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Baloney. Tax revenue as a share of GDP is far from record highs.
Almost every year in the last 100 years has tax revenue gone up simply because of inflation and GDP growth. And the GDP growth is nothing special these days. Far from the 5-6% annually that Trump promised us and approaching 2% this year after failing to hit 3% last year even in the midst of a huge oil boom, but awful productivity growth.
Who the F cares? The government has a record amount of money to spend-why do we care what the relationship is to GDP? It SHOULD be going down-the nation's GDP needs to be expanding-and when it grows faster than tax revenue it leaves more money in the hands of individuals and businesses to survive. Tying GDP to a % of GDP at a time of a growing economy is a cheap trick to justify extorting more money from the public.
So? Overall revenue is up-but our growth in spending exceeds even these record revenues. Yes, it means we should make spending cuts.
And the tariffs are a tax-I assume all those that are whining about revenue are embracing them.
The corp reduction was a flat out gift to the elites that should not have been done. Yes the stated rate should have come down, but it should have been accompanied by narrowing of deductions (See Amazon etc) IIRC the typical actual rate pre reduction was ~14%.
This does not mean there should not have been spending cuts.
The corp reduction was a flat out gift to the elites that should not have been done. Yes the stated rate should have come down, but it should have been accompanied by narrowing of deductions (See Amazon etc) IIRC the typical actual rate pre reduction was ~14%.
This does not mean there should not have been spending cuts.
One party has been worse the last few decades and that's Republicans. Gwb did it last time... Doubled the national debt before a recession and let Obama inherit the mess
This is a riot. GWB doubled it? Why don't you post the part about how Obama racked up more debt than all other presidents combined?
It was the 1st 4 years during and after recession, and then there was a dramatic drop until Trump took office.
Either way the "BUT OBAMA" argument does not explain why Trump brags about having the best economy ever while spending like a drunken sailor on borrowed money.
Clinton understood economy. There was a massive boom, and while unemployment was very low, we were still adding 450K jobs per month, and we had a trade surplus.
Clinton just got lucky with the dotcom era.
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