Posted on 01/23/2023 12:32:43 PM PST by TBP
How many times have you heard President Joe Biden or Sens. Elizabeth Warren (D-MA) and Bernie Sanders (I-VT) berate the Trump tax cuts as “a giveaway to the rich?”
Biden and congressional Democrats now want to let expire major planks of the Tax Cuts and Jobs Act of 2017, former President Donald Trump's signature domestic achievement, particularly the incentives for American businesses to invest more here at home.
We now have incontrovertible evidence that after five years since they took effect, the Trump tax rate cuts of 2017 raised revenues over this time period. For full disclosure, I should note that I worked with fellow economists Larry Kudlow, Arthur Laffer, and Kevin Hassett together on that plan, which went into effect on Jan. 1, 2018.
The latest Congressional Budget Office report released earlier this month calculated that the federal government collected $4.9 trillion of federal revenue last year. This was up — ready for this? — almost $1.5 trillion since 2017, the year before the tax cuts became law.
In other words, revenues were up 40% in five years. The evidence through the first three years of the tax cut finds that the share of taxes paid by the wealthiest 1% rose as well. So much for this being a tax giveaway for the rich.
Most conservative tax cuts paid for themselves with increased revenue. It points out the issue that we have a spending problem. Our government spending is like a heroin junkie or crack addict with an unlimited bank account. Unfortunately, it takes the government a lot longer to have a heart attack and die or OD. And it takes us all down with it when it does.
just like Regan’s...
We’ve been repeatedly learning this lesson for at least 60 years.
Tax cuts with massive government spending is a powerful force.
Bottom up and middle out works when you cut taxes.
Just image how much better we would be if spending was also cut.
Some peeps believe that it is a good time to scurry about making Roth Conversions.
Those transactions tend to greatly increase tax “contributions” during the process [Income Tax is voluntary, right?].
Coolidge tax cuts — increased revenues
Kennedy tax cuts — increased revenues
Reagan tax cuts — increased revenues
Bush tax cuts — increased revenues
Trump tax cuts — increased revenues
Tax cuts broaden the tax base.
The real JFK was right....
Listen to his speech to the Economic Club of New York in 1962.
What will the msm have to say about this, other than nothing?
Yep. Its not like there is any history or track record to guide elected representatives...
There was another Jfk?
I'm really tired of this concept. Our problem isn't that we aren't taxed enough. Our problem is a government that has grown far beyond its constitutional size, scope, power, and cost. We need to cut government, and that means We the People need to again care for ourselves instead of becoming dependent upon the government.
JF’nK for one.
Then there is the Senator from La. [doubt he has a k in the middle, but don’t know].
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