From: Governor Swill <governor.swill@gmail.com>
Newsgroups: can.politics,alt.politics.trump,alt.fan.rush-limbaugh
Subject: Re: "Bat poop crazy"
Organization: Easynews - www.easynews.com
Date: Thu, 31 Jul 2025 13:32:51 -0400
On Wed, 30 Jul 2025 21:27:11 -0400, -hh wrote:
>On 7/30/25 16:40, pothead wrote:
<snip>
>> BTW, Trump is allowing interest deductions on the purchase of American cars.
>
>Very narrow definition for what cars actually qualify as "American".
>
>> He is however wrong when he claims it's the first time it's been done.
>> Maybe the first time for American cars only but I remember way back when
>> where credit card, loan interest was tax deductible so he's wrong in this case.
>> Still it's another benefit for the middle class.
>
>Yes, he's wrong (shocking! /s): the federal income tax code used to have
>a deduction allowed for personal interest (including credit cards too).
>That benefit disappeared in the Tax Reform Act of 1986 (Ronald Reagan).
One of Reagan's many tax increases Republicans routinely forget about.
>> So I'm still not seeing this BBB supports billionaires and screws the rest of
>> us claim.
>
>There's all of what I've listed, plus a lot more esoteric stuff. Of
>course, a big chunk has been the top marginal rate which today is at
>just 37%, whereas before the GOP started systematically cutting it from
>Reagan to present, was at 70%...
>
>...and IIRC, if since 1980 the GOP had never cut income tax rates, the
>Federal Debt today would be approximately $zero. So much for 'fiscal
>responsibility' /s
Back in the day, Clinton's budget goal was to eliminate the deficit
and reduce the debt in order to pay for the coming explosion in Social
Security payments when the Boomers started retiring.
The Republicans, otoh, chose to put it on the national credit card
which is why we have a $37T debt. Thank you Republicans!
--
Superman is an illegal immigrant!
8647