Discussion and peer reviews
DISCUSSION POST MUST BE 10+ SENTENCES AND THE PEER REVIEWS MUST BE 7+ SENTENCES PLEASE USE YOUR OWN WORDS AND DO NOT COPY FROM OTHER SITES STAY ON TOPIC ,BE POSITIVE , AND DO NOT COMMENT ON GRAMMAR ERRORS. TALK DIRECTLY TO CLASSMATES IN PEER REVIEWS!!! YOU MUST COMPLETE BOTH PEER REVIEWS AND DISCUSSION QUESTION!! THANK YOU
1) DISCUSSION QUESTION
“Exploring Tax Cuts, Jobs, and CBO in the News”
There has been discussion about whether the Tax Cuts and Jobs Act actually reduces deficits and what will happen to U.S. debt. What do you think?
Watch this video: U.S. Deficit to Surpass $1 Trillion Two Years Ahead of Estimates, CBO Says
The video cites the Congressional Budget Office (CBO).
Discuss these questions in your post:
- Visit the CBO website and confirm that the reporting is accurate. Was the reporting accurate? Why or why not?
- Do you think the Tax Cuts and Jobs Act will reduce our deficits? Explain your answer.
Discuss with your peers:
- Reply to a peer’s response. Did they share the same reasoning about the Tax Cuts and Jobs Act as you did?
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2) PEER REVIEW #1 (GREGORY)
Good Evening Classmates and Professor Stallo,
After reviewing the report, the information in the video is inaccurate per the CBO website. There will be a deficit but it is projected to reach $896 billion for 2019 growing to $1.3 trillion by 2029, 10 years not 2 years.
With income levels rising each year due to inflation, more people will be in a higher tax bracket than they would under the old method. This will result in taxpayers paying more than they would have under the previous tax law. It also reduced the amount of deductions a person can carry on their tax returns. So no, the tax cuts and job act will not benefit anyone accept business owners, not individuals.
3) PEER REVIEW #2 (MATTHEW)
Hi class! The guy in the video was off by quite a bit, it doesn’t appear that the deficit will reach one-trillion until 2029. Though $980+ billion is awfully close to a billion, technically it will not hit a trillion like the man in the video suggested. And seeing as that it won’t hit a trillion until maybe late in the 2020s, I would consider the reporting in the video inaccurate.
I don’t think the Tax Cuts & Jobs Act will reduce deficits at all. Though the GOP has always made a point to be against accruing debt, under the current administration, America’s debt is now at a record high. We can’t just have massive tax cuts without finding other ways to make up for the lost tax revenue. But we do not have that, and thus our debt is skyrocketing. Unfortunately our country is being led by someone who has no experience in government whatsoever, and it seems like budget forecasting and public spending concepts that career gov’t officials are quite familiar with seem to go over the president’s head.
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