Congress is about to horn in on our tax cut debate. Up against Congress’ $4 trillion plus issue our $2.2 billion in tax cuts looks tiny.
President Donald Trump is pushing Congress to not only sustain tax cuts from his 2017 Tax Cuts and Jobs Act (TCJA) but to add to them. The TCJA cuts will expire this year unless Congress extends them. Over ten years the projected cost to extend would be the $4 trillion. Expiring benefits include higher standard deductions and lower tax rates for individual taxpayers, the pass-through small business tax deduction, and higher child tax credits, estate tax exemptions, and alternative minimum tax exemptions. Corporate tax cuts are not expiring. They were made permanent in 2017 while the individual tax cuts were not. However, the President now wants to lower corporate rates from 21% to 15%. He has also called for eliminating taxes on Social Security, overtime pay, and tips. Along with a corporate tax reduction, all these would almost double the $4 trillion cost. Naturally, the President wants this all done sooner than later. So, Republicans in Congress are moving quickly to utilize the controversial budget reconciliation process, which avoids Senate filibusters and can affect entitlement spending, to push a bill to passage. Debate is already hot and heavy over what to include in the reconciliation bill and how to offset the costs. With the federal debt now exceeding $36 trillion and the latest annual budget deficit exceeding $1.9 trillion, deficit hawks are pushing hard for the reconciliation bill to include massive spending offsets to avoid additional debt. Those offsets could have significant impact in Mississippi which depends on federal funds for well over 50% of its annual budget. Particularly at risk are funds for education, healthcare, and agriculture. For reference, about 61% of the annual federal budget (about $4 trillion) goes for mandatory spending. That includes Social Security (22%), Medicare (13%), Medicaid, CHIP, and ACA (11%), agriculture (1%), and other income support programs (14%). Another 28% (about $1.7 trillion) goes for discretionary spending. That includes defense (13.5%), Veteran’s benefits (2.1%), education (2.0%), transportation (1.9%), non-mandatory health (1.6%), international affairs (1.4%) and various other federal departments and agencies (5.9%). The final 11% (about $700 million) goes for debt service (2023 numbers). All this makes the Mississippi Legislature’s debate over $2.2 billion in personal income tax cuts phased in over 12 years seem like small potatoes. It will become big potatoes for many if federal budget cuts play havoc with our future tax revenues. “Since no one knows the future, who can tell someone else what is to come” – Ecclesiastes 8:7.Congress is about to horn in on our tax cut debate. Up against Congress’ $4 trillion plus issue our $2.2 billion in tax cuts looks tiny. President Donald Trump is pushing Congress to not only sustain tax cuts from his 2017 Tax Cuts and Jobs Act (TCJA) but to add to them. The TCJA cuts will expire this year unless Congress extends them. Over ten years the projected cost to extend would be the $4 trillion. Expiring benefits include higher standard deductions and lower tax rates for individual taxpayers, the pass-through small business tax deduction, and higher child tax credits, estate tax exemptions, and alternative minimum tax exemptions. Corporate tax cuts are not expiring. They were made permanent in 2017 while the individual tax cuts were not. However, the President now wants to lower corporate rates from 21% to 15%. He has also called for eliminating taxes on Social Security, overtime pay, and tips. Along with a corporate tax reduction, all these would almost double the $4 trillion cost. Naturally, the President wants this all done sooner than later. So, Republicans in Congress are moving quickly to utilize the controversial budget reconciliation process, which avoids Senate filibusters and can affect entitlement spending, to push a bill to passage. Debate is already hot and heavy over what to include in the reconciliation bill and how to offset the costs. With the federal debt now exceeding $36 trillion and the latest annual budget deficit exceeding $1.9 trillion, deficit hawks are pushing hard for the reconciliation bill to include massive spending offsets to avoid additional debt. Those offsets could have significant impact in Mississippi which depends on federal funds for well over 50% of its annual budget. Particularly at risk are funds for education, healthcare, and agriculture. For reference, about 61% of the annual federal budget (about $4 trillion) goes for mandatory spending. That includes Social Security (22%), Medicare (13%), Medicaid, CHIP, and ACA (11%), agriculture (1%), and other income support programs (14%). Another 28% (about $1.7 trillion) goes for discretionary spending. That includes defense (13.5%), Veteran’s benefits (2.1%), education (2.0%), transportation (1.9%), non-mandatory health (1.6%), international affairs (1.4%) and various other federal departments and agencies (5.9%). The final 11% (about $700 million) goes for debt service (2023 numbers). All this makes the Mississippi Legislature’s debate over $2.2 billion in personal income tax cuts phased in over 12 years seem like small potatoes. It will become big potatoes for many if federal budget cuts play havoc with our future tax revenues.Congress is about to horn in on our tax cut debate. Up against Congress’ $4 trillion plus issue our $2.2 billion in tax cuts looks tiny. President Donald Trump is pushing Congress to not only sustain tax cuts from his 2017 Tax Cuts and Jobs Act (TCJA) but to add to them. The TCJA cuts will expire this year unless Congress extends them. Over ten years the projected cost to extend would be the $4 trillion. Expiring benefits include higher standard deductions and lower tax rates for individual taxpayers, the pass-through small business tax deduction, and higher child tax credits, estate tax exemptions, and alternative minimum tax exemptions. Corporate tax cuts are not expiring. They were made permanent in 2017 while the individual tax cuts were not. However, the President now wants to lower corporate rates from 21% to 15%. He has also called for eliminating taxes on Social Security, overtime pay, and tips. Along with a corporate tax reduction, all these would almost double the $4 trillion cost. Naturally, the President wants this all done sooner than later. So, Republicans in Congress are moving quickly to utilize the controversial budget reconciliation process, which avoids Senate filibusters and can affect entitlement spending, to push a bill to passage. Debate is already hot and heavy over what to include in the reconciliation bill and how to offset the costs. With the federal debt now exceeding $36 trillion and the latest annual budget deficit exceeding $1.9 trillion, deficit hawks are pushing hard for the reconciliation bill to include massive spending offsets to avoid additional debt. Those offsets could have significant impact in Mississippi which depends on federal funds for well over 50% of its annual budget. Particularly at risk are funds for education, healthcare, and agriculture. For reference, about 61% of the annual federal budget (about $4 trillion) goes for mandatory spending. That includes Social Security (22%), Medicare (13%), Medicaid, CHIP, and ACA (11%), agriculture (1%), and other income support programs (14%). Another 28% (about $1.7 trillion) goes for discretionary spending. That includes defense (13.5%), Veteran’s benefits (2.1%), education (2.0%), transportation (1.9%), non-mandatory health (1.6%), international affairs (1.4%) and various other federal departments and agencies (5.9%). The final 11% (about $700 million) goes for debt service (2023 numbers). All this makes the Mississippi Legislature’s debate over $2.2 billion in personal income tax cuts phased in over 12 years seem like small potatoes. It will become big potatoes for many if federal budget cuts play havoc with our future tax revenues. “Since no one knows the future, who can tell someone else what is to come” – Ecclesiastes 8:7. Crawford is the author of A Republican’s Lament: Mississippi Needs Good Government Conservatives.Sunday, January 26, 2025
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January
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- Jackson's Finest Gets Busted in Madison
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- D.L. Gardner: God Bless the U.S.A.
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- Good Job, Richard's.
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- Closed!
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The Kingfish's Favorite Posts
- Presenting the Mississippi State Capitol (Video)
- Editorial: The airport belongs to Jackson. Period.
- Kelly arrested for taking pics of Rose Cochran
- The Real Face of Mississippi Government
- PERS gets mo' money but funding level falls
- Majority black public school districts spend more, waste more, fail more
- Jackson's water bond failure: The REST of the story.
- Time to return fire on Banks
- Supervisor votes on projects next to land he owns
- Throwdown at the Levee Board
- Door shuts on another life
- Truth begins to come out in Irby case
- Judge orders interview of Irby
- Steadivest: Snakes or snake-bitten?
- Post-election thoughts
- Rest of the story about Crisler's shooting
- Jackson paying $4 million in fees
- Will Jackson end up like Birmingham
- Record-breaking fraud?
- FBI contacted MVT about Evans
- Heather Spencer police reports
- An open letter to John McCain
- Are your 401k's safe from Democrats?
- Democrats' Plans for Controlling the Media
- Who is Teresa Ghilarducci?
- Kingfish wins at Ethics Commission
- Tribe of Obama
- Berry V. Aetna (rankin County Cesspool)
- Incest in Dixie: Mississippi Legal Profession
- Jim Hood: Liar
- JFP Tax Problems? (See comments)
- The SafeCity Bill
- Isn't this called secession?
- A Black Governor in Mississippi?
- Time to grade Miles' exam
- Domestic Violence & Divorce in Mississippi
- Truthwatch, eh?
- What is Jackson Jambalaya?
- Election Night Thoughts
- Counter-Insurgency for Beginners
- Jazz for Beginngers
- Mayor Melton's Soljah
- A Leopard Can't Change His Spots, Can Jere Nash?
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- Harborwalk Thread (Jackson's Latest Boondoggle)
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Trollfest '09
Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.
Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).
Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.
Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".
In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.
In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.
Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.
Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).
Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.
Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".
In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.
In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.
Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.
Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
Trollfest '07
Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.
There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.
If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.
If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!
This is definitely a Beaver production.
Note: Security provided by INS.
21 comments:
About 42% of the money for state funded services came from the federal government last year. ($13.2 billion). $89 million was earmarked for MDOT money and infrastructure repair $1.2 billion. Our members in Congress got us another $220 million in grants. The US 82 Greenville by-pass alone was $216 million.
So, someone needs to ask "If we don't get federal dollars and there's no state tax, how will we make any infrastructure repairs or pay the current salaries of government workers at the same level (local fire and law enforcement salaries are supplemented by federal dollars and have been for decades or if that's where the money for the Capitol police and their equipment originated.)
37% of the budgets for state colleges and universities come from federal and state taxes not counting grants for students. Lots of our skilled labor were trained by the federal Pell grant...the Junior College system depends on those grants.
Now, look at local taxes and local "improvements" in your county and town budgets and the local salaries if you are brave enough.
I wonder if some of you will understand why things start losing the things you took for granted.
Power to, from, of, and by the people.
Huge error in the first third of this diatribe by Crawford: Spending may be called "mandatory" but that does make it so. Going forward, every tax dollar should be considered "discretionary"....because it is in fact.
We definitely need more billionaires and a few trillionaires more than spending taxpayer funds on Social Security, Medicare, education, Medicaid, etc. Corporate welfare is much more important than the welfare of the citizens.
But hey, this is what America wanted.
That there would be hard work thinking about all this stuff you are saying. Too many numbers and a lot of fine print. Who do you think has time for that in the 'Sip?
It would be smarter to elect Shad governor. He spent $2 million and found $350 million.
Let him spend about $10 million with the consultants he knows and he'll come up with enough couch change to do a buyout of Commiefornia!
The rich will keep more of their money. The poor will suffer greatly. It's biblical.
It is inevitable they will run out of our money to spend! I’m sick of it!
Correct @11:51.
God Chose some to rule and chose some to serve the rulers. I am grateful to have been born into a family of Chosen rulers.
If the people could open up some of the slush funds the politicians like to keep secret it would help. Just the one account that holds the income tax that is not returned because of questionable SS numbers would make a big difference. We used to be able to learn how much was in that account but it got so large that the politicians hid it from us.
I counted 21 One-Sentence paragraphs. Obviously, AI generated! That's an insult to all who ever took English Comp.
Taxes??? We just need the "innovative" private sector to take over Gubmint, right???
Interesting reveal out West where the LA Fire Department had half their trucks in the shop and new firetrucks now cost 2 million and take 4 or more years to deliver. Parts are in short supply. Why? Private equity bought up all the fire apparatus companies. No competition, cartel type high prices, less productivity. And that's happened in our Emergency Rooms. But, no mind. The Hollywood elite literally has been having 200k private fire hydrants built outside their mansions. And, things were great until the whole town burned down and the precious private hydrant ran dry and there were not enough trucks.
So, when a healthcare CEO gets shot or a celebrity's home is on fire, private equity is in St Bart as the disaster unfolds. Naturally, the RINO MS GOP wants a billionaire for Gov so we can be like Cali. Private profit, public loss, and Uncle Sam GubMint Welfare for Farm Corporations, pumps for your Fed made swamp fields, and subsidized flood insurance.
Boy, 'Murica is getting better every day ain't it? Only now it's little towns in Kansas that can't afford a fire truck, and fires are killing folks quicker. 8X faster. So, who needs fire trucks when we have crypto trillionaires and PE on the job!?!?
You will never...EVER...see career politicians pushing for deep tax cuts and reduction of government. It takes a non-politician running and being elected president to make bold moves that may seem shocking to statists, but for the people trying to make ends meet with prices soaring....it's a breath of fresh air. And frankly, it's precisely what the people voted for in the recent election.
By rich, do you mean the people who actually earn the money and want to keep as much of their money as possible? Considering the recent economy and inflation, it makes sense to want to keep as much of your income as possible.
Doing away with Federal Department of Education, as Trump has proposed, would be a significant financial savings.
One thing Mississippi proves above all else: Just how grate a state can be without all that fancy edumacation.
Privatize the Post Office. I got an invitation in the mail yesterday for an event in December. It was post marked November 4.
1:45 NO, that's not rich. The rich don't have to just WANT to keep their money. They pay people who make sure they keep their money.
Trump will bankrupt America.
You are ranting about half of the problem with the fires in California. If they had simply followed the old practices of burning the dead under brush of wooded areas, the fire danger would have more than likely been avoided.
@2:33pm wins. Just look at most of these comments.
The national debt is over 33 trillion dollars, but Trump is going to bankrupt America?? Get out of here with your ignorance.
All this debate and nobody points out that Kingfish posted the original article three times in a row?
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