Quote:
Originally Posted by KRAM36
That's a nice trick the AP played there. When you take into consideration the high amount of taxes NJ collects from it's residents, then add in the Federal assistance. NJ is making out like a bandit compared to a State like Mississippi. What a racket States like NY and NJ have been running, but now it has caught up to them or rather it's caught up to their residents.
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So based on your responses I can surmise that one, you voted? I'll put you down as a yes. Two, you voted for the budget hawks otherwise known as the conservative wing of the GOP. Three, these Republicans passed the budget with one hand and this absurd tax "reform" with the other. From the moment those changes took effect the annual deficit rises from $650 bn to $1+ Trillion. And then again another $1 trillion in the second and current year. The largest YoY increase from one administration to the next in history and potentially the first administration in our history to see $1 trillion dollar annual deficits in each of its first term.
Am I getting all this right?
Let's move on... NY, NJ, Massachusetts were ALREADY sending more in federal taxes then their states see back in federal appropriations. Given the staggering increase in new federal expenditures, both on and off budget, by the "budget Hawks" in the GOP then why are ONLY NY, NJ, Massachusetts paying more federal tax than their state gets in appropriations, aka their share of the burden today?
So Let's look at that burden... If we spend a trillion on the defense, a trillion on Medicare, (that's already more than $2 trillion we collect from federal income tax through this tax "reform" for the kids counting at home.. ie. officially deficit territory), another half trillion in interest on the debt (maybe the states that pay no net federal income tax will be picking that up? Crickets) and we haven't even gotten to discretionary side of the ledger which of course these GOP budget hawks increased by the largest margin since the financial collapse. Because that's easier than admitting we aren't even covering our mandatory spending + interest anymore.
So if what we collect in income tax doesn't even cover the military and caring for all citizens 65 and older on Medicare then explain to me how corporations should have gotten a 20% tax cut? How the top tax bracket should have been reduced 2.5%, how states that pay no federal income tax get even more of a subsidy (hat tip Mitt Romney again), while the states like NY, NJ, Massachusetts, etc. are the only ones making the extra payment to cover the mandatory side of the federal ledger?
Oh right but I'm the one that doesn't understand how federal taxes work and needs a lesson from an accountant. It's interesting how some people here rationalize their own tax cut and declare that others are not carrying their own weight.