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Tax cuts decrease the deficit
2001400ex
Member Posts: 29,457
You all were right.
Those claims date back to Trump's 2016 presidential campaign. He first proposed a $10 trillion tax cut far larger than any Republican rival's, but insisted it wouldn't boost the federal budget deficit even temporarily because the economy would "take off like a rocket ship."
"Not only will this tax plan pay for itself, but it will pay down debt," Treasury Secretary Steven Mnuchin asserted as Congress debated the Trump tax cut. Mnuchin named two factors — increased economic growth and reduced corporate tax avoidance — that would offset revenue losses from lower rates.
"The years when we increased deficits are years when the economy is slowing down," said Gary Cohn, then director of the National Economic Council. He explained lower rates would lead corporations to shift taxable operations back to the U.S. from abroad.
House and Senate leaders used those arguments to reassure Republican holdouts. "We're right there in the sweet spot with economic growth that gives us more revenue," Speaker Paul Ryan declared.
"We fully anticipate," said Senate Majority Leader Mitch McConnell, "this tax proposal in the end to be revenue neutral for the government if not a revenue generator."
A few skeptics worried anyway. Calling debt "the greatest threat to our nation," Sen. Bob Corker of Tennessee vowed to oppose it "if it looks like to me … that we are adding one penny to the deficit."
Even as growth has accelerated, the Treasury reported that the 2018 deficit swelled to $779 billion. That level, the highest in six years, marks a 17 percent increase over 2017.
Federal spending as a share of the economy fell. But revenue fell even more, with corporate tax receipts plummeting 31 percent. The Congressional Budget Office forecasts deficits hitting $981 billion in 2019 and exceeding $1 trillion every year after that.
https://www.yahoo.com/finance/news/numbers-trump-apos-tax-cut-184400524.html
Those claims date back to Trump's 2016 presidential campaign. He first proposed a $10 trillion tax cut far larger than any Republican rival's, but insisted it wouldn't boost the federal budget deficit even temporarily because the economy would "take off like a rocket ship."
"Not only will this tax plan pay for itself, but it will pay down debt," Treasury Secretary Steven Mnuchin asserted as Congress debated the Trump tax cut. Mnuchin named two factors — increased economic growth and reduced corporate tax avoidance — that would offset revenue losses from lower rates.
"The years when we increased deficits are years when the economy is slowing down," said Gary Cohn, then director of the National Economic Council. He explained lower rates would lead corporations to shift taxable operations back to the U.S. from abroad.
House and Senate leaders used those arguments to reassure Republican holdouts. "We're right there in the sweet spot with economic growth that gives us more revenue," Speaker Paul Ryan declared.
"We fully anticipate," said Senate Majority Leader Mitch McConnell, "this tax proposal in the end to be revenue neutral for the government if not a revenue generator."
A few skeptics worried anyway. Calling debt "the greatest threat to our nation," Sen. Bob Corker of Tennessee vowed to oppose it "if it looks like to me … that we are adding one penny to the deficit."
Even as growth has accelerated, the Treasury reported that the 2018 deficit swelled to $779 billion. That level, the highest in six years, marks a 17 percent increase over 2017.
Federal spending as a share of the economy fell. But revenue fell even more, with corporate tax receipts plummeting 31 percent. The Congressional Budget Office forecasts deficits hitting $981 billion in 2019 and exceeding $1 trillion every year after that.
https://www.yahoo.com/finance/news/numbers-trump-apos-tax-cut-184400524.html
Comments
Keep lying.
Democrats will raise your taxes and spending
Blue Wave 18
And democrats want to do worse while raising my taxes along with it
Good job shill
And it doesn't mean the deficit didn't go up. If Govt revenues went up, but spending went up more that kinda means (for the non HondoFS of the world) that the deficit went up.
God you are a moron, and a lying one at that.
Hondo to cheer Trumps decisive action in 5...4...3...2...
I'll poast them, but I need something for it. How about you either voluntarily taking a week break from spamming the board or finally pay Derek for your spamming. Too chicken to agree?
Deficit hawks and Democrats alike have said the tax cuts would explode the deficit.
Yet, according to Investor’s Business Daily, individual income taxes rose 6 percent in the just-finished fiscal year for 2018 while the economy continues to grow.
https://moneyandmarkets.com/trump-tax-cuts-federal-revenue-record/
Too scared to agree, eh? Figures.
I'll add to it...if I'm wrong I'll stay off the bored for a week. According to HondoFS logic I'm the liar because HondoFS disagrees with published govt data, and is too scared to either pay Derek or quit spamming the bored for a week. BRILLIANT.
HondoFS...
But keep being fucktarded.
Still too scared to agree, eh? Figures.
Still too scared to agree, eh? Figures.
I'll post multiple links if you want...all you have to do is say the simple words "I agree".