Tax cuts are a form of stimulus, and what do you think happens with the percentage of people not paying income tax when tax cuts are passed?
I voted for Reagan, twice, but I do remember the tax increases on middle America. Namely taking away the interest deductions on things like credit card and car loan interest. I could see the credit cards, but not the car loan interest. Middle income people don't pay cash for their cars. I still voted for HW after that, mainly due to the Russian issues.
Well the percentage of people not paying income taxes will increase. Which is not a good thing when we already have almost half the country not paying income taxes. But that is not going to drive inflation. The government pumping money into the economy and low interest rates so people borrow is what will cause inflation to rise…
That’s a bullshit statistic but you knew that when you hit “post reply”. Crazy how people see stimulus and tax cuts as different impacts just because their political party is Republican. Nutso.
your party of choice passes tax cuts primarily for the rich, and adds low end ones to make it more palatable to the masses, thus single handedly increasing the percentage of folks not paying income tax with the stroke of a pen, and then later on have the gall to complain about that percentage.. I didn’t say that percentage had to do with inflation, but I AM saying that tax cuts are a form of stimulus (especially when not offset), and thus can effect inflation. Both Bush and Trump used debt fueled tax cuts as a way to stimulate the economy.
Your right. Last year it was 57% paid no federal income taxes… 57% of U.S. households paid no federal income tax last year as Covid took a toll, study says
Both Bush and Trump made it so fewer people paid federal income taxes. You can’t cut taxes for those paying no taxes. That is the elephant in the room no one wants to acknowledge…
As a point of information these are the non-income taxpayers and while the charts are admittedly over 10 years old the breakdown is most likely very little changed.
My thread title is a Kudlow reference. Long ago I remember reading a piece by him titled something like 'The Miracle of Tax Cuts' about tax cuts paying for themselves. The old lie that gets recirculated every time the Repubs try to cut taxes.
I would add that with the possible exception of the 1964 Kennedy-Johnson tax cut, tax cuts have NEVER paid for themselves.
And he is the apparent leader right now Race to be next UK PM begins as momentum grows behind Boris Johnson
It may be possible that in 1981 bringing the top rate down from 70% to 50% paid for itself - just that particular item, but that is hard to prove either way.
Bit of a bizarre situation if Boris regains power (hope not). . Conservatives are lucky that there isn't a general election now. Right now it would be catastrophic for them. Got 2 years to show some positive results. No PM, a new King, rampant inflation, infrastructure issues, Brexit failure, weak pound sterling, etc, etc. Hopefully, somebody rights the ship. Political and economic turmoil in GB is bad for everyone in the West.
Ludlow is another self serving clown. I recall when he was on CNBC ranting about free markets, opposing price controls and import tariffs. Then he goes to work for trump and advocates just the opposite and does it with a straight face.
And? We have far more now not paying federal income taxes than we did in 2009. You can thank Trump for providing those tax cuts by the way...
And 2020 and 2021 were anomalies. If 2021 (and the same for 2020) was an anomaly. From your own linked article. None of those conditions will be applicable in 2022 with result being a significant drop in the percentage of households who will not be paying federal income tax. Also from the same article: I guess you can thank Biden for the increase in the number of taxpayers which you seem to imply would actually be a positive.
