It would work nice if Trump actually does those spending cuts, but that's not what he did when he had the chance. I hope he actually learned the lesson...
One has to assume Congress is on board also. Even if both houses of Congress swung GOP, it still doesn't mean they will cut spending. Remember, the GOP in Congress voted for Dems Big Budget Bills, regardless of the trash in those bills. I don't trust either party. They both will tell you what you want to hear, but once in, all bets are off.
I ran for my local town council and won. We have a residential tax exemption. We have the option, as a town council, to change that tax exemption. When I got into my seat I found out since 2006, the town council had never increased it! And when I asked why, they said well we want to have the ability to increase it in case of a debt override where we may have to tax our residents more. My response was so you have been holding the residents' money hostage for year upon year? Seriously, hostage! Why not give the money to people to live now, for groceries, gas, rent, heck a vacation. People are hurting and need the money now. This is how government thinks. And being en entrepreneur, it makes no sense.
The biggest problem with taxes is the 16th amendment. We shoulda never gotten there. How did we forget how hard we fought against taxation without representation AND for indirect taxation? Meaning we weren't directly taxed by the federal government...we paid our taxes to the state who then paid the federal government. We were insulated and we gave it up. This is what happens when the sheep are convinced the wolf is their protector. We were the United States...UNITED to withstand the evil nature of federal government. And we threw it all away in 1913.
The Laffer curve will work. Reducing taxes increases incentives to produce more. That can actually result in more tax revenue, not less. But it's all to no avail unless spending is cut also. We need to see a surplus, not a deficit - so we can start paying off the debt, if that's even possible.
I don't think we'll ever pay off the debt. But there are countless examples of lower tax rates leading to increased production, innovation, investment, etc. But ya, we gotta cut the waste spending or it won't matter. The trillion dollar interest on the debt is insane.
Your saying that “tax cuts… do increase the deficit” is static analysis. To date broad-based cuts (like JFK’s, Reagan’s, Bush’s & Trump’s) while tax rates were lowered, tax income went *up* from previous years. What went up was spending.
The Laffer curve showed, along with the law of diminishing returns, that tax receipts actually can go up when tax rates are lowered. The reason is that with lower tax rates, our productivity and incentive to work increases.
If he does, at least he built a business and is an entrepreneur. How many people in power, like Joe and Kamala, built anything out of their own hard entrepreneurial skills? They have been government hacks their whole lives. I would prefer a guy who gets business helping save this sick government-minded policy. The government isn't for anyone but someone who sucks of the teat. Think about who the money goes to. NGOs, illegal immigrants, govt agencies. Seriously?!
Who would you like to see in there instead? I am here to learn. And I think all of it is the MIC. And all of it is the PharmIC. I do want to hear your thoughts. I am not baiting you despite you telling me to take it up the ass. Seriously I am not sure you needed to be that rude.
Mass tax rebellion. From America who stayed at home with their masks on and closed their businesses because the government told them to. Yeah, I'm sure mass tax rebellion would really work. Besides, when they seize your neighbor's bank account and put him in prison, the rest of the neighbors will quickly pay their taxes. Americans are sheep. The Free and the Brave is now just a line in the National Anthem.
I did say this was unlikely and 25 years too late. A financial explosion is imminent soon anyway which is going to wipe out the remaining middle class.
Lighten up, Robert. Elon simply was smart enough to take advantage of the government subsidies since he saw that the government was stupid enough to give them to him. That wasn't stealing. If he now is put in charge of cutting the budget, he'll use that same innovative intellect to do it successfully, if it's possible to get any such thing through congress.
He didn't steal anything. Since when is applying for a grant, stealing? Maybe the grant shouldn't be there, but who can blame anyone for taking it? Blame the agency giving the grants, not anyone who takes it.
He wasn't going to run the budget, just look at efficiencies in government agencies. Try to keep up.
And that is scary enough, especially in an immoral society. There will be riots, looting, and martial law. Remember, Hitler was elected in Germany after the middle class had sold all, including pianos, furniture, just to eat one more meal. Remember, America was moral during the Great Depression. I cannot even imagine the nightmare economic collapse will bring to this country.
The one good things to emerge from these double digit wallops of inflation is that, hopefully, it creates fertile ground for radicalization in the every day American. To wake up to the fact that the leech, that is government, is the very source of our economic suffering.
The no tax on tips is not a good idea as bad actors will find a way to call commissions tips and suddenly people making $500k a year aren’t paying any taxes.
"They’ll spend part on groceries or making their lives better than government ever could. The rest they’ll invest to grow the economy — which, incidentally, reduces inflation."
What do you mean that reduces inflation? Far as I know, reducing the money printing reduces price inflation. But curious what you meant. Thanks!
Thx for the chuckles in this one—nice way to end the work week.
Am I the only one getting the vibe that DJT intends to re-institute the American system of political economy / Hamiltonian economics (the bane of the globalist bankster establishment) in all but name?
I have long learned not to pay much attention to campaign promises. They cross their fingers behind their back as they lie, knowing full well none of this will happen, even with a GOP Sweep. Remember the GOP was more than happy to ship Billions of tax dollars to fund Ukraine (and try to start WWIII) and Israel, who is bent on Palestinian extermination while Kamala and Trump all avert their eyes. Trump shook the bloody hand of Netanyahu like he was some sort of saint. Remember last time, Trump promised to end the endless wars and never ended even one. He actually bragged about us being illegally in Syria and stealing their oil. Hillary is not in prison; she's "good folks". The Trump tax cuts were permanent for business; temporary for individuals. Who did you think a billionaire was going to favor? He has promised, AGAIN, to bring out the JFK files. Not holding my breath, as we all know the reason they are still locked up is because the government killed JFK.
Why make tips non-taxable? Do any other workers get that break? Also, why is it if you are single, you get taxed more? I should not be penalized for my life decisions. Neither party cares about this, of course. I will stay home unless there is a small independent or third-party candidate worth voting for. I am done with the two corrupt parties. They are beyond redemption. Remember, the definition of stupid is voting for the same party over and over, expecting a different result. Back in the Reagan era, I was a true believer, but am older and wiser now.
PS: Peter, I believe you have a typo under "What's Next?" You start the first sentence with "For far, . . ." I believe it should be "So far . . ." Thanks for your posts, even if I don't drink Dem/GOP Kool-Aid. :-)
Meanwhile, congress is licking their chops about increasing spending by $20 trillion over the next 10 years. It's gonna happen no matter what because 80% of the budget is already etched in stone. And 80% of any tax cuts will go to the top 20% of the population.
That is because 20% of the population pay the most taxes. If taxes are cut 10%, the ones who pay the most taxes SHOULD get the larger tax cuts, as they pay more taxes. Progressive tax rates are evil. All should pay the same percentage, regardless of income, married or not, kids or not.
It would work nice if Trump actually does those spending cuts, but that's not what he did when he had the chance. I hope he actually learned the lesson...
One has to assume Congress is on board also. Even if both houses of Congress swung GOP, it still doesn't mean they will cut spending. Remember, the GOP in Congress voted for Dems Big Budget Bills, regardless of the trash in those bills. I don't trust either party. They both will tell you what you want to hear, but once in, all bets are off.
I ran for my local town council and won. We have a residential tax exemption. We have the option, as a town council, to change that tax exemption. When I got into my seat I found out since 2006, the town council had never increased it! And when I asked why, they said well we want to have the ability to increase it in case of a debt override where we may have to tax our residents more. My response was so you have been holding the residents' money hostage for year upon year? Seriously, hostage! Why not give the money to people to live now, for groceries, gas, rent, heck a vacation. People are hurting and need the money now. This is how government thinks. And being en entrepreneur, it makes no sense.
The biggest problem with taxes is the 16th amendment. We shoulda never gotten there. How did we forget how hard we fought against taxation without representation AND for indirect taxation? Meaning we weren't directly taxed by the federal government...we paid our taxes to the state who then paid the federal government. We were insulated and we gave it up. This is what happens when the sheep are convinced the wolf is their protector. We were the United States...UNITED to withstand the evil nature of federal government. And we threw it all away in 1913.
The Laffer curve will work. Reducing taxes increases incentives to produce more. That can actually result in more tax revenue, not less. But it's all to no avail unless spending is cut also. We need to see a surplus, not a deficit - so we can start paying off the debt, if that's even possible.
I don't think we'll ever pay off the debt. But there are countless examples of lower tax rates leading to increased production, innovation, investment, etc. But ya, we gotta cut the waste spending or it won't matter. The trillion dollar interest on the debt is insane.
Your saying that “tax cuts… do increase the deficit” is static analysis. To date broad-based cuts (like JFK’s, Reagan’s, Bush’s & Trump’s) while tax rates were lowered, tax income went *up* from previous years. What went up was spending.
The Laffer curve showed, along with the law of diminishing returns, that tax receipts actually can go up when tax rates are lowered. The reason is that with lower tax rates, our productivity and incentive to work increases.
I agree with everything apart from that quote about Elon.
Elon has already stolen billions from the taxpayer in grants for his cars and billions more for his space weapons.
And now you think it is a good idea to let him run the budget?
Elon will steal everything and then he will rape you and then he will kill you just for a bit of fun.
If he does, at least he built a business and is an entrepreneur. How many people in power, like Joe and Kamala, built anything out of their own hard entrepreneurial skills? They have been government hacks their whole lives. I would prefer a guy who gets business helping save this sick government-minded policy. The government isn't for anyone but someone who sucks of the teat. Think about who the money goes to. NGOs, illegal immigrants, govt agencies. Seriously?!
He became rich on government grants aka your money.
He works for the military industrial complex and the CIA making space weapons.
If you do not see that you might as well bend over right now and let Elon go to town.
Who would you like to see in there instead? I am here to learn. And I think all of it is the MIC. And all of it is the PharmIC. I do want to hear your thoughts. I am not baiting you despite you telling me to take it up the ass. Seriously I am not sure you needed to be that rude.
Apologies if you saw that comment as rude, just an observation aimed at Elon’s sociopathic personality not you.
I would like to see the CIA scattered into a thousand pieces and scattered to the wind as JFK suggested.
Sadly I think I am in for a big disappointment as every single President since JFK has increased the budget for the MIC/CIA terrorist organisation.
The only way to stop it is mass tax rebellion. If everyone refuses to pay for it then it will stop.
https://truthaddict.substack.com/p/how-to-exit-the-matrix
Sadly in the US even the tax collectors are armed to the teeth so more likely is total government bankruptcy.
We do not have long to wait as the debt pile is increasing so fast it is inevitable in the next 5 years or maybe sooner.
https://truthaddict.substack.com/p/the-great-reset-is-the-great-taking
Mass tax rebellion. From America who stayed at home with their masks on and closed their businesses because the government told them to. Yeah, I'm sure mass tax rebellion would really work. Besides, when they seize your neighbor's bank account and put him in prison, the rest of the neighbors will quickly pay their taxes. Americans are sheep. The Free and the Brave is now just a line in the National Anthem.
I did say this was unlikely and 25 years too late. A financial explosion is imminent soon anyway which is going to wipe out the remaining middle class.
Lighten up, Robert. Elon simply was smart enough to take advantage of the government subsidies since he saw that the government was stupid enough to give them to him. That wasn't stealing. If he now is put in charge of cutting the budget, he'll use that same innovative intellect to do it successfully, if it's possible to get any such thing through congress.
When you work for the government helping yourself to billions is stealing, corporate crime.
I'm afraid it is 25 years too late to stop the inevitable collapse.
The Fed want it, so it will happen.
The main use of dollars will soon be lighting fires.
If you saved one dollar in 1813 in a safe it would be worth $1.27 in 1913, 100 years later.
If you saved one dollar in 1913 in a safe it would now be worth $0.02 today.
That is two cents or a loss of 98% in value.
The only thing that changed in 1913 was the Federal Reserve was put in charge of price stability.
They are now intent on stealing the last 2%.
The Great Reset is The Great Taking; https://truthaddict.substack.com/p/the-great-reset-is-the-great-taking
He didn't steal anything. Since when is applying for a grant, stealing? Maybe the grant shouldn't be there, but who can blame anyone for taking it? Blame the agency giving the grants, not anyone who takes it.
He wasn't going to run the budget, just look at efficiencies in government agencies. Try to keep up.
Hate Elon Musk much?
Applying for a grant is stealing when you secretly work for the people issuing the grants.
I operate an equal hate policy for billionaires and politicians alike.
I don’t discriminate…
I love the reframing, a $10.5 trillion income increase, is much harder for the Dems to fight
I love the idea of cutting whole agencies: Dpt. of Education, Dpt. of Commerce... and Agriculture, Energy, HUD, EPA, et al...
And that is scary enough, especially in an immoral society. There will be riots, looting, and martial law. Remember, Hitler was elected in Germany after the middle class had sold all, including pianos, furniture, just to eat one more meal. Remember, America was moral during the Great Depression. I cannot even imagine the nightmare economic collapse will bring to this country.
The one good things to emerge from these double digit wallops of inflation is that, hopefully, it creates fertile ground for radicalization in the every day American. To wake up to the fact that the leech, that is government, is the very source of our economic suffering.
The no tax on tips is not a good idea as bad actors will find a way to call commissions tips and suddenly people making $500k a year aren’t paying any taxes.
"They’ll spend part on groceries or making their lives better than government ever could. The rest they’ll invest to grow the economy — which, incidentally, reduces inflation."
What do you mean that reduces inflation? Far as I know, reducing the money printing reduces price inflation. But curious what you meant. Thanks!
Thx for the chuckles in this one—nice way to end the work week.
Am I the only one getting the vibe that DJT intends to re-institute the American system of political economy / Hamiltonian economics (the bane of the globalist bankster establishment) in all but name?
I have long learned not to pay much attention to campaign promises. They cross their fingers behind their back as they lie, knowing full well none of this will happen, even with a GOP Sweep. Remember the GOP was more than happy to ship Billions of tax dollars to fund Ukraine (and try to start WWIII) and Israel, who is bent on Palestinian extermination while Kamala and Trump all avert their eyes. Trump shook the bloody hand of Netanyahu like he was some sort of saint. Remember last time, Trump promised to end the endless wars and never ended even one. He actually bragged about us being illegally in Syria and stealing their oil. Hillary is not in prison; she's "good folks". The Trump tax cuts were permanent for business; temporary for individuals. Who did you think a billionaire was going to favor? He has promised, AGAIN, to bring out the JFK files. Not holding my breath, as we all know the reason they are still locked up is because the government killed JFK.
Why make tips non-taxable? Do any other workers get that break? Also, why is it if you are single, you get taxed more? I should not be penalized for my life decisions. Neither party cares about this, of course. I will stay home unless there is a small independent or third-party candidate worth voting for. I am done with the two corrupt parties. They are beyond redemption. Remember, the definition of stupid is voting for the same party over and over, expecting a different result. Back in the Reagan era, I was a true believer, but am older and wiser now.
PS: Peter, I believe you have a typo under "What's Next?" You start the first sentence with "For far, . . ." I believe it should be "So far . . ." Thanks for your posts, even if I don't drink Dem/GOP Kool-Aid. :-)
Meanwhile, congress is licking their chops about increasing spending by $20 trillion over the next 10 years. It's gonna happen no matter what because 80% of the budget is already etched in stone. And 80% of any tax cuts will go to the top 20% of the population.
That is because 20% of the population pay the most taxes. If taxes are cut 10%, the ones who pay the most taxes SHOULD get the larger tax cuts, as they pay more taxes. Progressive tax rates are evil. All should pay the same percentage, regardless of income, married or not, kids or not.
"noting they would exceed many government agency budgets."
Which in fact is a great idea. That needs to be done and tax cuts as a consequence would be a much better use of the funds.