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"Tax cuts and a slowing economy will erode America’s fiscal strength during the next decade, according to a new report from Moody’s Investor Service, the bond-rating agency. At some point, Moody’s might cut the nation’s top-tier credit rating.
The Moody’s warning challenges a core promise of President Trump and his fellow Republicans, who insisted the $1.5 trillion tax cut they passed last year would pay for itself and even generate more tax revenue, not less, because economic growth would suddenly boom. Trump predicted last year that the economy would “take off like a rocket ship” once his tax cuts went into effect. White House economists predicted family incomes would rise by $4,000 or more due to a sharp cut in business taxes.
None of that is happening or coming into view...
...The deficit rose from $666 billion in 2017, before the tax cuts, to $779 billion in 2018, when the tax cuts had been in effect for eight months. The deficit is likely to approach $1 trillion this year, an unprecedented gap for an economy that’s supposedly booming. ..."
"Tax cuts and a slowing economy will erode America’s fiscal strength during the next decade, according to a new report from Moody’s Investor Service, the bond-rating agency. At some point, Moody’s might cut the nation’s top-tier credit rating.
The Moody’s warning challenges a core promise of President Trump and his fellow Republicans, who insisted the $1.5 trillion tax cut they passed last year would pay for itself and even generate more tax revenue, not less, because economic growth would suddenly boom. Trump predicted last year that the economy would “take off like a rocket ship” once his tax cuts went into effect. White House economists predicted family incomes would rise by $4,000 or more due to a sharp cut in business taxes.
None of that is happening or coming into view...
...The deficit rose from $666 billion in 2017, before the tax cuts, to $779 billion in 2018, when the tax cuts had been in effect for eight months. The deficit is likely to approach $1 trillion this year, an unprecedented gap for an economy that’s supposedly booming. ..."
Maybe we need those Billions of dollars back from Iran that Obama sent to our enemies. Not to mention all the expensive vacations Obumer and Big Mike was continually on.
"Tax cuts and a slowing economy will erode America’s fiscal strength during the next decade, according to a new report from Moody’s Investor Service, the bond-rating agency. At some point, Moody’s might cut the nation’s top-tier credit rating.
The Moody’s warning challenges a core promise of President Trump and his fellow Republicans, who insisted the $1.5 trillion tax cut they passed last year would pay for itself and even generate more tax revenue, not less, because economic growth would suddenly boom. Trump predicted last year that the economy would “take off like a rocket ship” once his tax cuts went into effect. White House economists predicted family incomes would rise by $4,000 or more due to a sharp cut in business taxes.
None of that is happening or coming into view...
...The deficit rose from $666 billion in 2017, before the tax cuts, to $779 billion in 2018, when the tax cuts had been in effect for eight months. The deficit is likely to approach $1 trillion this year, an unprecedented gap for an economy that’s supposedly booming. ..."
We have needed a focus on the deficit for 15 years and first we had Harry & Nancy rob the piggy bank while George let it happen, then Harry, Nancy and Barack robbed the piggy bank and gave it to the rich fat cat Wall Street bankers that elected them, now Trump robbed the piggy bank and gave some to everyone....it's gotta stop or yes, there will be sever ramifications.
So just keep raising taxes indefinitely? Is that what you’re proposing?
No, just put them back to WHAT THEY WERE.
Ken
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