Posted on 02/07/2025 4:54:22 AM PST by RandFan
What Trump wants: The president’s tax priorities, as Benjamin and Meredith report, include “eliminating a tax break for owners of sports teams” as well as zeroing out “taxes on overtime pay, tips and Social Security.” Also on the table, per Bloomberg’s Akayla Gardner, Billy House, and Alicia Diaz: “ending the carried interest tax break used by private equity fund managers and expanding the state and local tax deduction,” which is a top priority for a number of swing-district Republicans in blue states.
The potential cost: Depending on the details, a package like that would reduce revenue by between $5–11.2 trillion over 10 years, according to a new analysis from the Committee for a Responsible Federal Budget, while boosting debt “to between 132 and 149 percent of GDP by 2035, if not offset.”
Where some offsets might come from: “Trump has vowed to ‘love and cherish’ Medicaid — but the White House and House Republicans will continue to build support within the party for making deep cuts to the program,” Ben Leonard and Adam Cancryn report. Working with the administration, “the House Energy and Commerce Committee was already on track to slash hundreds of billions of dollars from programs within the panel’s purview to offset the budget reconciliation effort, much of it coming from Medicaid.” (Cue the attack ads!)
Meanwhile, in the Senate: Budget Chair Lindsey Graham (R-S.C.) has indicated he’s ready to start moving on his two-bill plan next week, and Majority Whip John Barrasso told our colleague Jordain Carney yesterday that Graham “is ready to go.”
(Excerpt) Read more at politico.eu ...
No tax on tips is a big one and a campaign promise. It's also supported by Dems allegedly. I'd like to see a vote on that
Politico has some deep misgivings about all the additional burden on the national debt. Which is quite interesting, as they never had this concern during the Biden years.
How much did student loan forgiveness cost, for example?
Well, if they cut the waste and fraud in the government we should be able to easily save that much and it comes out even, then, doesn't it?
Trump needs to undo the student loan forgiveness as it was an illegal action taken by biden. SCOTUS said *No* and he blatantly ignored them and did it anyways.
The BIG PRIZE would be eliminating taxes on Social Security income. There is NO WAY that the Dems and the media, even if they still had USAID to do their dirty work, would be able to convince Americans that they were all getting tax increases (as they did with Trump 1.0’s tax cuts), when 100% of affected people will see TAX CUTS, with many of them seeing significant tax cuts (up to about $25,000, although an average closer to $5,000 - real money in either case).
How about the IRS department itself - it can't be cheap?
I question the predictions within, from Bloomberg, reported by Politico.
Politically motivated and distorted, imho.
Tax breaks cancelled, exemptions ended...results in revenue LOST ?
Attempts to solve impossible problem can be presumed to fail.
The very best indicator you can find in fiscal discussion to know that it will fail is when the talk about lost revenue or increased costs for increased revenue and decreased costs all takes place with that magical phrase “over 10 years”.
That means everything that’s going to happen is projected to happen in years 5 through 10, and nothing happens in zero through four.
You can also now start to expect talk with a brand new magical phrase. It will be “primary deficit”. Celebration of impact of policy on the “primary deficit”. This was leaned heavily upon in Greece, and still is.
It means the deficit calculated excluding all interest on the debt. We will run a primary surplus because of the brilliance of the political elites with their proposals and their legislation. Isn’t that magnificent?
Politico is Latin for Bullschiff.
POLITICO = PROPAGANDA brought to you by....your tax dollars
Perhaps cash tips can be made federally tax-exempt in states where they are also tax-exempt.
It is my understanding that my local Walmart prohibits overtime and that a manager can expect to be fired for permitting it to occur.
This is quite detailed:
One Medicaid possibility is to give states block grants for state regulated medical stuff [doctors, hospitals] and have the federal government pay for the stuff [drugs] it regulates.
The block grants might be set based on population characteristics.
I wonder if “some writer” is going to get paid today.
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