$3.5T Not As Big As You Might Think

[Lesh]

That's because there are other tax breaks for people earning well over $800,000 per year...you really need to read the bill before you promote it like you are doing....Manchin said this is a wealthy persons bill....for people that don't have to work....

Read the link above yours nitwit

 

[Lesh]

Read the bill....

Post it

 

[ColonelAngus]

The claim from the left is that this $3.5 trillion spending bill will add $0 to the debt.

I call bullshit, because the debt WILL increase by $3.5 trillion.

The government is not COLLECTING the money and THEN spending it.....they are spending money THEY DO NOT HAVE,

 

[Rambunctious]

Read the link above yours nitwit

Sedans under $55,000, vans under $64,000, SUVs under $69,000 and pick-up trucks under $74,000 would be eligible for the credits. Individuals with an adjusted gross income of up to $400,000, heads of households making up to $600,000 and joint filers making up to $800,000 would be able to use the program.

Democrats unveil new EV tax credit proposal with boost for unions

The tax credits would be included in the Democrats' $3.5 trillion social policy plan and are generally supported by automakers.

www.detroitnews.com

The only thing I got wrong was the size of the government rebate...don't ever doubt me asshole....

 

[Lesh]

The claim from the left is that this $3.5 trillion spending bill will add $0 to the debt.

I call bullshit, because the debt WILL increase by $3.5 trillion.

The former is accurate

The latter is just stupid. There are savings in the bill that cut drug costs and other medical costs, offsetting 1 trillion and taxes on capital gains and high incomes that offset most if not all of the reat.

That means it adds ZERO to the debt.

That's how it works.

If you have a bill that has savings or revenue that savings and revenue OFFSETS the cost.

Dumass

 

[ColonelAngus]

It is NOT accurate that this $3.5 trillion will add $0 to the debt.

It is a straight up LIE.

 

[Lesh]

Sedans under $55,000, vans under $64,000, SUVs under $69,000 and pick-up trucks under $74,000 would be eligible for the credits. Individuals with an adjusted gross income of up to $400,000, heads of households making up to $600,000 and joint filers making up to $800,000 would be able to use the program.

Democrats unveil new EV tax credit proposal with boost for unions

The tax credits would be included in the Democrats' $3.5 trillion social policy plan and are generally supported by automakers.

www.detroitnews.com

The only thing I got wrong was the size of the government rebate...don't ever doubt me asshole....

The higher income cap will make it possible for 98% of taxpayers to use the credit and ensure those who are not the wealthiest Americans are held harmless from the legislation, Kildee said.

“The vast majority of the people who benefit from this will make significantly less than” $400,000, Kildee said. “But we’re trying to remain consistent with the president’s pledge that people making less than $400,000 won’t see a tax increase. Taking this credit away from them, in a sense, would be tantamount to a tax increase.”

I have no problem with that.

As far as doubting you ASSHOLE

You originally claimed that the subsidy was only $1200 and that you had to earn OVER $800,00 to qualify

ASSHOLE.

Now if you would like to apologize and claim you misspoke...that's your privilege

PLEASE....Look into what's in the bill...there seems to be a hell of a lot of tax breaks so rich folks can buy electric cars for example...people earning over $800,000 per year...

 

[Lesh]

There are savings in the bill that cut drug costs and other medical costs, offsetting 1 trillion and taxes on capital gains and high incomes that offset most if not all of the reat.

That means it adds ZERO to the debt.

That's how it works.

If you have a bill that has savings or revenue that savings and revenue OFFSETS the cost.

Dumass

It is NOT accurate that this $3.5 trillion will add $0 to the debt.

It is a straight up LIE.

Ya can't fix stupid. Angus is stupid

 

[g5000]

Yep anybody that doesn't pay every cent of tax owed according to the revenue codes is a fool and anyone who pays a cent more is an idiot. If you don't like the amounts certain companies and people pay, change the codes, don't criticize the taxpayers for following the rules.

Bingo!

Balancing the budget, lowering tax rates, and paying off the debt is very simple. Every Democrat and Republican in Washington knows how. I've outlined many times exactly how to do it. I did so just a couple days ago, in fact.

But politicians don't because they receive a fuck ton of campaign cash to tilt the playing field to the advantage of special interests.

If they did the right thing, their war chests would dry up.

 

[g5000]

Bullshit it was just reported...anyone that earns up to $800,000 per year will get $1200 off the sticker price of an electric car and even more if they buy from a union manufacturer...

Key words: up to.

That's a ceiling, not a floor.

 

[Lesh]

Bingo!

Balancing the budget, lowering tax rates, and paying off the debt is very simple. Every Democrat and Republican in Washington knows how. I've outlined many times exactly how to do it. I did so just a couple days ago, in fact.

But politicians don't because they receive a fuck ton of campaign cash to tilt the playing field to the advantage of special interests.

If they did the right thing, their war chests would dry up.

Wouldn't paying off the principal on the debt remove money from the economy?

Aren't there negative effects from doing that? I know banks screamed in 2000 when that was proposed

 

[g5000]

Sedans under $55,000, vans under $64,000, SUVs under $69,000 and pick-up trucks under $74,000 would be eligible for the credits. Individuals with an adjusted gross income of up to $400,000, heads of households making up to $600,000 and joint filers making up to $800,000 would be able to use the program.

Democrats unveil new EV tax credit proposal with boost for unions

The tax credits would be included in the Democrats' $3.5 trillion social policy plan and are generally supported by automakers.

www.detroitnews.com

The only thing I got wrong was the size of the government rebate...don't ever doubt me asshole....

Again, key words: up to.

That's a ceiling, not a floor.

Anyone earning OVER $800,000 is NOT eligible.

 

[dudmuck]

It is NOT accurate that this $3.5 trillion will add $0 to the debt.

It is a straight up LIE.

the zero number is derived from taking to account future economic benefit. Its called dynamic scoring, but its dubious and requires scrutiny. You can see where republicans used it in the past.

Republicans have chosen a new CBO director. Here's how he'll make it easier to cut taxes

A Reagan-era scheme may be making a comeback, with a slightly different purpose in mind.

www.vox.com

 

[g5000]

Wouldn't paying off the principal on the debt remove money from the economy?

Aren't there negative effects from doing that? I know banks screamed in 2000 when that was proposed

First, the massive debt we have is a far bigger financial threat than no debt at all. Far bigger. It is a giant drag on the economy. The reason we have had such lackluster growth for the past 20 years is because of the debt.

It's like trying to run a marathon with a ball and chain attached to your ankle.

But what would happen if we had no debt? Some very interesting things.

Remove money from the economy? Well, when a bank gives you a home mortgage loan, most of that money is "created out of thin air". This drives gold bugs ka-raaaaaaazy. But what gold bugs either don't tell you or they just don't know is, when you pay back your loan, the principal is returned to the ether and all that remains is the interest you paid.

However, when a pension fund buys a Treasury, they do not create money from thin air to buy that bond. So I don't think we would see major shrinkage of the money supply if we paid off the federal debt.

However, something more interesting would occur. I'll be right back. Have to take care of a quick task. See my next post.

 

[g5000]

Lesh

Found it. Lesh, you mentioned about banks screaming in 2000 about the hazards of paying off the debt.

https://media.npr.org/assets/img/2011/10/20/LifeAfterDebt.pdf

That's a white paper from the White House written in November 2000.

The paper points out that if we paid off the debt, there would be no US Treasuries in the world. Think about the implications of that.

US federal debt is the world's "safe haven". EVERY investor has federal bonds in their portfolio. It's the safest instrument in the world. For the moment, anyway.

Whenever the financial markets are shaken, everyone runs to the safe haven of US bonds.

So if there was no safe haven, where would all those pensions, 401k's, sovereigns, endowment funds, trust funds, et al. put their money and be confident it was safe?

We can only theorize what they would do, and it is an interesting question.

Not only that, US Treasuries are the benchmark for a gazillion other investment vehicles all over the planet. That's huge. Just about every loan in the world is pegged to the Fed interest rate.

Another important function of T-bills is that they provide liquidity to the markets. So where would liquidity come from if there were no federal debt?

The white paper suggests a pool of private debt equities.

This was written 8 years before the derivatives bubble blew up the planet, so the idea of private debt equities to provide liquidity to the markets gives me the shivers, frankly.

 

[jc456]

Except for the balanced budget. As good as that sounds it would be a disaster.

right, you'd lose all your representatives that are dicks.

 

[ColonelAngus]

Just so I have this straight….the left is claiming this $3.5 trillion will not increase the debt…

…so if it passes, or debt WILL NOT increase from $28.8 trillion to $32.3 trillion?

I am going to hold the left to its word.

https://usdebtclock.org/

Our debt will not increase if this bill passes.

 

[Toddsterpatriot]

It has already started.

New global currency to replace U.S. dollar. It is not cryptocurrency - P.M. News

Ummmmmmm.........

Nice source!!!

 

[pknopp]

Ummmmmmm.........

View attachment 545747
Nice source!!!

Specifically tell me your issue with it? Would a link from CNN or Fox be any more acceptable to you?

 

[ThisIsMe]

Is there a government site that lists every expense in this bill or do they force you to comb through the 2000 pages to cipher the lawyerese to find what exactly they are spending it on.

If not, EVERY budget and spending bill should have a line item that lists everything they are spending money on. This should happen so the people know exactly what's in these bills.

A lot of the reason why people are not more concerned with these big spending bills is because most people have no idea what is in them, and they have no desire to sift through thousands of pages and read the droning lawyer type language.

Why hasn't this happened yet? They leave it up to media to do the work when it should be their responsibility to inform the public about what they are spending money on, down to the last penny.