Tag Archives: Trump Tax Scam

Enumerati

Wealthiest Americans Have the Lowest Tax Rate

23%

The 400 wealthiest Americans last year paid a lower total tax rate — spanning federal, state and local taxes — than any other income group, the New York Times reports. “That’s a sharp change from the 1950s and 1960s, when the wealthy paid vastly higher tax rates than the middle class or poor. Since then, taxes that hit the wealthiest the hardest — like the estate tax and corporate tax — have plummeted, while tax avoidance has become more common.”

Enumerati

Budget Deficit Tops $1 Trillion for First Time in Seven Years

$1 trillion

“The U.S. budget gap widened to more than $1 trillion in the first 11 months of the fiscal year, the Treasury Department said Thursday, the first time deficits have topped that amount in seven years,” the Wall Street Journal reports.

Verbatim

Trump’s Stupid, Destructive Ideas Have Staying Power

“There are lots of reasons to worry about how President Trump would handle a recession, should we tip into one. There’s his incompetent economic team. Or the limited fiscal policy tools at his disposal, given that Republicans already spent nearly $2 trillion on tax cuts. Or his efforts to discredit the Federal Reserve just when we’ll need it most. … One underrated concern: Trump’s tendency to double down on stupid and destructive ideas, despite — perhaps because of? — overwhelming evidence of their stupidity and destructiveness.”

Catherine Rampell

Enumerati

CBO Predicts Higher Deficits than Expected

$12.2 trillion

The CBO says federal deficits are projected to grow much more than expected over the next decade thanks to the two-year budget agreement lawmakers and the White House struck last month, the Wall Street Journal reports. “The agency increased its forecasts for deficits over the next decade by $809 billion, to $12.2 trillion… The increase primarily reflects higher federal spending under the new budget deal, partly offset by lower projected interest rates.”

Enumerati

Federal Debt Ballooning

78%

“The nation’s federal debt is now projected to balloon to ‘unprecedented levels’ over the next 30 years, if policymakers fail to change laws, potentially pushing the country into the risk of a ‘fiscal crisis,’ the nonpartisan Congressional Budget Office said in a new report Tuesday,” CNN reports. “Federal debt is expected to rise from 78% of GDP in 2019 to 92% percent in 2029 and 144% in 2049, the most ever in history.”

Enumerati

Budget Deficit Is Exploding

$100.5 billion

“The U.S. recorded a $100.5 billion budget deficit in October, an increase of about 60 percent from a year earlier, as spending grew twice as fast as revenue,” Bloomberg reports. “A ballooning U.S. budget shortfall — fueled by tax cuts, spending hikes and an aging population — is driving the Treasury Department to raise its long-term debt issuance.”

Poetic Justice

A Most Mysterious Cut

Republican lawmakers are puzzled, en masse,
By the source of Trump’s tax cut for the middle class.
It didn’t come from the Hill,
Or his Cabinet shills,
So we’re betting Trump simply pulled it out of his ass.

Enumerati

Trump Seeking to Cut Cabinet Department Budgets to Fight Deficit he Caused

5%

President Trump “said he will ask all cabinet departments to cut their budgets by 5 percent next year, after the federal budget deficit swelled to its highest level since 2012 during the first full fiscal year of his presidency,” Bloomberg reports.

Enumerati

Budget Deficit Jumped 17 Percent in 2018

$779 billion

“The federal budget deficit swelled to $779 billion in fiscal year 2018, the Treasury Department said on Monday, driven in large part by a sharp decline in corporate tax revenues after the Trump tax cuts took effect,” the New York Times reports. “The deficit rose nearly 17 percent year over year, from $666 billion in 2017. It is now on pace to top $1 trillion a year before the next presidential election.”

Enumerati

More Americans Disapprove of Trump’s Tax Scam

46% to 39%

A new Gallup poll finds that more Americans continue to disapprove than approve of last year’s sweeping tax overhaul bill signed into law by President Trump, 46% to 39%.