Taxes Are Going Up: The Ugly Truth About The Big Beautiful Bill, Trump Tax Cuts, and Social Security
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taxes are going up. Yeah, I don’t know, man. Maybe not in a big beautiful bill, but listen to the numbers, people. If big beautiful bill doesn’t go through, okay, if the current laws are not changed, all of the 2017 tax cuts would expire. Discretionary spending would shrink as a share of gross domestic product. The budget deficit in 2035,
basically would be the same as it stands now, about 6 % of GDP. We would end up adding another $20 trillion to debt between 2025 and 2035. I want you to get your arms around how ridiculous that is. That, again, you raise debt as share of GDP from 100 % to 118%.
Now, the big beautiful bill, the blah blah blah blah blah, if the blah blah blah blah blah passes, okay, what’s going to happen? Is it will increase the national debt by 3.3 trillion more than the baseline. Again, that would change the debt to GDP ratio from 118 % to 125%. Now, all of the gimmicks, all of the gimmicks, the temporary.
gimmicks that are in there, they’re gonna be made permanent. We all know that that’s how these people operate. You’re looking at a debt to GDP ratio that would be at 129%. Get your arms around that. Now, again, what will this do? Okay, that’s gonna make our well, our borrowing costs more expensive. We’re gonna have issues with the dollar. You got a lot of problems with that.
the case. it’s, wait, wait, wait, wait, there’s more. That’s why our taxes are going up. The cost of Social Security and Medicare. Yeah, they’re going up. These programs are going to account for more than 100 % of the increase in federal spending as a share of GDP over the next 10 years. We never can talk about fixing Social Security or Medicare or Medicaid or anything like that. Again, all those programs, I paid into them and they’re to stay the way they’re going to stay. Okay.
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Where are going to get the revenue from? As it stands right now, what do we got? 2033, you’re getting 79 % of benefits. You want to watch the gnashing of teeth here, the moaning and groaning and gnashing of teeth. That’s going to be the case. They would have to basically right now raise the payroll tax to 15.9%.
to put it on somewhat of a better grounding. Again, that’s a 28 % increase from where it’s at right now. Why am I telling you all this? Well, because nobody else is.
No, else is giving you the reality of the numbers that are out there. I’ve talked about social security since the 1990s, warned my generation. I’ve tried to think about ways to shore up social security. Can we volunteer not to take it? I volunteer. I volunteer. won’t take a dime of social security if I don’t have to pay into it anymore.
And how about this? How about the money that I put into it already? You don’t even have to ingest it. You don’t have to give me any interest on it. All of the money that I paid into Social Security, can I basically apply that as a write down to my existing federal taxes? I don’t know, work those numbers out. I’m just trying to come up with solutions here people, because the trajectory, no bueno. Watchdog on wallstreet.com.
