Posted on 03/02/2025 8:09:56 AM PST by Blood of Tyrants
A controversial plan by U.S. Senate Republicans to make President Donald Trump's 2017 tax cuts permanent by ignoring the cost to the deficit is raising warnings from party fiscal hawks and independent analysts of a potential "debt spiral" that could undermine economic growth.
Top Senate Republicans, including Majority Leader John Thune, are determined to make permanent tax cuts due to expire at the end of the year, through a parliamentary maneuver that bypasses Democratic opposition. Because rules prohibit bills from expanding the deficit beyond a 10-year window, they intend to ignore a projected revenue loss of more than $4 trillion by claiming that tax policy would remain unaltered.
The ploy is already running into opposition from enough hardline Republican fiscal conservatives to prevent such a measure from making it through Congress, given that the party holds only a 218-215 majority in the House of Representatives.
"I can't support that. It's just a way to break the bank," said Representative Thomas Massie, a Kentucky Republican who is one of the leading deficit hawks in Congress.
(Excerpt) Read more at newsmax.com ...
Cut a trillion and that will take care of your fiscal worries.
Laffer Curve… Lower tax Rates often result in higher tax Revenue..
Massie is a problem; seems to be more of a Democrat than a Republican.
“”I can’t support that. It’s just a way to break the bank,” said Representative Thomas Massie”
What bank? There is no bank just debt and IOUs.
The government is and has been a dysfunctional mess. The 2017 tax rates are the status quo. Not making the 2017 tax cuts permanent involves raising taxes when we have a spending problem not a tax problem.
He probably actually believes that a tax increase will be spent wisely to pay down the debt.
They won’t be lowing taxes. Just an agreement to not raise them. They will pat themselves on their backs and continue the great scam. We get the shaft once again.
The article is badly written.
This feature is in the House resolution already passed. Massie voted no, and he lost.
The Senate has to stay within Reconciliation, and that means they will have to accept the House bill already passed.
No idea what Reuters guy imagines is happening.
Thune’s vocal support should be the end of the matter.
Trump campaigned on all the salient/trenchant pubbie policy priorities, and has bravely survived (and thrived) this country’s most brutal gauntlet in history, to get FedGov in the position to make a giant leap forward toward sanity, humanity, and common sense.
Pubbie senators may wish to get a few things off their chests at this point, but it’s obvious that they need not take McTurtle’s lead and vote against Trump’s tax cuts, which, as certain economists are stressing, must for many important and legitimate reasons come now, and not for reasons of political calculation be delayed.
Victor Hanson is saying DOGE is closing in on a one trillion in cuts without touching SS or Medicare.
Thanks to DOGE we know we are overtaxed. What is Massie doing to make sure EVERY cent of tax is spent legitimately? Taxpayers should demand tax cuts.
To Reuters, ANYTHING by Republicans is reflexively labeled “controversial.”
The true controversy should be WHY THE HELL has the GD government put us $37 TRILLION in debt, not about putting the fiscal house in order.
For YEARS we voted for these people because "at least they're better then the democrats". But really, are they?
“A controversial plan by U.S. Senate Republicans to make President Donald Trump’s 2017 tax cuts permanent by ignoring the cost”
The kind of BS that passes for news from the leftist a-holes at Reuters.
Hey senators, chew on some rusty rebar. You and your GOPe buddies in the House brought us here. Get rid of literally 1,000,000 gummit employees and balance the budget, it’s 2025 not the end of the Civil War.
I dunno...
Trump’s tax cuts COST my wife and I approximately $7000.00 MORE a year.
He took just about every deduction we could use and landed us in a higher tax bracket.
We used to get approximately $3500.00 in returns... we now PAY approximately $4000.00
I wish they would just do away with the IRS and go to a flat or consumption tax, already.
All else being equal - money in the hands of private citizens is ALWAYS more useful and efficient to an economy than the same amount of money in the hands of government.
Fiscal worries? They need to cut taxes AND cut spending even more. Then they don’t need to worry.
Tax-cut money circulates in the private sector and causes more economic activity than it would if the govt spent it.
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