Does anyone understand the holdup on stimulus?

[McDad]

Not sure what your problem is. I have said from the beginning the solution is to open up fully and don't send any checks. Let people decide for themselves what kind of risk they want to take.

I hope you will remember this moment the next time you call out anyone else for acting in opposition to their stated beliefs.

 

[GSD82]

I hope you will remember this moment the next time you call out anyone else for acting in opposition to their stated beliefs.

LOL ok sure thing

 

[Pepe_Silvia]

Because they think the majority of us are as dumb as they are and we won’t care as long as they throw us a bone.

And they're right. Most of the politicians that voted for this will be reelected.

 

[Ashevolle]

You meant to type 'taxpayer funded' education and healthcare. And since those safety nets are an investment, I am certain you are in favor of increased taxation on those who partake in those investments.

Yes, taxpayer funded. In my fantasy scenario, I'd slash military industrial complex spending to offset the increased revenue needs to pay for those programs.

 

[Pepe_Silvia]

Feeling relieved yet?

 

[TNVOLNAVY]

I see some idiots in this thread that went to the Nancy Pelosi School of Economics.

For every dollar the federal government invests in unemployment benefits, the return is $1.73 in economic growth. In contrast, for every dollar the federal government provides to cut taxes on dividends, the return is only nine cents. - Nancy Pelosi, 2003

 

[evillawyer]

Since no one else will read the garbage you link (including you), I'll post the relevant snippet from the Brookings Institute article.

While some TCJA supporters observe that nominal revenues were higher in fiscal year 2018 (which began Oct. 1, 2017) than in FY2017, that comparison does not address the question of the TCJA’s effects.

The most appropriate test of the revenue impact of the TCJA is to compare actual revenues in FY2018 with predicted revenues in FY2018 assuming Congress had not passed the legislation.
(Bold by me)

Summary: Revenues were higher but not as high as projections.

Philosophically, the proper question is (or should be), is the only goal for tax code manipulation to raise as much revenue as possible?

Total revenues fell when adjusted for inflation:

"Adjusted for inflation, total revenues fell from FY2017 to FY2018 (Figure 1). Adjusted for the size of the economy, they fell even more."

 

[carlos86]

@carlos86 ...are you still searching for your reply?

2018 numbers
Did the Tax Cuts and Jobs Act Pay for Itself in 2018?

“tax revenues actually fell by 1.6 percent. (This calculation is for the first 11 months of fiscal 2018, compared to the first 11 months of 2017.”

“You can also look at tax revenues as a percentage of gross domestic product — essentially, factoring in economic growth which should, in turn, generate tax revenues. In this case, GDP growth didn’t boost tax revenues proportionately — this measure fell by 4.1 percent over the first 11 months of the fiscal year.”

“CBO’s projection of $3.531 trillion in tax collections was based on population growth, inflation, wage growth, and other factors. By this standard, tax revenue fell short of the projection by 5.7 percent.”

CBO estimate pre COVID.
An Update to the Budget and Economic Outlook: 2019 to 2029

 

[carlos86]

I see some idiots in this thread that went to the Nancy Pelosi School of Economics.

For every dollar the federal government invests in unemployment benefits, the return is $1.73 in economic growth. In contrast, for every dollar the federal government provides to cut taxes on dividends, the return is only nine cents. - Nancy Pelosi, 2003

http://eprints.lse.ac.uk/107919/1/Hope_economic_consequences_of_major_tax_cuts_published.pdf

“Our results show that…major tax cuts for the rich increase the top 1% share of pre-tax national income in the years following the reform. The magnitude of the effect is sizeable; on average, each major reform leads to a rise in top 1% share of pre-tax national income of 0.8 percentage points. The results also show that economic performance, as measured by real GDP per capita and the unemployment rate, is not significantly affected by major tax cuts for the rich. The estimated effects for these variables are statistically indistinguishable from zero.”

 

[C-south]

Total revenues fell when adjusted for inflation:

"Adjusted for inflation, total revenues fell from FY2017 to FY2018 (Figure 1). Adjusted for the size of the economy, they fell even more."

If we adjust for talent, coaching, and execution the VOLS went 10-0 this year.

 

[1972 Grad]

I give up. I have reached capitulation stage. This government is f***ed up beyond salvation.

 

[UT_VOLS13]

I give up. I have reached capitulation stage. This government is f***ed up beyond salvation.

Biden/Harris will fix EVERYTHING!! Have faith!!

 

[1972 Grad]

Biden/Harris will fix EVERYTHING!! Have faith!!

The 359 a$$holes in the House that voted for that bill should be removed from office.

 

[C-south]

I give up. I have reached capitulation stage. This government is f***ed up beyond salvation.

It use to be our best and brightest leaders were at least the ones who were elected to office. Now some people elect bartenders, half century failures, refugees, terrorists, race baiters, and perpetual morons to office.

 

[Lerxtwood]

It use to be our best and brightest leaders were at least the ones who were elected to office. Now some people elect bartenders, half century failures, refugees, terrorists, race baiters, and perpetual morons to office.

Richard Nixon and LBJ were are best and brightest?

 

[McDad]

Yes, taxpayer funded. In my fantasy scenario, I'd slash military industrial complex spending to offset the increased revenue needs to pay for those programs.

You'd be better served to confine your fantasies to dream girls or boys and winning the lottery.

I asked a question you may have missed, do you favor increased taxation on those who use the "investments" for education or healthcare?

 

[utvolpj]

It use to be our best and brightest leaders were at least the ones who were elected to office.

When was this?

 

[1972 Grad]

When was this?

In the Lost State of Franklin. They didn't allow lawyers and preachers to hold office.

 

[McDad]

Total revenues fell when adjusted for inflation:

"Adjusted for inflation, total revenues fell from FY2017 to FY2018 (Figure 1). Adjusted for the size of the economy, they fell even more."

Gross revenues were up. Manipulated revenues were down. Revenues compared to projections were down.

Congratulations. An open and shut case for your original reply.

Do you have a favorite flavor of glue-paste or are they all about the same?

 

[utvolpj]

2018 numbers
Did the Tax Cuts and Jobs Act Pay for Itself in 2018?

“tax revenues actually fell by 1.6 percent. (This calculation is for the first 11 months of fiscal 2018, compared to the first 11 months of 2017.”

“You can also look at tax revenues as a percentage of gross domestic product — essentially, factoring in economic growth which should, in turn, generate tax revenues. In this case, GDP growth didn’t boost tax revenues proportionately — this measure fell by 4.1 percent over the first 11 months of the fiscal year.”

“CBO’s projection of $3.531 trillion in tax collections was based on population growth, inflation, wage growth, and other factors. By this standard, tax revenue fell short of the projection by 5.7 percent.”

CBO estimate pre COVID.
An Update to the Budget and Economic Outlook: 2019 to 2029

All those words to mistakenly claim we have a revenue problem.

 

[McDad]

2018 numbers
Did the Tax Cuts and Jobs Act Pay for Itself in 2018?

“tax revenues actually fell by 1.6 percent. (This calculation is for the first 11 months of fiscal 2018, compared to the first 11 months of 2017.”

“You can also look at tax revenues as a percentage of gross domestic product — essentially, factoring in economic growth which should, in turn, generate tax revenues. In this case, GDP growth didn’t boost tax revenues proportionately — this measure fell by 4.1 percent over the first 11 months of the fiscal year.”

“CBO’s projection of $3.531 trillion in tax collections was based on population growth, inflation, wage growth, and other factors. By this standard, tax revenue fell short of the projection by 5.7 percent.”

CBO estimate pre COVID.
An Update to the Budget and Economic Outlook: 2019 to 2029

What have you learned (if anything) about using projections especially projections made by the CBO?

 

[C-south]

When was this?

It hasn’t been recent.

 

[McDad]

For the uninitiated and those who trust their government overlords:

From the .gov's own mouth...
An Evaluation of CBO’s Past Revenue Projections
August 19, 2020
Report

The average error for CBO’s budget-year revenue projections is 1.2 percent, indicating the agency has tended to slightly overestimate revenues. For the agency’s sixth-year revenue projections, the average error is greater—5.6 percent.

 

[evillawyer]

Gross revenues were up. Manipulated revenues were down. Revenues compared to projections were down.

Congratulations. An open and shut case for your original reply.

Do you have a favorite flavor of glue-paste or are they all about the same?

A little saucy today, aren't we?

The question I posted the article in response to was this question, to which it directly responded.

"Do you know what happened to tax revenues under Trump after the tax cuts?"

 

[utvolpj]

It hasn’t been recent.

Name a time then. Beyond establishing the govt, I'm not convinced we've ever been represented by the best and brightest