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Re: Biden to Cancel Trump Tax Cuts: ‘Can’t Think of Anything More Dangerous and Irresponsible

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Who pays the taxes, certainly not the President, nor Congress?

 

We the people.

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Re: Biden to Cancel Trump Tax Cuts: ‘Can’t Think of Anything More Dangerous and Irresponsible

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Message 2 of 49

Suggestion to all.  Learn the subject, and you will not do that with Google.

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Re: Biden to Cancel Trump Tax Cuts: ‘Can’t Think of Anything More Dangerous and Irresponsible

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Message 3 of 49

Biden to Cancel Trump Tax Cuts

 

I'm disappointed,  I think we should roll back tax cuts to at least 2001, but I'll vote for Biden anyway.

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Re: Biden to Cancel Trump Tax Cuts: ‘Can’t Think of Anything More Dangerous and Irresponsible

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Message 4 of 49

Good try Scout!

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Re: Biden to Cancel Trump Tax Cuts: ‘Can’t Think of Anything More Dangerous and Irresponsible

638 Views
Message 5 of 49

America needed to rebuild after George W. Bush triggered the Great Recession.

 

Excuses, excuses!

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Re: Biden to Cancel Trump Tax Cuts: ‘Can’t Think of Anything More Dangerous and Irresponsible

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Message 6 of 49

Truth is 80% of the entire National Debt was created by Reagan

 

 NOT wrote: During Reagan's presidency, the federal debt held by the public nearly tripled in nominal terms, from $738 billion to $2.1 trillion. WRONG!
Under Obama, the debt went from $10 trillion to $20 trillion! WRONG AGAIN!

Just the facts! uninformed misconception of how Government finance works.

EVERY new President is stuck with the previous President's budget from when they're sworn in in January to September 30. The New President's control of spending BEGINS on 1 October, and here's the ACTUAL data from Reagan, jrbush and President Obama

 

Reagan Begin Debt $987.7B, ending $2,857.4B. INCREASE 190.4%

jrbush  Begin Debt $5,674.2B, ending $11,909.8B INCREASE 109.9%

 

Obama Begin Debt $11,909.8B, ending $20,244.9B INCREASE 69.9%

 

...and remember, President Obama was handed a DEFICIT of $1.4TRILLION, and two worthless wars that were gobbling up $700Billion/year THAT SHOULD HAVE BEEN REBUILDING OUR INFRASTRUCTURE.

 

The GOPerLords rely on their base not knowing how to compute a percent increase or when fiscal years begin and end. That's why their numbers only work inside the Republibubble. The simple unalterable Truth is 80% of the entire National Debt was created by Reagan, warhero  Bush and jrbush.

 

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Re: Biden to Cancel Trump Tax Cuts: ‘Can’t Think of Anything More Dangerous and Irresponsible

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Message 7 of 49

@NOTHAPPENING wrote:

Truth is 80% of the entire National Debt was created by Reagan

 

During Reagan's presidency, the federal debt held by the public nearly tripled in nominal terms, from $738 billion to $2.1 trillion.
 
Under Obama, the debt went from $10 trillion to $20 trillion!

 

 

Just the facts!


America needed to rebuild after George W. Bush triggered the Great Recession.  Obama used the money to rebuild American infrastructure, thus giving Americans jobs.  Trump inherited a growing, vibrant economy and "juiced" it with tax cuts, ignoring all warnings by economists.  He used the money to give to the corporations and the top 3% most wealthy. The corporations used most of it to buy back their own stock, not to invest in jobs.

 

Just the Un-Spin of the real fact. 

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Re: Biden to Cancel Trump Tax Cuts: ‘Can’t Think of Anything More Dangerous and Irresponsible

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Message 8 of 49

Truth is 80% of the entire National Debt was created by Reagan

 

During Reagan's presidency, the federal debt held by the public nearly tripled in nominal terms, from $738 billion to $2.1 trillion.
 
Under Obama, the debt went from $10 trillion to $20 trillion!

 

 

Just the facts!

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Re: Biden to Cancel Trump Tax Cuts: ‘Can’t Think of Anything More Dangerous and Irresponsible

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Message 9 of 49

Since 2000, tax cuts have reduced federal revenue by trillions of dollars and disproportionately benefited well-off households.


From 2001 through 2018, significant federal tax changes have reduced revenue by $5.1 trillion, with nearly two-thirds of that flowing to the richest fifth of Americans.
The cumulative impact on the deficit during this period is $5.9 trillion, including interest payments.


By the end of 2025, the tally of tax cuts will grow to $10.6 trillion. Nearly $2 trillion of this amount will have gone to the richest 1 percent. By then, the total impact on the deficit will be $13.6 trillion, including interest payments.


The Bush Years:


Congress began cutting taxes in 2001 and 2003. They became known as the 'Bush Tax Cuts' and were to expire in 2010.


In 2008 candidate Barack Obama said he opposed tax cuts for the wealthiest Americans and if elected to the highest office in the land, he would let the Bush-era tax cuts expire.


Obama Years:


In 2010, Congress and President Obama agreed to extend the Bush tax cuts for two years, 2011 and 2012 – backtracking on one of his most pivotal campaign promises.


Obama also added a payroll tax “holiday,” which reduced Social Security and Medicare taxes paid in 2011, and this was eventually extended through 2012.


“Millionaires and billionaires do not need huge tax deductions. That’s the simple truth. If it turns out in this deal to be two years, you can bet that that’s just the beginning. It will be extended beyond that.” -- Bernie Sanders, MSNBC


In 2012, Congress and President Obama agreed to make most, but not all, of the Bush tax cuts 'permanent'.


In 2017, Congress and President Trump enacted the Tax Cuts and Jobs Act. This law added personal income tax cuts and estate tax cuts on top of those Bush-era provisions still in effect and cut the corporate income tax as well.


After nearly 20 years of tax cuts, what have we got to show for it? Never-ending wars, a crumbling infrastructure, a dyfunctional healthcare system, and......$26.5 Trillion National Debt.


https://itep.org/federal-tax-cuts-in-the-bush-obama-and-trump-years/

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Re: Biden to Cancel Trump Tax Cuts: ‘Can’t Think of Anything More Dangerous and Irresponsible

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Message 10 of 49

@Fishslayer777 wrote:

@ChasKy53 

 

... and we took in more revenue too. 

 

We have a spending problem... and without term limits, our politicians will continue spend our money, like a teenager at the mall.


You are correct we do have a spending problem. Every program Trump has done all of the costs went right to the National Debt. Go look at the increase  in it since Trump came in to Office. Trump Tax cuts, Trump New Border Wall, Trump farm program, Trump virus programs, Trump immigration crack down, Trump concentration camps (hold 1,000), etc., Trump tariff wars.  All of these costs were not paid for. This is a first for the US.

How do we correct this. End Trump in Nov. 

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