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It's not about tax receipts(although I think we'll be about even) GROWTH is all that matters. With a 20 trillion dollar economy for every 1% you add in growth you add 200 billion dollars. The actual deficit does not matter what matters is the debt to gdp ratio, we will always carry some debt. Running roughly a 600 or 700 billion dollar deficit is fine growing at 3-4% it's terrible when growing at 1%. For example, 22 trillion dollars in debt in a 22 trillion dollar economy is far better than 20 trillion dollars in debt in a 19 trillion dollar economy....
But, but, tax tax cuts REDUCE the amount of money the fed takes in, according to dems.
"$30 billion to $40 billion larger than CBO expected"
Whenever tax cuts are discussed the dems say "the CBO says revenues will go down" but history has shown revenues go UP.
The CBO CANNOT look at AFFECTS of laws, only raw numbers.
When this is is brought up to dems they ignore it and wail and scream how tax revenues will DECRESE with tax cuts.
" But the real jolt for tax-cutting opponents was that the 03 Bush tax cuts also generated a massive increase in federal tax receipts. From 2004 to 2007, federal tax revenues increased by $785 billion, the largest four-year increase in American history. According to the Treasury Department, individual and corporate income tax receipts were up 40 percent in the three years following the Bush tax cuts. And (bonus) the rich paid an even higher percentage of the total tax burden than they had at any time in at least the previous 40 years. This was news to theNew York Times, whose astonished editorial board could only describe the gains as a “surprise windfall.”"
Tax cuts increase tax receipts who knew, that's fascinating. So what about the deficit, is it covered by the tax cuts.
Seems like some are pretty desperate for good news regarding the cuts.
It happened to my father early in his first term when he sought to close a growing federal deficit caused by the deep economic recession. He believed Democrats in Congress would keep their pledge to make $3 in future spending cuts for every $1 in immediate tax increases.
In 1982 he signed a compromise tax bill with the horrible name of TEFRA — the Tax Equity and Fiscal Responsibility Act. And, when those promised spending cuts never materialized in Congress, TEFRA became one of the biggest regrets of my father’s presidency.
My father was duped by the duplicity of Democrats. And so was George H.W. Bush less than a decade later, when he foolishly allowed himself to be taken for the same ride.
The only thing here is that some in the GOP also like big government.
Interest rates and unemployment at near record lows, corporate profits extremely high and debt at record levels. Sure that makes rational sense to take on more debt according to the Heritage Foundation economists.
So if tax revenue goes up, it's bad because "giving" more money to the government is bad.
And if it goes down, it's bad because we're "racking up debt".
And if it stays they same, then it's bad because Trump is "getting nothing done".
No matter what it does, it's bad because Trump.
Congratulations, you are now qualified to be an expert financial analyst on CNN.
2017 was a great year for Americans. Hard to think the tax cuts -- which weren't realized until 2018 had anything to do with that.
What specific economic policy in 2017 is attributed to the gain in tax revenue?
None -- absolutely none.
Americans did better in 2017 because the economy was strong and sound right from December 2016 on -- the economy was and continues to be on a slow, steady growth progression.
Trump or no Trump, Obama or no Obama
YEAH for Americans
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