons of worthless bitches are going to make a federal law that bans or severely restrict our rights to bear arms. These bastards under the guise of “What the people want” are about to make MILLIONS of us FELONS with the stroke of a pen.

But don’t worry democrats, you’ll be in great shape when the rail cars fire up.. You’ll be the last ones on the cars.. Aint that great? MORONS!

And just for some really interesting art work.. Here’s the photo we were told not to mess with..

 

THANK GOD WE STOPPED THE NAZI FROM BANNING GUNS

 

 

What is the most likely result of Obama having a gun

 

vYhspVC_zps70dca425.gif

 

 

Obama: PASS THIS BILL. Harry Reid BLOCKS.

You can’t make this stuff up… But rest assure, the MSM will find away to make this the tea party’s fault…

Obama has said MANY times.. “PASS THIS BILL” on his “Jobs bill” So Republican leader Mitch McConnell asked for unanimous consent to proceed on voting on the bill.

Then Harry Reid (who by the way hasn’t passed a budget in almost 900 days) OBJECTED to the motion and killed the opportunity for a vote… But it’s those “Republicans” who are not “Compromising” with “Duh Won”…

You can’t make this stuff up. What we have here is a failure to communicate. In 2010 we sent a STRONG message that we’re tired of the liberal elite policies that have bankrupt our nation in six years. Yes I know GWB was the POTUS but anyone who knows how our government works KNOWS congress is the power. Democrat control from 2007 to 2011. How’s it looking folks?….

Harry Reid should have been defeated in 2010. Sharon Angle was painted as a kook by the media. She didn’t help herself by defending the charges. NOBODY ever does themselves any favors by trying to defend the charges of a left biased media. NEVER.

We will prevail in 2012. We will remove Obama from the WH and we will take control of Congress. We may not get 100% of TRUE CONSERVATIVE members. But we’ll get enough to make the rest step up to the plate.

Harry, your days are numbered you worthless pile of filth.

 

 

HEY BEANNIE Bad wordSTAIN SNOWFLAKE...YOU DONT EVEN HAVE THE SLIGHTEST CLUE HOW FKN PATHETIC AND STUPID YOU ARE!

 

 

 

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1 hour ago, benson13 said:

The CBO report, released Sunday, estimates that lower-income groups would foot a bigger bill from tax cuts than previously expected.

 

In 2019, all income groups under $30,000 would have a bigger burden under the bill, the CBO projected. In 2027, that would extend to all income groups under $75,000, as individual tax reductions expire.

Poor Benson.   People earning under $30k pay NOTHING in income taxes.   Yet he thinks they're going to "pay more". 

It's amazing the ignorant stories the left tells themselves. 

 

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44 minutes ago, benson13 said:

Interest on the gop Debt

 

bush/cheney WAR OF LIES

 

AND the 3RD REPUBLIKKKAN DEPRESSION

 

 

Have somebody draw you a picture LandSlide Racist (3-Votes) LOSER

 

Interest on the CURRENT debt- $240 billion.

 

PRIOR To oblameo's 10 TRILLION of debt- $100 billion.

 

8 years of interest isn't even 2 trillion, s'hitstain.

 

So you got another $8TRILLION you need to account for, A$$HOLE DUMBASS!!!

 

And the "war" has been accounted for in BUSH'S debt, not oblameo's, MORON!!!
 

The FACTS ARE SIMPLE- your little n!gger god, oblameo, DOUBLED THE DEBT!!!
 

PERIOD!!!

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Depending on who you ask, President Obamaadded anywhere from $983 billion to $9 trillion to the national debt. Who's lying? None of them. That's because there are three ways to look at the debt added by any president. 

The first, and most common, method is to subtract the debt level when he took office from the debt level when he left. The second, and more accurate, method is to add together his projected budget deficits.

 

 The third method is the fairest but also the most complicated. It’s to add only the deficits created by the president's specific initiatives.  

Review these three methods below. Then, you'll be able to win any argument made about how much President Obama added to the national debt. 

Method 1. Debt Added Since Obama Took Office

The largest number comes from calculating how much the debt increased during Obama's two terms. On January 20, 2009, when he was sworn in, the debt was $10.626 trillion. On January 20, 2017, when he left, it was $19.947 trillion. That's why most people say Obama added $9 trillion to the debt, more than any other president. For more, see Why Is the U.S. Debt So Large?

Method 2. Obama's Budget Deficits

It's a little misleading to hold Obama (or any other president) accountable for the deficit incurred during his first year of office. That's because the previous administration already set the federal budget for that fiscal year.

 

Before Obama took office, President Bush's last budget (FY 2009) created a deficit of $1.16 trillion. That fiscal year began on October 1, 2008, and continued until September 30, 2009. That means most of that deficit occurred after Obama took office in January. It's not accurate to attribute it to him.

  • FY 2009 - Even though the budget had been approved, Congress added emergency funding to stop the Great Recession. It added the first year's worth of spending from Obama's Economic Stimulus Act to the FY 2009 budget. That $253 billion accrues to Obama.
  • FY 2010 - Obama's first budget created a $1.294 trillion deficit.
  • FY 2011 - This budget contributed $1.3 trillion to the debt.
  • FY 2012 - The deficit was $1.087 trillion. 
  • FY 2013 - This was the first Obama budget where the deficit, $679 billion, was less than $1 trillion. Thank sequestration, which forced a 10 percent cut in spending.
  • FY 2014 - The deficit was $485 billion.
  • FY 2015 - The deficit fell further, to $438 billion.
  • FY 2016 - The deficit is expected to be $600 billion
  • FY 2017 - The deficit is projected to be $441 billion.

When the deficits from all these budgets are added together, President Obama increased the debt by $6.576 trillion. 

Method 3. How Obama's Policies Increased the Debt

Is it fair to blame any president for events over which he had no control? During Obama's terms, there was less federal income than usual. That is because the recession and the Bush tax cuts reduced tax receipts. At the same time, the cost of Social Security, Medicare, and other mandatory programs continued to increase.

 The War on Terror, although technically over, was still being fought in Afghanistanand Iraq.

The fairest method is to measure the debt incurred by Obama's specific policies. The Congressional Budget Office does this for every program. The CBO found that Obama's largest contribution to the debt was the Obama tax cuts, which were an extension of the Bush tax cuts. They added $858 billion to the debt in 2011 and 2012.

The next largest was the American Recovery and Reinvestment Act. It added $787 billion between 2009 and 2012. It cut taxes, extended unemployment benefits, and funded job-creating public works projects. Like the Obama tax cuts, the ARRA was an attempt to stimulate the economy after the 2008 financial crisis

Obama increased military spending to an average of $800 billion a year. In fact, his security budget request of $895 billion in FY 2011 set a new record.

In FY 2013, he requested $851 billion. That happened even though he withdrew troops from Iraq in 2012 and eliminated the threat from Osama bin Laden in 2011. Obama spent $857 billion in contingency funds during his administration. That was more than the $850 billion Bush devoted to the War on Terror.

What about the Patient Protection and Affordable Care Act? It didn't add anything to the debt in Obama's first term. That's because most of Obamacare's costs began in 2014. That's when it set up health insurance exchanges and extended coverage to more low-income people. But Obamacare's tax increases offset its costs to the tune of $104 billion between 2010 and 2019.

Congress and Obama also negotiated the sequestration budget cuts. They cut the deficit by a small percent. When all these are added up, Obama's debt contribution was $983 billion between 2009 and 2017. 

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Poorest Americans would feel ‘large, harmful effects’ of GOP tax plan

11/27/17 12:41 PMUPDATED 11/27/17 12:48 PM
 

The Republican tax plan is already a caricature of Montgomery Burns-style policymaking. We are, after all, talking about a proposal that would slash taxes on the richest Americans, give permanent tax breaks to big corporations, increase taxes on many in the middle class, and leave millions of vulnerable families without health security.

It’s the Robin Hood model in reverse: GOP officials are pushing a radical redistribution-of-wealth scheme that rewards those who already have the most.

That’s not, however, the end of the story. The Washington Post reported overnight on the latest data from CBO, and the “large, harmful effects on the poor” imposed by the Senate Republicans’ legislation.

The Senate Republican tax plan gives substantial tax cuts and benefits to Americans earning more than $100,000 a year, while the nation’s poorest would be worse off, according to a report released Sunday by the nonpartisan Congressional Budget Office. […]

By 2019, Americans earning less than $30,000 a year would be worse off under the Senate bill, CBO found. By 2021, Americans earning $40,000 or less would be net losers, and by 2027, most people earning less than $75,000 a year would be worse off. On the flip side, millionaires and those earning $100,000 to $500,000 would be big beneficiaries, according to the CBO’s calculations.

The full report from the CBO is online here. Note that the office’s findings about the poor being punished are not, strictly speaking, entirely the result of changes to tax rates. Rather, the real problem for those at the low end of the income scale is the result of proposed Republican changes to the health care system, which would disproportionately hurt those with the least.

This, when coupled with scheduled tax increases on low-income families once the GOP plan is fully implemented, represent a one-two punch to the working poor.

The findings are largely in line with those released two weeks ago by the Joint Committee on Taxation, which is an official congressional office responsible for scrutinizing tax bills. The difference is, the CBO added a layer of scrutiny related to health care – which in turn made the Republican plan look even worse.

Whether this will matter to Senate Republicans, however, is an entirely different question.

The entire, 515-page proposal was formally unveiled six days ago, just two days before Thanksgiving, when lawmakers were not on Capitol Hill. Nevertheless, GOP leaders intend to bring their bill to the floor for a vote this week, perhaps as early as Thursday.

In 1986, when Congress last tried to overhaul the federal tax code, lawmakers took two years to carefully examine a bipartisan package and its potential impact. In 2017, Donald Trump’s Republican Party intends to ram through a slapdash bill in two weeks.

To do so, they’ll need 50 senators. Politico reported this morning that Senate Majority Leader Mitch McConnell (R-Ky.) “doesn’t appear to have locked down 50 votes” just yet, though Republican leaders are expressing confidence that they’ll figure something out over the next couple of days.

To that end, all kinds of possible changes – ranging from pass-through deductions to property-tax changes – are under consideration. That said, as the Center on Budget and Policy Priorities’ Chye-Ching Huang‏ noted, the ideas on the table “would do nothing to alter the fundamentals of the GOP bill.”

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2 hours ago, benson13 said:

Depending on who you ask, President Obamaadded anywhere from $983 billion to $9 trillion to the national debt. Who's lying? None of them. That's because there are three ways to look at the debt added by any president. 

The first, and most common, method is to subtract the debt level when he took office from the debt level when he left. The second, and more accurate, method is to add together his projected budget deficits.

 

 The third method is the fairest but also the most complicated. It’s to add only the deficits created by the president's specific initiatives.  

Review these three methods below. Then, you'll be able to win any argument made about how much President Obama added to the national debt. 

 

 

 

 

First...only an idiot would think looking at PROJECTIONS is more accurate that looking at actual data (fact).

 

The HUGE flaw in the third method...if the President did absolutely nothing to reduce the debt already in place, the interest on that debt IS a result of his specific initiatives...by omission.

 

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Trump and the GOP are arguing that we need to slash taxes on "job creators" to grow the economy while simultaneously bragging about the economic growth that is currently happening.

 

They want to blow up the debt to address a problem they are bragging doesn't exist. 

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Just now, leftjohn said:

Trump and the GOP are arguing that we need to slash taxes on "job creators" to grow the economy while simultaneously bragging about the economic growth that is currently happening.

 

They want to blow up the debt to address a problem they are bragging doesn't exist. 

Look who's back, the moron that can't read a graph.

Why are liberals so utterly ignorant of economics?

 

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27 minutes ago, maineman said:

http://money.cnn.com/2017/11/27/news/economy/senate-gop-tax-bill-poor/index.html

 

is anyone really surprised????

 

the GOP could care less about poor people.  They can't contribute to their slush funds, and they rarely vote for them.

Anyone want to point out the dishonesty of this post? 

 

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