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Va. Gov. Ralph Northam gives update on coronavirus pandemic
Despite $1 trillion deficits, Trump tax cuts will still 'pay for themselves': Mnuchin
February 12, 2020
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The policy that Trump is using is based on the one used by Reagan is called the Laffer Curve. This plan has never worked and is constantly used by Republicans to cut taxes in the belief that the increase in the economy and revenue will cover the deficit. It did not happen for Nixon, Reagan, Bush 2, and Trump believes the same thing. Bush 1, Clinton, and Obama increased taxes to reduce the deficit and pay for the needs of all Americans. In fact Clinton ran a surplus. Trump claims unemployment is the lowest in 50 years which it was even lower under the Democrat's before that in the 60's.
Hows about we increase Corp taxes 500 billion and decrease budget $500 billion
"Our analysis has always been higher than CBO. As I've said previously, we believe that the tax cuts will pay for themselves over a 10-year period of time, it's how we score them," Mnuchin said. - I have to give the GOP credit. When they lie, they stick with it.
Trickle down economics (tax cuts generate revenue) have been proven false time and again and here we have the Treasury Secretary saying tax cuts pay for themselves yet again.
Despite $1 trillion deficits, Trump tax cuts will still 'pay for themselves': Mnuchin. And Mexico is paying for the wall. And China is paying the trade tariffs.
The last president to balance a budget was Bill Clinton. Republicans spend money like water.
Just before the tax cut bill was passed, the University of Chicago asked it's panel of about 50 truly top economists selected to be as representative as possible of the field of economics if they thought that the tax cuts would drive long term economic growth and would they increase deficits. The results were OVERWHELMING. The tax cuts would NOT drive significant growth (check) and would drive up the deficit (check). There is absolutely NO reason to think that this tax cut would NOT drive up deficits.
The tax cuts were designed to help the wealthy. They gave the highest income groups the largest PERCENTAGE cuts (which does the least to drive growth) and as predicted by serious economic analysis, the benefits of the tax cuts would go overwhelmingly to capital (stock prices) and very little to wages. Spectacular for my IRA, but not really good for the economy as a whole. Think of it a little like taking out a $100,000 loan and heading to the mall. Your spending levels look great, but are you better off financially? NO!
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Sure they will after the middle class all pay their taxes this year.
Despite $1 trillion deficits, Trump tax cuts will still 'pay for themselves'?
You tax cuts expire in a couple of years. Think about that.
trump made a campaign promise he would reduce the entire 18 billion dollar federal deficit to zero if he was given 8 years, instead he has added 4.5 billion (so far) and now claims only the tax cuts will be paid in 10 years. Another broken promise and another lie to add to trumps long list of lies.
Not sure the economy could survive 10 years of Trump giving his buddies tax cuts.
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