$3.5 Trillion doesn’t just grow on trees!

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Quote: Total Spending:
2018 - $4.1 Trillion
2019 - $4.45 Trillion
2020 - $6.6 Trillion
2021 - $6.82 Trillion

Total Revenue
2018 - $3.4 Trillion
2019 - $3.5 Trillion
2020 - $3.42 Trillion

If you think anyone reading these forums is getting a tax cut from this legislation, then I’ll have what you’re smoking.

So..... Trump's tax cut.... revenue went from 3.4T in 2018 to $3.42T in 2020 while expenses went from 4.1T to 6.6T??? I can see how he bankrupted his casinos and airline. Good thing we didn't let him bankrupt our country (maybe). One and done... like Carter.
Quote: Total Spending:
2018 - $4.1 Trillion
2019 - $4.45 Trillion
2020 - $6.6 Trillion
2021 - $6.82 Trillion

Total Revenue
2018 - $3.4 Trillion
2019 - $3.5 Trillion
2020 - $3.42 Trillion

If you think anyone reading these forums is getting a tax cut from this legislation, then I’ll have what you’re smoking.
Federal spending is separate from taxation. Those are two entirely different animals because we have a fiat money system.
Quote: So..... Trump's tax cut.... revenue went from 3.4T in 2018 to $3.42T in 2020 while expenses went from 4.1T to 6.6T??? I can see how he bankrupted his casinos and airline. Good thing we didn't let him bankrupt our country (maybe). One and done... like Carter.
hmmm. I wonder what happened in 2020. Heard something about COVID relief bills or something like that.

BTW, how’s the PAC working to save our retirement plan?
Quote: I think you misunderstand my point. And yes, I’m aware of your previous posts praising the increase in the SALT deduction (which I think is absurd - but that is beside the point).

I was posting regarding the chasm between revenue and expenditures — about $7 trillion between 2018 and 2021. Unless you believe that accounting is meaningless, that money has to be raised and someone must pay. And considering that the total SUM of wealth among the 788 US billionaires is around $6 trillion, confiscation or “eating the rich” isn’t gonna cut it. That means the onus is on the middle class.

Do you know why you’re aware of the SALT deduction? Because it was sold to you to garner your vote. You vote based on your own personal benefits. You want stronger unions. You want that personal deduction. You’re quite proud of voting based on your own interests from your previous posts. But it’s what you don’t know that should scare you.
  • This retirement proposal in the present bill that disallows after tax dollars to be converted to Roth will cost someone that fully funds his retirement account upwards of $500,000 over 25 years.
  • Old retirement plans passed on to children allowed distributions over the child’s lifetime. That has been updated to be distributed over ten years which will elevate the taxes drastically for your kids.
  • President Biden proposed an inheritance tax over $1,000,000 as opposed to $11,000,000.
  • Your kids will no longer get a step up in basis on your house when you die and will now pay capital gains of some 40% of the growth since you bought it, not when they inherited it.
  • 1031 Real estate exchanges are being targeted which hurts investors and will result in limited supply. This will ultimately elevate prices which will increase property tax.
  • Government money has flooded the market. You’ve probably noticed that your home tax assessment has increased the last couple years because the market has been artificially constrained, the Fed hasn’t raised rates, government checks have flowed. That increase in taxes is not a deduction.

I could go on as the list is literally endless and new proposals continue to be brought forth. Whether it’s the hidden tax of inflation or actual laws passed, your money has already been spent. Maybe you don’t have kids, own a house, invest in real estate or do Roth conversions, but for those that do there is no chance increased discretionary income with the present trajectory. The SALT or $4,000/year is a drop in the bucket compared to everything going on behind the scenes.
Yep. Changing the estate taxes from 11 million to 1 million will cost my family about 5 million. The estimated taxes I pay on my business went down 24k a year under the 2018 tax law. IAH flyer is cheering a $4000/yr. win with this bill? Whooptydo!
Quote: hmmm. I wonder what happened in 2020. Heard something about COVID relief bills or something like that.

BTW, how’s the PAC working to save our retirement plan?
Our retirement plan does not need saving. Shaky, backdoor Roth IRA's are not part of our legitimate retirement plan. And you know you don't give 1 dime to the PAC... but don't worry, we got you. How do you think Brandon got elected? PAC money, baby. Enjoy this upcoming contract. You're riding with Brandon now.... $$$
Quote: Our retirement plan does not need saving. Shaky, backdoor Roth IRA's are not part of our legitimate retirement plan. And you know you don't give 1 dime to the PAC... but don't worry, we got you. How do you think Brandon got elected? PAC money, baby. Enjoy this upcoming contract. You're riding with Brandon now.... $$$
It deletes the ability to contribute after tax contributions. That’s a big part of our retirement plan. If you’re a heavy saver, it’s most of it. The conversion aspect isn’t shady at all. It’s the tax code and is done automatically by Schwab. But I wouldn’t have expected any less. Like I said, politics over pilots. Way to go.
Quote: Thankfully it's dead.
Hallelujah! Hopefully it doesn’t get resurrected like the walking dead.
Quote: Hallelujah! Hopefully it doesn’t get resurrected like the walking dead.
Please no! It’s happened once already…

Joe Manchin is a hero, it takes a pair of brass ones to stand up to the peer pressure he’s endured to fight the D’s agenda on this.
Quote: Please no! It’s happened once already…

Joe Manchin is a hero, it takes a pair of brass ones to stand up to the peer pressure he’s endured to fight the D’s agenda on this.
A politician voting on behalf of their constituents rather than rubber stamp anything from their party. What a concept. If only both parties had more people like him.
Quote: Hallelujah! Hopefully it doesn’t get resurrected like the walking dead.
THANK YOU, Joe. I expected you to kill it.
As far as it getting resurrected, I don't see that as likely until after the midterms. And if the Ds lose control of either house, then it's dead for a very long time. My money's on the Ds losing both houses which will give us gridlock for two years.
I love government gridlock; it keeps the .gov from getting even bigger than it already is.
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