17 Oct 2018 home
Republicans attack Democrats regarding taxes. And who likes paying taxes? But not paying taxes can add up to trouble for a nation. A few years ago Greece's economy collapsed because of too many people not paying a fair share in taxes.
This past December, 2017, President Trump signed into law a tax cut that was supposed to grow the economy and produce revenue to reduce the national debt. Trump's Treasury Secretary, Steven Mnuchin, said he expected the tax cut to help reduce government deficits.
Today the New York Times headlined: "No, Trump's Tax Cut Isn't Paying for Itself (at Least Not Yet)."
The economy is humming along, and federal revenues have risen slightly, but, says the NY Times, "that doesn't mean the $1.5 trillion tax cut is bringing in more revenue than it’s losing."
Someone adds his comment:
Reagan told us that huge tax cuts for the wealthy would pay for themselves. Rather the deficit increased 2-3 trillion dollars. Bush II tax cuts did not pay for themselves.
The pattern is painfully obvious. So Republicans, please stop telling us that tax cuts for the wealthy will pay for themselves. What never fails to amaze me is how American voters fall for this nonsense over, and over, and over.
With a booming economy, we should be paying down the debt and making investments... The Republican narrative is simply a broken record ... Bill Clinton came into office with a huge deficit thanks to Reagan/Bush, when he left office the Democrats left the country with a big surplus. George W. Bush spent money on his wars and also gave the wealthy huge tax cuts, which again led to huge deficits and help[ed] lead to the Great Recession, with the country precipice of an economic collapse inherited by President Obama.
Copyright © 2018 by Frank E. Smitha. All rights reserved.