- Feb 11, 2018
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It's 1.5 trillion.
Let's be honest and let's be factual. Less taxes equates to more profits in capital gains. True or false? There were no cuts in government services to match the tax cuts, which means a greater budget deficit due to loss of revenue. True or false? The money seen in the greater profits for corporations is therefore paid for by taxpayers who have to make up the difference in revenue. True or false?
False. Look at the budget revenue.
- FY 2019 - $3.422 trillion, estimated.
- FY 2018 - $3.34 trillion, estimated.
- FY 2017 - $3.32 trillion.
- FY 2016 - $3.27 trillion.
- FY 2015 - $3.25 trillion.
- FY 2014 - $3.02 trillion.
Sure looks to me like revenue went "UP".
When revenue is going up, you can't blame tax cuts for a deficit. You can only blame increased spending.
Cut the spending. I would agree with that.
If you could show me a year in which revenue declined directly after the tax cuts, then I would agree with your point.
Even then.... from every single estimate I've read thus far..... if you were to look exclusively at just corporate income tax revenue....
The total loss of income tax revenue should be at most about $50 billion dollars. Corporate income tax revenue was $340 Billion in 2015, and $290 Billion in 2016, and then $420 Billion in 2017, and estimated to be about $500 Billion this year.
In other words, we had an expected short term loss of revenue that was only $50 Billion dollars. In one year, it increased to a higher level of revenue than was ever recorded during the Obama years, and this year will be almost 50% hire than the average for Obama's entire two terms.
Now compare that $50 Billion loss, to the $1.3 Trillion dollar deficits Obama had with his higher tax rate. Do you a problem there with your logic?
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