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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsNo, Trump's tax cut isn't paying for itself
The Treasury Department released figures on Monday showing the federal budget deficit widened by 17 percent in the 2018 fiscal year, to $779 billion. Thats an unusual jump for a year in which unemployment hit a five-decade low and the economy experienced a significant economic expansion. But the increase demonstrates that the tax cuts President Trump signed into law late last year have reduced federal revenues considerably, even against the backdrop of a booming economy.
Some conservatives dont see the rising deficit numbers that way. They note that the Treasury reported that federal revenues rose by 0.4 percent from the 2017 fiscal year to the 2018 fiscal year, and view that as a sign that the tax cuts are paying for themselves, as Republicans and Mr. Trump promised.
Thats not the case.
There are several ways to ask the question, Are tax cuts paying for themselves? Based on the data we have right now, they all arrive at the same answer: No.
Federal revenues are falling well short of projections even with strong economic growth
The issue here is not whether the government spends too much money, or whether tax cuts have buttressed economic growth, or even whether its advisable to run such high deficits in flush economic times.
https://www.msn.com/en-us/money/markets/no-trumps-tax-cut-isnt-paying-for-itself-at-least-not-yet/ar-BBOv9gi?li=BBnbfcN
Wellstone ruled
(34,661 posts)intended to pay for it's self. It was a funds transfer to the Mega Rich for their support of the GOP and was solely written with the same persons who benefited to do the same this year.
SWBTATTReg
(22,166 posts)smirkymonkey
(63,221 posts)They pulled the old "Lucy with the football" trick again.
spanone
(135,874 posts)while giving the 1% a huge tax break
gratuitous
(82,849 posts)I wonder if anyone in the media will be going back to ask the folks who passed this tax cut with the solemn promise that it wasn't going to increase the deficit what the hell happened? In fact the deficit jumped 17%, or more than $100 billion over what it would have been without shoveling the Treasury into the overstuffed pockets of the wealthy.
Any of them going to say, "Zounds! That wasn't supposed to happen. Let's repeal those cuts immediately!" And if not, why not?
TheFarseer
(9,326 posts)I saw a debate and our candidate was bludgeoned half to death with this fact.