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CBO sees $3.7 trillion deficit in 2020 as debt exceeds size

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Ricky C
Guest

Wed Apr 29, 2020 9:45 pm   



On Wednesday, April 29, 2020 at 3:04:05 PM UTC-4, dagmarg...@yahoo.com wrote:
Quote:
On Monday, April 27, 2020 at 11:41:31 PM UTC-4, Ricky C wrote:

It's also a meaningless statistic. I just feel that taxes should be paid, dollar for dollar. Shouldn't matter if it is income or capital gains (which are taxed as part of the income tax).

If you tax capital gains, you destroy capital.
Without capital, you're back in the Stone Ages.


That is just absurd. You don't have capital gains until you liquidate the capital and gain financially. That profit on the gain in capital value is taxed... THE MONEY YOU NOW HAVE IS TAXED. No capital was harmed in the making of this tax. Do you understand anything about finance?


Quote:
The really big money guys pays a lower tax rate than their secretaries.... at least that is that Warren Buffet would have you believe. Is he lying?

The Trump tax cuts didn't do diddly for the economy. He claimed they would stimulate the economy and produce a surplus.

Which pretty much happened -- the economy soared, and revenues did too.
But Congress spent it all.


There was no soaring, either in the economy or the taxes. It rose at the same rate it had been rising under Obama.

It's like being on a long trip on Rt 95 down the east coast. You pull over and let Trump drive and now he is bragging about the tremendous gains he is making. He's closer to Mar-a-Lago than any other driver on this trip! He has driven by the same speed limit and avoided running the car off the road same as the previous... one President. The one before him ran it off the road in 2007. Now Trump is running it off the road now by not being effective in office and letting the country wallow in this disease.


Quote:
Never happened. Now we already have a huge deficit before piling on the trillions being spent on propping up everyone during this pandemic.

Yup, the wrong economic thinking at the wrong time. We just leaned into a left hook all thanks to Trump.

The real irony was that Obama handed a pretty sweet economy to Trump when he left office.

You're insane. The economy was awful, millions were driven from the
labor force. I can't think of a single thing Obama did that wasn't
investment, business, and employment kryptonite.


That's because you won't look at the numbers, the data. I think you were the guy I had the conversation with where you claimed we had permanently lost momentum in economic growth. I had to actually draw lines on the data graph to show you the economy was back to growing at the same rate as before and this cycle had been repeated several times before. Or course you refused to acknowledge this and just stopped discussing it.

Why are you in denial of facts? I get that we all have our preferences of what we wish to support and the direction we'd like things to go. But facts are facts. The economy was in the toilet when Obama took over as President. I'm not saying the economy only improved because Obama was running things. After all, it's not often that doctors actually heal the body. They mostly try not to do harm. Likewise a President should at least not do harm. Trump isn't very good at that.

--

Rick C.

+-- Get 1,000 miles of free Supercharging
+-- Tesla referral code - https://ts.la/richard11209

Ricky C
Guest

Thu Apr 30, 2020 6:45 am   



On Wednesday, April 29, 2020 at 4:36:00 PM UTC-4, John Larkin wrote:
Quote:

Some people think we can tax our way to prosperity. Some people even
think that politicians are smart.


Certainly they are smarter than a lot of people who think politicians aren't.

Taxes are a necessary evil. Like many things they are good in the right amount. We often have different opinions on what the right amount is.

Economics is a difficult field because of the great number of inputs, the many unknowns. That's not the same as saying it is not worthwhile to research and learn about.

It is easy to criticize even when no one has any better insight including the person criticizing. Often especially the person criticizing.

--

Rick C.

+-+ Get 1,000 miles of free Supercharging
+-+ Tesla referral code - https://ts.la/richard11209

Bill Sloman
Guest

Thu Apr 30, 2020 7:45 am   



On Thursday, April 30, 2020 at 5:04:05 AM UTC+10, dagmarg...@yahoo.com wrote:
Quote:
On Monday, April 27, 2020 at 11:41:31 PM UTC-4, Ricky C wrote:

It's also a meaningless statistic. I just feel that taxes should be paid, dollar for dollar. Shouldn't matter if it is income or capital gains (which are taxed as part of the income tax).

If you tax capital gains, you destroy capital.


Only in James Arthur's cloud-cuckoo-land. The Dutch have been doing it for years.

> Without capital, you're back in the Stone Ages.

Capital investment is just one way building up productive assets. Retained and re-invested surpluses are what are actually being mobilised. Having a free market to distribute them in the most cost-effective way can be useful, for certain sorts of services, but it isn't the only way - and as ENRON demonstrated, it can get screwed up.

Quote:
The really big money guys pays a lower tax rate than their secretaries.... at least that is that Warren Buffet would have you believe. Is he lying?

The Trump tax cuts didn't do diddly for the economy. He claimed they would stimulate the economy and produce a surplus.

Which pretty much happened -- the economy soared, and revenues did too.
But Congress spent it all.


As viewed through James Arthur's distorting spectacles.

Quote:
Never happened. Now we already have a huge deficit before piling on the trillions being spent on propping up everyone during this pandemic.

Yup, the wrong economic thinking at the wrong time. We just leaned into a left hook all thanks to Trump.

The real irony was that Obama handed a pretty sweet economy to Trump when he left office.

You're insane. The economy was awful, millions were driven from the
labor force. I can't think of a single thing Obama did that wasn't
investment, business, and employment kryptonite.


Well, James Arthur does like to think that. It's not remotely true, but it saves him from having to think about what the Tea Party astro-turfing did to the Republican Party on it way to its degradation to the Donald Trump Appreciation Party.

--
Bill Sloman, Sydney

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