What do you know about the new Speaker of the House?

[lustylad]

Originally Posted by Tiny

Damn, It looks like Johnson's promoting a bill to fund $14.3 billion for Israel by cutting the IRS's budget by $14.3 billion. It would be part of the $80 billion originally allocated to the agency in the Inflation Reduction Act last year.

I'm actually starting to like this guy!

Heck, I'm old enough to remember when this was REQUIRED under the Congressional appropriations rules. No new spending proposals could come to the floor unless they were explicitly "paid for" with offsetting spending cuts/tax increases.

Democrats long ago threw common sense budget rules out the window. We don't even pass a full FY budget anymore. We've been screwing around with "Continuing Resolutions" since 1996.

[Salty Again]

Originally Posted by Yssup Rider

This is why Johnson was “accepted.” I agree with you 100%. He just better not piss off Marge or little Mattyor he’ll be in the shithouse too. And he will.

... "accepted"?? ... ... Republican UNANIMOS vote!

Mike Johnson is surely ridin' the MAGA wave...

And doing a GREAT job so far...

#### Salty

[1blackman1]

He’s not done anything so far. We will see what happens when the Israel only bill is sent back from the Senate. I suspect he’ll have to negotiate and we get to see how that needle is threaded.

I wish him the best of luck.

[pxmcc]

Originally Posted by Salty Again

... Since I believe the election was stolen from Trump,
I surely fancy this new fellow and feel he will do a
fine job of leading the House of Congress.

... And he 'appens to be one o' 1blackmans1's political mates.
So what's NOT to like?

#### Salty

you actually believe that crap? do you even know how many "Trump challenges 2020 election results" lawsuits got laughed out of court, even by Trump appointees?

btw, Houston Sandbox got a "No more political threads" order, so i'm trying on this forum for size. i'm left of center, and i take all comers, any topic, any time, and any-damn-where..

Trump's problem is that truth matters in a courtroom. who knew..

[1blackman1]

Dude this is the home of nut bag conspiracy theorists. Welcome. Hope you enjoy. These folks never saw a nutty unsupported theory they don’t wholeheartedly believe.

[eyecu2]

They shop at "Conspiracies R Us". Lol

Btw The new speaker has already been shot down by the Senate with his bullshit, and will be going back to the drawing board for the Israeli money. What about the censures of Green and Talib and the ousting of George the liar guy?? Yeah that's the ticket!

[1blackman1]

Originally Posted by Tiny

Damn, It looks like Johnson's promoting a bill to fund $14.3 billion for Israel by cutting the IRS's budget by $14.3 billion. It would be part of the $80 billion originally allocated to the agency in the Inflation Reduction Act last year.

I'm actually starting to like this guy!

I was somewhat disgusted with Chip Roy, but see he's insisting any money for Israel include offsetting spending cuts. I'm starting to like him too!

Now admittedly this is a lesser of two evils thing. I don't really believe we should be sending money Israel's way, considering it's a wealthy country. But if the money's coming out of the IRS's hide, well, that makes it somewhat more palatable.

CBO says this plan actually costs 12 additional billion dollars. Seems you like additional debt. Not surprising.

[lustylad]

Originally Posted by 1blackman1

CBO says this plan actually costs 12 additional billion dollars...

That's based on a questionable assumption that the IRS would collect a lot more in taxes if it keeps all of the $80 billion Biden wants to throw at it under his wasteful, spendthrift, highly inflationary, and ridiculously misnamed "Inflation Reduction Act". (This for an agency with a current annual budget of $13 billion.)




Back on topic - anyone notice the new House Speaker and his wife raised an AA son, now in his 30s?

(Edit: I see 1b1 mentioned it in post #11, good for him!)

[Tiny]

Originally Posted by 1blackman1

CBO says this plan actually costs 12 additional billion dollars. Seems you like additional debt. Not surprising.

Well, I have to give you credit for honesty. Most partisan Democrats would say Speaker Johnson's plan "costs" 26.8 billion, which is the amount of revenue the CBO estimates the Treasury would forgo if the IRS's budget were reduced by 14.4 billion. You correctly subtracted the 14.4 billion aid to Israel from the $26.8 billion.

So what kind of return is the government receiving on that $14.4 billion? Well, the CBO provided this year-by-year estimate of outlays and foregone revenues:

https://www.cbo.gov/system/files/202...p_Act_2024.pdf

I entered the numbers into an Excel spreadsheet, and the government's internal rate of return (IRR) on the 14.4 billion is 22%. The government gets back $1.86 (being 26.8/14.4) for every dollar it "invests" in the IRS. The 22% IRR a good return for a business. But not a great return. One of my old employers required an estimated 20% IRR on any projects we undertook.

But the investor here is the United States Government, and its business is taking money out of the pockets of its citizens and businesses. If I bought a gun and got a monopoly on extorting money I'd make a hell of a lot higher return on my investment than 22% a year. I'd make millions off that $800 handgun!

This is another illustration how inefficient our federal government is, and why more of the power of the purse and power to spend should be vested in state and local governments.

But congratulations, LustyLad and I both complimented you today!

[Tiny]

Originally Posted by lustylad

That's based on a questionable assumption that the IRS would collect a lot more in taxes if it keeps all of the $80 billion Biden wants to throw at it under his wasteful, spendthrift, highly inflationary, and ridiculously misnamed "Inflation Reduction Act". (This for an agency with a current annual budget of $13 billion.)




Back on topic - anyone notice the new House Speaker and his wife raised an AA son, now in his 30s?

(Edit: I see 1b1 mentioned it in post #11, good for him!)

Sometimes a picture is worth a million words. Welcome back!!!

[Texas Contrarian]

Originally Posted by Tiny

Well, I have to give you credit for honesty. Most partisan Democrats would say Speaker Johnson's plan "costs" 26.8 billion, which is the amount of revenue the CBO estimates the Treasury would forgo if the IRS's budget were reduced by 14.4 billion. You correctly subtracted the 14.4 billion aid to Israel from the $26.8 billion.

So what kind of return is the government receiving on that $14.4 billion? Well, the CBO provided this year-by-year estimate of outlays and foregone revenues:

https://www.cbo.gov/system/files/202...p_Act_2024.pdf

I entered the numbers into an Excel spreadsheet, and the government's internal rate of return (IRR) on the 14.4 billion is 22%. The government gets back $1.86 (being 26.8/14.4) for every dollar it "invests" in the IRS. The 22% IRR a good return for a business. But not a great return. One of my old employers required an estimated 20% IRR on any projects we undertook.

But the investor here is the United States Government, and its business is taking money out of the pockets of its citizens and businesses. If I bought a gun and got a monopoly on extorting money I'd make a hell of a lot higher return on my investment than 22% a year. I'd make millions off that $800 handgun!

This is another illustration how inefficient our federal government is, and why more of the power of the purse and power to spend should be vested in state and local governments.

But congratulations, LustyLad and I both complimented you today!

Very interesting!

Although I haven't delved too deeply into the weeds here, I too was very skeptical when I first read the revenue differential claims promulgated by the set of usual suspects. Yeah, yeah, I've heard all the arguments about how the IRS needs a lot of firepower to limit the tax avoidance (and in some cases evasion) practiced by "rich people." But how good a job do they do in this regard even with the most bloated budgets imaginable?

Perhaps the claim contains some kernel of truth. But only a kernel. Someone probably wrote a ridiculously confused model designed to arrive at a specific conclusion, but which is unlikely to bear more than the slightest resemblance to real-world events.

Instead of clusterfuckish nonsense like further strengthening the IRS with enormously increased budgets and many thousands more agents, I'd rather see Speaker Johnson and his caucus pursue real tax reform for a change, simplifying the code while keeping rates as low as possible.

Well, I'd also like to see the Cowboys win the Super Bowl this season! (But both are equally forlorn hopes, I'm afraid.)

And welcome back, Lustylad!

[Tiny]

Originally Posted by Texas Contrarian

Very interesting!

Although I haven't delved too deeply into the weeds here, I too was very skeptical when I first read the revenue differential claims promulgated by the set of usual suspects. Yeah, yeah, I've heard all the arguments about how the IRS needs a lot of firepower to limit the tax avoidance (and in some cases evasion) practiced by "rich people." But how good a job do they do in this regard even with the most bloated budgets imaginable?

Perhaps the claim contains some kernel of truth. But only a kernel. Someone probably wrote a ridiculously confused model designed to arrive at a specific conclusion, but which is unlikely to bear more than the slightest resemblance to real-world events.

Instead of clusterfuckish nonsense like further strengthening the IRS with enormously increased budgets and many thousands more agents, I'd rather see Speaker Johnson and his caucus pursue real tax reform for a change, simplifying the code while keeping rates as low as possible.

Well, I'd also like to see the Cowboys win the Super Bowl this season! (But both are equally forlorn hopes, I'm afraid.)

And welcome back, Lustylad!

The IRS Commissioner was estimating the $14.4 billion claw back would result in $80 or $90 billion lower government revenues. That was before the CBO estimate came out. He may be eating crow now.

Agreed about tax rates and simplification!

[texassapper]

Haha... Mike Johnson is already hated by the left because he likes the two people that Democrats hate the most.

Jesus and Trump.

[Yssup Rider]

Originally Posted by texassapper

Haha... Mike Johnson is already hated by the left because he likes the two people that Democrats hate the most.

Jesus and Trump.

I’ve got nothing against Jesus.

Your hate rhetoric, on the other hand, is as provocative as ever.

[Levianon17]

Originally Posted by texassapper

Haha... Mike Johnson is already hated by the left because he likes the two people that Democrats hate the most.

Jesus and Trump.

He also knows the real reason why Democrats want an Open Border policy. I have to hand it to him on this one.



https://www.bitchute.com/video/xmre6IDkZyXb/