During the campaign Trump’s major proposals included eliminating taxes on tips, overtime and Social Security, capping interest rates on credit card debt, deducting auto loan interest, lifting the cap on state and local taxes (SALT), and increasing the child tax credit.
It is reasonable to assume many middle class and senior Americans voted with those promises in mind. What were they thinking? I’m pretty sure they were thinking short term and what benefits “me” – a natural, but scary and risky occurrence.
Of course whether or not all these promises come about is questionable, very questionable. Personally, I’d like to see the plan to make both Social Security and Medicare sustainable before making tips and overtime tax free.
The Current National Debt Path
The nonpartisan Congressional Budget Office (CBO) estimates that national debt held by the public (which excludes what the government owes itself) will surpass the all-time record of 106 percent of Gross Domestic Product (GDP) by 2027. To put that in perspective, the average over the last 50 years was about 48 percent of GDP.
The debt will be fueled by endless annual federal budget deficits (the difference between spending and revenue). The deficit is forecast to be $1.9 trillion this year. Bringing spending and revenue more in line, either by reducing spending and/or increasing revenue, will be necessary to improve the fiscal outlook once the current crisis has ended.
High and rising debt will threaten economic growth and the standard of living for all Americans as investment dwindles and the country becomes less competitive. See why rising debt is a major problem.
Why High and Rising National Debt is a Problem
High and rising national debt will threaten economic growth and the standard of living for all Americans. High debt will slow the growth of the economy and wages.
As debt rises, higher interest payments will crowd out important investments in areas like education, infrastructure, and research that can help grow the economy.
Getting the debt under control will be very beneficial for generations to come, from higher wages to increased investment to lower borrowing costs for families and businesses. The Congressional Budget Office predicts that the economy will grow faster with debt on a declining path as opposed to a rising one.
Source: Committee for a Responsible Federal Budget
QUINNSCOMMENTARY 
National debt just exceeded $36 Trillion – thanks to idiots like Bush II, Obama, Trump, Biden and soon again, Trump – promise them anything, but send the bill to those too young to vote, and generations yet unborn.
Long past time to reign in the federal government spending. Long past time to correct the funding for entitlements – so that it isn’t an entitlement, but a contract where there is a “quid pro quo” exchange of taxes for benefits.
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And voters lap up everything they can get without concern where we are headed or the impact on their children. Hey, how about more tax cuts or tax free SS and tips, isn’t that what Americans voted for?
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Yes, they did vote for tax cuts, tax free SS benefits and income (and employment?) tax free tips!!!!!!
AND, they also voted for reducing federal spending $2+ Trillion a year and balancing the budget.
My bet is that there is a clear overlap of those who pay income taxes and those who voted for Trump and “R” candidates. That’s a question they should ask people when they emerge from the polling stations.
That is, people who voted for Trump want the federal government to cut spending that benefits those who do not pay income taxes, and they want to start/raise taxes on those who do not currently pay income taxes in support of the “general welfare” – especially defense, national security, interest on the debt, etc.
It is absolutely clear what people who voted for Trump and Republican majorities in the House and Senate SAY they want.
And, it is absolutely certain they WILL NOT get it. Even where R’s propose those desired changes. The D’s and the courts will impede/block consideration or defeat proposals that cannot be fit within a Continuing Resolution.
Otherwise, it ain’t gonna happen unless it spends MORE money. I can’t see the R’s getting rid of the filibuster, and I can’t see the D’s breaking ranks in the senate on any vote that REDUCES spend.
Need a good example where D’s break ranks and join a Republican proposal to spend more money, to go further into debt? How about Bush II expanding Medicare to include Part D?
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No, they fell for the nonsensical rhetoric of “draining the swamp” and attacks on our government agencies, for the illusion of smaller government.
They voted for tax free SS benefits blissfully ignoring the state of SS.
They have no clue about deficits or debt or inflation and its causes for that matter.
We should be talking about taxes needed along with reduced spending, but that will never happen. We can’t even correctly fund all the promises already made.
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Inequality… Tax the almost rich.
I believe Richard and/or others implied that, even if you redistribute one hundred percent of the wealth/income of the top one percent, it wouldn’t solve the inequality.
But what about the top twenty percent? That’s where most of the income growth has been in the last forty years. (Think Reagan, “trickle down”).
Inequality, particularly due to the upper middle class is higher in the U.S. than all other OECD countries, and taxes per GDP are the lowest.
Tax the almost rich. Willie Sutton: “That’s where the money is.”
https://www.pewresearch.org/social-trends/2020/01/09/trends-in-income-and-wealth-inequality/
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The Congressional mandated entitlements is way too established to significantly change. “Reducing taxes” is also too ingrained in the psychology of lawmakers to make significant changes. Expanding federal entitlement spending “to make life better” for Americans is too well ingrained in lawmakers to significantly change.
This all adds up to expanding the federal deficit! I guess it’s only paper money”? Ha!
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what were they thinking? My taxes are too high! And, because I work for wages, I don’t qualify for the “free stuff” D’s offer others to use my taxes to buy others’ votes.
clear what they were thinking, cut my taxes and reduce deficits and debt by cutting the spending that does not benefit me.
Drinking DOGE branded kool aid.
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Why don’t we get rid of some useless BS govt programs.
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I think your headline of “Where have all the taxes gone? Where has all the revenue gone?” Is most telling. We are headed for 1.9 trillion dollar deficit and it doesn’t seem to bother most people. Why does a few more billions create such angst.
Social Security will be adjusted in some fashion. I used to think it would be kept as is with the tax increased but now I’m not sure what will change or when it will get fixed.
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Fully agree with your new headline. Any family member comes to any of us with financial issues I bet our first response is see where spending can be reduced. We are used to free federal lunch so it won’t be easy. Good luck to DOGE.
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