Crisis Level Deficits -Now US Default Mode

So 85%. That’s most people

 

What's your point?

 

Confirming that this benefits most Americans

 

that’s kind of like saying making a credit card minimum payment benefits you

 

It does if you compare it to not making a payment

 

That’s not the correct comparison.

 

Granted the tariff data is fragile as a TACO shell, but it looks like the majority are due for a tax increase.




From the article above:
High-income earners (>$217,000)
For taxes filed in 2026, households making between $217,000 and $318,000 would see their aftertax income rise 2.6 percent, a tax break of about $5,400. For Americans making $318,000 to $460,000 — in the 90th to 95th percentile — that cut would be about $8,900, or a 3.1 percent increase to their aftertax income.

Middle-income earners ($50,000-$200,000)
The tax breaks for the rest of Americans are far less substantial, according to the center’s estimates.

Households making between $100,000 and $200,000 a year would see their aftertax income increase by 2.5 percent, about a $3,000 tax break. For those making between $75,000 and $100,000, the tax cut as a percentage of income is similar — at about $1,700 or 2.3 percent.

Low-income earners (<$50,000)
For those making between $40,000 and $50,000, that cut will be about $630. Those are aftertax boosts of 1.9 percent and 1.5 percent, respectively.

Those in the bottom quintile of incomes, making below $34,600 a year, would see their taxes decrease by about $150, or a 0.8 percent increase in their aftertax income.

Lastly, if the BBB (I have no idea if it does or not) transfers some services back to states, the increase in state taxes should be factored in. Fun fact. Under Reagan, state taxes tripled.

 

Some people don't mind being exploited and patronized. They're happy for a loaf of bread

 

Opinion | The Ugliness of the ‘Big, Beautiful’ Bill, in Charts

 

For lower income Americans the reduced income tax doesn't come remotely close to offsetting the impact of the tariffs which are, in effect, a sales tax and for really low income Americans who aren't subject to the income tax the tariffs will constitute a major burden (see post #27). I have to concede that as an old fart I will benefit from the increased standard deduction for senior citizens.

 

So most Americans. My big benefit is SALT

 

I would have benefited from a higher cap on SALT years ago. My mortgage interest has dropped to the point where the standard deduction is my best alternative even if I could deduct several thousand dollars more in state and local taxes. I have a 2.25% 15-year mortgage that I have also been prepaying. Between the low interest rate and a relatively low remaining balance I'm not incurring all that much in mortgage interest. I haven't done all that math but an educated guess even with the new SALT cap my deductible expenses would be no more than $20,000 and it's probably lower. The standard deduction with the new addition for senior citizens would be close to $33,000.

 

This can’t be right:

For Americans making $318,000 to $460,000 — in the 90th to 95th percentile​

 

CBO said that almost 12 million people will lose health care.

 

You like Clinton- OK... He was full MAGA. Low spending on Medicaid (1.9% of GDP), small government (cut thousands of jobs), loved to deport illegal aliens and despised regulations (very aggressive deregulation with billy).

If we spend 1.9% of GDP on Medicaid, like Clinton, it would bring it down to around $570B. Almost a $400B cut.

Look at you hating Medicaid.

 

Poster has reading comprehension issues. To read "And Clinton had a surplus from 98-01, have a point?" and have an interpretation that I like Clinton's administration is symptomatic of those issues. An adult level interpretation might be: I would like budget surpluses. Be better

 

The left loves their hypocrisy... Obviously I didn't include the covid years.

2018/19 was Trump's healthy economy- (he was actually doing better in early 2020 until covid) and 2024 bidun/autopen stated the US had the worlds best economy.

With "the worlds best economy", bidun/auto pen had a $1.8T deficit. Which is more than Trump's combined 2018/2019 deficits.

 

If I had to guess they’re probably celebrating the 4th of July with their families.

my 2 cents

 

And dont forget Biden's debt was greatly inflated because of payments on the interest for the extra debt Orange Cheesus handed him. Just like the next president will get stuck paying for the gigantic debt on Orange Cheesuses new and needless bill.