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Deficit to hit $897 Billion this year, Debt headed towards highest level since WWII
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(01-31-2019, 07:25 AM)The Real Marty Wrote:(01-30-2019, 05:43 PM)B2hibry Wrote: It’s called spending more than the revenue being brought in. Those tax cuts did in fact increase revenues but the federal budget is outpacing. Doubling Medicare/Medicaid in less than 10 years doesn’t help. The Dems control the house so we’ll see how spending goes. Hint...it isn’t going down! No, the claim by some supporters was that the effect of tax cuts would cover the loss in tax revenue from the cuts. Since there was not a revenue drop, that was true. The main purpose of the corporate tax cuts was to slow or stop the bleeding of industries moving to other countries, and had nothing to do with revenue. Because of that it was a worthwhile decision even if it caused a decrease in revenue. Corporations that moved to (say) Ireland would pay ZERO corporate taxes to the US government. Note that many left wing economists (as well as the Congressional Budget Office) predicted that the tax cuts would hurt revenue. They were wrong. "Why should I give information to you when all you want to do is find something wrong with it?" |
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