And that is almost certain to be the end result down the line. But the immediate result of tax cuts has always been to reduce tax receipts and increase the deficit for the first year or two. Once they kick in and provide the stimulus they are designed to promote then revenue rises, deficits shrink and even become surpluses. So in the short term tax cuts need matching spending cuts or the deficit goes up, and how likely is that to happen with the Congress we have? Not very.
Worked for Kennedy, worked for Reagan and it’ll work again. A rising tide lifts all boats. Meanwhile, Obama’s big spending, big taxing, big borrowing policies are sinking the ship.