Talk about inflation….

I love facts. Thanks 2many

 

The middle class most assuredly did not benefit the most, and tac cuts do not miraculously "pay for themselves" in terms of increased tax receipts. Both are patently untrue.

Revenues have gone up, yes, but not due to voodoo economic tax cuts: They have gone u due to the booming economy and increased employment.

From a non-partisan source regarding last tax cuts:
As a share of after-tax income, tax cuts at the top — for both households in the top 1 percent and the top 5 percent — are more than triple the total value of the tax cuts received for people with incomes in the bottom 60 percent

Also:
The Congressional Budget Office (CBO) estimated in 2018 that the 2017 law would cost $1.9 trillion over ten years,[3] and recent estimates show that making the law’s temporary individual income and estate tax cuts permanent would cost another roughly $350 billion a year beginning in 2027.[4] Together with the 2001 and 2003 tax cuts enacted under a previous President (most of which were made permanent in 2012), the law has severely eroded our country’s revenue base. Revenue as a share of GDP has fallen from about 19.5 percent in the years immediately preceding the Bush tax cuts to just 16.3 percent in the years immediately following the 2017 tax cuts, with revenues expected to rise to an annual average of 16.9 percent of GDP in 2018-2026 (excluding pandemic years), according to CBO. This is simply not enough revenue given the nation’s investment needs and our commitments to Social Security and health coverage.

 

February 2024 budget deficit was 296 billion so annual deficit is not 300 billion...it was 1.7 trillion in 2023. Current presidential budget proposal is 7.3 trillion...2023 federal spending was 6.13 trillion so, if federal receipts stay the same as 2023, 2024 deficit will approach 3 trillion. With the money we send overseas, the increase for migrant spending, inflation and never ending handouts, etc, this obviously is unsustainable. If the govt doesn't reduce spending, inflation will never get controlled.

 

Keep printing !!

 

I mostly agree with Greg's comments. FWIW Warren also owns the Bank of America. One summer I worked for a limousine company in Boston (never again). When Warren Buffet was in town he used our company; I never had him as a passenger, but I did talk with a couple of drivers who had. Both said that he was a nice guy and they wished that more of our mostly well-to-do customers were as polite and considerate as Warren.
I also don't begrudge the rich their wealth - as long as they came by it honestly, and pay what they actually owe. (-----------------------------------------------------------------) The parentheses enclose what I would like to write but likely would get me kicked off V8 Buick.
I actually have worked for minimum wage 90 cents an hour. I was basically sweeping floors and getting rid of trash in an F. W. Woolworth's. After about a month I got a raise to $1.00 per hour without asking for it. During my adult life I have done reasonably well and everything is paid for. No real economic complaints from me except that running a permanent Federal Government budget deficit is going to bite us in the arse one of these days.

 

Lol

 

Everybody is screaming at the government spending, and yet all that spending during the pandemic worked. The United States has the lowest unemployment, lowest inflation of all major powers since then. It worked, yes it spiked inflation, as I knew it would, but that has been slowed and is nearing "normal" levels.

 

I thought the TV told me there was and is no inflation.

 

Transitory lol

 

Government "solving" a problem they themselves created. And that "solution" caused many other problems...

 

No inflation on Costco $1.50 hotdogs with drink, and $5 rotisserie chickens.... that's the only two items in the world.
Even dollar stores went up to $1.25

 

More like $1.50

 

Funny the insurance Co cited 9% inflation for their excessive premium renewals .

 

Advocating theft of another's property and funds? Sounding surprisingly like something Marx and Lenin (and I'm not talking about Groucho and John) would approve of.

The problem is not that the government collects too little taxes but that they have become accustomed to spending too much. There hasn't been a federal budget passed since Bush 43. Sending BILLIONS to foreign countries does not serve the American people.

Did it? Countries that didn't shut down did as well or better than those that did. States that didn't shutdown did as well or better than states that did. Those states that didn't put the sick in nursing homes did so much better than those that did.

 

Cost of goods sold is - your beginning inventory plus everything you purchased minus the current inventory. It does not include a corporate jet, utilities, payroll or any thing else. A write off is something you do not pay taxes on, meaning if the company made two million dollars NOI and paid one million of that for a Jet at the end of the fiscal year for tax purposes, the company only pays taxes on one million. A lot of people think a tax deduction for a business means the item is free. It is not.

 

Not true at all.

 

And we keep spending more on everyone in the world. Just read were spending 333 million more on Haiti. Where did that $ come from? NYC is spending $394 per day ( 143,810 per year) on each illegal. What are they spending on their citizens that are in poverty? At some point the system is gonna break.

 

W. T. F. I mean seriously -- where the heck did that come from?

 

Again, obviously not true.