And net revenue went down. And the deficit went up. When the Trump-championed Tax Cuts and Jobs Act went into effect in 2018, economists saw an opportunity to test the theory that tax cuts pay for themselves due to economic growth. Six years later, Trump says the results are in and that the U.S. took in more revenue after corporate tax cuts in the TCJA. Revenues actually went down in the first two years after the TCJA was enacted, and then the pandemic hit — which muddied analyses of the TCJA’s impact. Revenues went up after 2020, though economists say revenues are not up as much as was expected in the absence of the TCJA when taking inflation into account. And the government’s nonpartisan Congressional Budget Office has said the tax law is contributing to rising national debt, and would add hundreds of billions to the nation’s debt if all the individual income tax provisions set to expire at the end of 2025 are extended. Trump's Spin on Tax Cuts Raising Revenues - FactCheck.org
I certainly know that at certain rates, we can increase revs by cutting taxes while at other rates we can increase revs by raising taxes. You have not provided any evidence that "tax cuts did not cause our revenue to drop". The very difficult Q is what would tax revenues have been without the cuts? It's like the joke...they told me if I voted for Goldwater, the country would go to hell. I voted for him & they were right. It did go to hell.
I have no problem with the tax cuts-I have a problem with our out of control spending- in every election the winner has promised to bring spending under control and has failed to do so- a lot of this is on Congress, but the way it works is if you are the Prez and something good happens you get the credit and if something bad happens you get the blame. I like the idea of DOGE, now we just need to see if it will work.
You started the thread, so what makes up most of the proposed 1 trillion spending cuts? Given you started the thread presumably you know the answer, correct?
well only half of our federal income tax makes up the number payro11 taxes is about 30% corp income taxes make up about 10% the rest come from a wide variety of things including I believe tariffs according your chart it has fluctuated a lot - you choose to derive that it was only when Trump was Pres but it is down to the to the same levels now under joey
So the debt is not a concern of yours, only spending. I would imagine if the debt was a concern you would want to increase taxes and cut spending so that the debt can be brought down.
I’d bet a trillion dollars you didn’t read the report. It claims $500B of its $1T wasted was covid spending which isn’t in any upcoming budget. It also classifies all the interest paid on the debt as waste. That’s over a trillion together then all the culture shit like electric car subsidies add up to a tiny amount that won’t make a difference. Youre easy to manipulate.
As long as we use baseline budgeting we will never get our debt down In the last 50 years it seems all we have done is print money, the amount of pork in almost every CR has been crazy.
You have zero idea what you are talking about. You have no concept of what is in the budget or an inkling of what cuts add up to. Your comments are so non-specific and general that they are unworthy of debate.
At this point, we are paying hundreds of billions more annually to re-pay interest on the current debt than we are spending on our entire military budget. I don't see a way out of this without some very drastic measures. We're not going to catch up by raising taxes. You'd have to raise taxes to a point where it would most certainly slow the economy severely. If you chop too much, that could hurt the economy too, although I trust the free market to allocate those dollars saved eventually. I don't trust the government to do so. Cutting spending is the only way out, but it will have to be drastic. There is going to be pain either way, but the free market can turn pain around a lot faster than government can. (assuming government can at all)
To add to my previous post, the only way we get out of this is drastic reduction in spending or an epic world war. Take your pick.
Yet another negative side effect of Joey's open borders policy is that the influx of illegal immigrants will no doubt put additional stress on our already maxed out services, which drive up additional revenue shortfalls and deficits. The kicker is that the illegals aren't paying income taxes. Literally the worst moment in history to open the floodgates at the border, because the needs of those illegals will drive additional deficits. Joe Biden is perhaps the worst president of all time.
Why not raise taxes and cut spending? If people are really concerned about the debt then you need to do both
What would you meaningfully cut? It’s hard to engage you righties flying at 50,000 feet high. “We spend too much”, then you list out about 10 things that add up to meaningless reductions. What are your specifics?
