Posted on 06/04/2025 5:53:42 AM PDT by Miami Rebel
A government watchdog group, the Foundation for Government Accountability, has issued reports and testified before Congress on CBO’s forecasting record. The group has said that CBO’s track record is “questionable, at best.” They say that CBO’s “cost estimates have been stunningly inaccurate in many cases,” and that the agency has “routinely mis-estimated revenue and outlays.”
That's not even close to being true.
Are you sure. The tax cuts a lone proves that.
Not time to hang the crepe yet.
In fiscal year 2022, federal tax revenues reached a record-high of $4.9 trillion – $1.6 trillion or 48 percent higher than when the Trump tax cuts were passed and $884 billion higher than CBO’s projections for 2022.
Corporate tax revenues reached a record-high of $425 billion – $128 billion or 43 percent higher than when the Trump tax cuts were passed and $72 billion higher than CBO’s projections for 2022.
Individual tax revenues reached a record-high of $2.6 trillion – over $1 trillion or 66 percent higher than when the Trump tax cuts were passed and $642 billion higher than CBO’s projections for 2022.
On average, revenues increased $205 billion per year over CBO’s projections.
In the first two years after passage of the Trump tax cuts, GDP growth was a full percentage point higher than CBO’s pre-TCJA forecast.
According to the White House Office of Management and Budget, every additional one percent of sustained GDP growth will result in $600 billion in new revenues over 5 years and $2.8 trillion over 10 years.
Following passage of the Trump tax cuts…
Real median household income rose by $5,000 – a bigger increase in just two years than in the prior eight years combined.
Wages increased 4.9 percent, the fastest two-year growth in real wages in 20 years.
The poverty rate and unemployment rate reached their lowest levels in 50 years, with all-time lows in unemployment among African American and Hispanic workers, and those without a high-school degree.
The bottom 20 percent of earners saw their federal tax rate fall to its lowest level in 40 years.
Americans earning under $100,000 received an average tax cut of 16 percent.
The share of taxes paid by the Top 1% of households increased while the tax burden paid by lower income earners decreased.
Sadly it is an abomination. This bill is not codifying any of the DOGE cuts into law and is not even shutting down the Dept of Energy.
Rand Paul and Elon Musk are just saying out loud what President Trump is thinking but can’t say: This “big beautiful bill” is a giant stinking turd, but if it doesn’t pass, the alternative is that we get a huge hike and even more pork.
No President can stop the Legislature’s over-spending - that’s entirely on the Legislature.. all a President can do is use his bully pulpit to try and get the best deal he can get and focus on growing the economy with common sense deregulation, trade policy and executive orders. Buy some time. Win the midterms. Get more MAGA people in the Legislature.
I doubt he’s even one tiny bit angry with Rand Paul or Elon Musk for speaking the truth. He’s thinking the exact same thing.
The Congressional Budget Office ALWAYS vastly underscores tax cuts - failing to account for growth in the tax base.
Nope, still not impressed with someone who just complains when they are in a position to make a difference. He’s a Senator, he should do his job.
That's more than arguable. If anything, Fox and Friends did everything it could to try to undermine Trump during the primaries in the last election cycle.
Kilmeade is a notorious neocon and voice for the Republican establishment.
Jesse Watters is and has been far more in sync with Trump.
Since apparently this is “Shoot the Messenger Wednesday,” let me ask you this:
Has President Trump EVER shown a proclivity for turning the other cheek and shrugging off criticism?
As a retiree who contributed to SS for over 60 years, thanks much Republicans!
SS is not an ‘entitlement” and it has already been taxed once! To have to pay taxes on it again is absolute bullshit!
Time to eliminate all but MAGA Republicans. That includes the GOPe and Leftists.
per Thomas Massie: "The Big Beautiful Bill contains a provision banning state & local governments from regulating AI. It’s worse than you think. It would make it easier for corporations to get zoning variances, so massive AI data centers could be built in close proximity to residential areas."
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