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No wonder those Corporations need yet another Tax Break -- Look at how LITTLE they're paying! (See the opening graphic.) The black line is what Corporation pay in Income Taxes — about 2% or less of the nation’s GDP. Compare that to the blue and dark green line. That is what “non-corporate” people pay (ie workers) in Income Taxes and Payroll Taxes. Those ‘ordinary’ tax burdens routinely cough up 6 to 8% of the nation’s GDP.
Afterall, someone has to keep the nation’s lights on.
Yet if you listened to the compliant Corporate Media, you could easily think that those Corporate Income Taxes are paying a gargantuan ‘over-burdensome’ share into the Government’s coffers: $420 Billion in Fiscal Year 2023 — oh the horrors!
How will they ever survive, unless they can cut that minuscule revenue stream (2nd branch from the bottom), even further. Unquestioning, incredulous republicans want to know ...
If you squint, maybe you can see those Tariff Revuenes somewhere … Under Excise Tax or Fees?
Well, if you believe the Trump-Musk-Johnson rhetoric, THEY JUST HAVE TO find some way to zero-out the NEXT ROUND of Corporate Tax Cuts, by ‘slashing and burning’ enough of those “Discretionary” outflows. Musk even put a number on it — his DOGDEY-Cabal HAS TO find $2 Trillion in Cuts, elsewhere.
By cutting the 1.7 Trillion Discretionary “pie slice” in half or MORE … the Grey bars (outflows) will eventually shrink back to match the Green bar (inflows).
But just don’t ask, what those ‘chainsaw cuts’ will do the GDP? (see previous chart)
Here’s a dumb question. If Musk, and his GOP-enablers in Congress, manage to smash and slash Medicare, Medicaid, and Social Security — like they have the Federal workforce — WHO in the world then, will be left to pay those Social Security Taxes and Payroll Taxes, Medicare Taxes? (the top 2 Revenue sources in the second chart back).
‘Slash and burn’ advocates should be forced to explain those “Contractionary hits” to those Main Revenues streams (worker’s Taxes) — to explain the Trump Recession that their gut-government DOGE scheme is actively creating. (Far beyond any CBO’s accountant’s prying eyes.)
To say nothing of the ‘halving’ of Individual Income Taxes revenue stream too, since (guess what?) — Federal employees pay income taxes too. (Or at least they used to ...)
When economies “contract” — everyone gets hurts.
That is why Wall Street types hate the R-word — Recessions.
(See WSJ for their gathering concerns over the “beyond dumb” Trump ‘economic plan’.)
Helluva Tax plan finely-tuned Budget, you have there Trumpies. Would be a shame if anything should happen to it … (Something Trump dismisses as “a little disturbance.”)
Sooner rather than later, even MORE Trump voters will find out: Everything Trump touches — eventually dies.
Helluva job there Trumpies. Just make all the “little people pay” for your Budget-cutting chainsaw games.
Dismissed Workers, say Hellooo to the real-world Trump-Musk “Hunger Games.” (Vets, Teachers, Medicaid patients, and Seniors, too.)
Tragically sometimes, Elections have dire consequence. Consequences few people wanted.
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You can see these charts in a more readable form, from the Congressional Budget Office (CBO) website:
March 5, 2024
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After all the Fox News haranguing about the “out of control” Government Spending (Oh my!) — it’s not like those trend-lines have been heading toward the Moon. Quite the contrary, when you bother to check the charts, first as a Percentage of GDP:
Both streams of Discretionary Spending (Defense and Non-defense) have been trending downwards, through 2023. Starting with the Budget Control Act of 2011.
And here’s that Government Spending at the more granular, ‘department-sized’ level (spending outlays in Billions):
This is that the 1.7 Trillion Discretionary “pie slice” that they need to cut in half or MORE — to justify their proposed Corporate Income Tax cuts. How ELSE in the world, can we EVER make
the Outlays = the Revenues ??? (IOW, Balance the Budget ...)
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Here’s an idea: How about letting the Corporate Millionaires and Billionaires, finally pay their fair share in Taxes again?
You know, just LIKE Working people DO: average, ordinary Americans who pay our Taxes — our 6 to 8% share — EVERY DAMN DAY of our working lives!
How about Corporate Interests live up to THAT patriotic metric.
Cuz their measly 2% share [‘burden’] should not really cut it anymore. Capisce?
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You can see these eye-opening charts in a more readable format, from the Congressional Budget Office (CBO) website:
March 5, 2024
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For similar CBO Infographic Charts. (Only FY 2023.)
For the library of CBO Financial Topics.
Click and learn. As America is about to learn these cruel lessons — the hard way.
The Trump way. No compassion required. Ever. (No smart people either.)
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