You think people spent the money? LOLOL.
The economic numbers tell us many if not most did, at least a good portion of it. They most certainly had to pay taxes on the profits.
Revenues were up in 2018 compared to what exactly?
Reading all the posts on this thread and comments on other articles, it seems to me that there really hasn’t been too much of a change in taxes for most people.
However, the upper class has remained pretty silent. I’m guessing they’re enjoying their stock buybacks and tax cuts.
Be honest, if you have multiple kids, a mortgage and a home equity line you didn’t use for home improvement, did your refund go up or down? And did the extra five bucks a week you got make up for it?
It impacts the state slightly (state has a small property tax for the school fund), but it impacts county budgets greatly.
State and counties do.
This summer there was a lighting strike fire in the Mt. Nebo area. Feds (aka forrest service) KNEW of the lightning strike and sent a plan to “monitor” it, saying it was natural and would reduce fuels. Then a second lightning strike fire a week or so later in the same general area. When it was all said and done, the fire did NOT just stay on federal land, but went onto state and private lands (aka state and local fire departments were called out), two state highways had to be shut down (again state and local police to shut the roads down), and numerous structures burned to the ground.
Later, lightning strike out by Starvation resivour on Federal land quickly spread to state and private lands burnning 10’s of thousands of acres – again huge cost for state and local fire departments, police departments and cost to private citizens that lost property.
Then you’ve got someone who goes out hiking, they slip and fall break their leg in a way that they can’t be moved. Doesn’t matter if they are on state or federal land (a lot of time federal land), County Search and Rescue has to be called out ($$$) to go find them and bring them in. There’s an area of Utah where it’s faster for rescuers to call in the State Patrol Helicopter to get them to where the injured person is.
So yes there is a HUGE amount of money spend in support of the federal land by the state and local counties.
I’d start with a 5% cut across the board.
Lets look at your list shall we:
Each child is not longer a deduction on your income, but NOW is a refundable $2,000 credit against taxes owed. So if you have 3 kids, you now have a 6k credit on any taxes owed. Say you only owed 5k, wow look at that, government just give you a grand!
No change on current mortgages – cap on interest drops from a million dollar loan to 750k. So if you already had a morgage, no change.
My understanding is home equity line interest is no longer deductible if you used the interest as you would a credit card (for living and everyday expenses) – as it should be since credit card debt is non deductible as well. closed a loophole in my opinion.
What do you think of when you think of “Californian”? Do you believe in the trope of “Costal Elitists” while decrying those who look down on “Flyover Country”?
As for your second comment . . . your assumption is yet another broad brush. Does it make you feel justified in your prejudices?
So this is what they are complaining about? That the residents in high taxed states are paying more income taxes?
Ok. That would be modest. But our current deficit is $1trillion. Thats only $50billion.
Budget is 4.4 trillion dollars.
10% of that would be 440 billion
5% would be 220 billion
220 billion is a very good start for year one.
Not sure how you are coming up with only 50 billion in savings.
Sorry I don’t have access to budgets. But you don’t think Search and rescue, fire fighters, medical personell, and helicopters work/used for free do you?
Of course not. I just want to know what a HUGE amount would be.
No. I check every box you listed, except for HELOC
What happens when business cut 5% of their operational budget?
You simply keep adopting language that does not apply.
Depends on the business and what can be cut. Sometimes it’s people, sometimes is supplies, sometimes it’s other things (training, travel, meetings . . …)
Stock buybacks by and large are a drain on the economy.
Let this bastion of liberal ideology, Forbes magazine, explain this using data…specifically the inversely proportional effect on long-term economic growth with the percentage of company cash spent on stock buybacks.