Posted on 10/27/2021 9:00:25 AM PDT by SeekAndFind
The federal government collected a record $4,045,979,000,000 in taxes in fiscal 2021. In FY 2017 the Federal government collected $3.3 Trillion. This means that after Trump and the Republicans passed the tax rate cuts that went into effect in 2018, revenues up over $700 billion per year after 3 years.
So why do most journalists and other Democrats keep claiming that Trump’s tax cuts cost the government trillions of dollars? They intentionally mislead the public because that is clearly false. Why do they continue to use the CBO’s predictions instead of actual numbers? T0he tax cuts that cost the government less than zero, unlike those massive spending programs that Biden and most of the media and other Democrats are proposing.
Why would anyone with common sense propose raising tax rates, which would slow economic growth, when the lower rates raised much more money?
No reasonable person would propose taxing anyway on unrealized capital gains which are not income by any definition. Lawyers, appraisers, accountants, and consultants would have a field day challenging IRS on valuations.
There is also no way for the CBO or anyone else to make a reasonable estimate of revenues this new tax would raise, as Democrats pretend they will pay for their “human infrastructure”bills and as Biden claims falsely that massive spending bills cost zero.
Most billionaires today were not billionaires twenty years ago. Capitalism and low tax rates allow people to move up the economic ladder. Socialism and high taxes make the government stronger and intentionally holds people down while striving to make more people dependent on the government.
The choice is easy!
(Excerpt) Read more at americanthinker.com ...
That previous hack Pres, Obama, commissioned a study on this issue: what tax rate maximizes US revenue? He was gloriously disappointed when the Laffer curve came out and clearly showed that when total taxes (i.e., including hidden fees and such from water companies, trash, etc) exceed ~33%, revenue starts going down.
Every year, no matter state of economy.
He immediately raised taxes way beyond this.
That is what commie, racist trash do.
The best tax rate would be a flat 10%. It gives you not quite maximum revenue but promotes additional growth which, over the long term, is better for the country.
How much would government revenues have increased had Trump not lowered the rates?
Some people just want to watch the world burn.
Democrats don’t care about tax raised. They care how much they take from citizens
Agree. They know zip about economics. You cannot run a capitalist country with socialists in charge.
Their goal is Marxism.
Economic growth interferes with a reason to promote marxism.
Simple as that.
Vaxx Passports?
Control. Not covid.
Goal: Marxism.
Climate Change?
Goal: Marxism with total state control.
Once you understand this, you don’t ask questions about economic growth.
“Why would anyone with common sense propose raising tax rates, which would slow economic growth, when the lower rates raised much more money?”
When Maria Bartiromo confronted Obama prior to the 2008 election with that very same question, Obama responded that raising tax rates was about fairness, not raising revenue. (IIRC)
RE: How much would government revenues have increased had Trump not lowered the rates?
To answer that, compare the Federal government revenue increases BEFORE and AFTER the lowered rates.
Depends on the GDP (assuming you remove inflation by using constant dollars)
Tax revenue has been a rather steady percentage of the GDP since the end of WW2. (It's usually around 17% of GDP regardless of the tax rate.)
If you want to increase tax revenue, the way to do it is to promote economic growth, not increase the tax rate.
Also you can get the tax revenue numbers off the treasury website. Interesting how revenue dips slightly and then is higher than ever for a number of years after tax rate cuts (such as the Melon cuts, the JFK cuts and the Reagan cuts), and then when the tax rate is bumped up, you get get a revenue boost for the next year and then revenue decreases for the next few years. Check it out. Remember to compare with constant dollars.
So to answer your question: Not as much.
the goal of tax hikes is to hurt the economy. they know that lower rates brings in more cash, but that’s not their goal.
Because one side sees taxes as social issue, not an economic one.
Seems to me a law that limits political contributions as wealth grows would make sense to me. A billionaire, for example, would not be allowed to contribute anything in any way, shape, or form to political causes of any sort.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.