Quote:
Originally Posted by whell
What you call a "lie" is what others call "fact". Examples:
From Discourse, a "right down the middle" publication from George Mason University: In Actual Dollars, Tax Cuts Boost Revenue Time After Time
Let’s take a look at the major post-war tax cuts. The first was the U.S. Revenue Act of 1964, which reduced the top personal income tax rate from 91% to 70% and the top corporate tax rate from 52% to 48%. Keynesian economists, as well as skeptical Treasury staffers, estimated that the cuts would result in a cumulative revenue loss of $32 billion by 1966 (in constant 1963 dollars).
But instead, federal receipts grew by 65%, or 32% in real terms, from 1965 through 1970.
Politico: U.S. sees biggest revenue surge in 44 years despite pandemic
From Oct 2021: Despite a pandemic, a recession and a slew of tax cuts, federal tax receipts are booming. Revenues jumped 18 percent in the fiscal year that just ended, analysts say — the biggest one-year increase since 1977.
For example, corporate tax receipts leaped 75 percent, CBO says. At $370 billion, they easily top where they were immediately before Republicans slashed the corporate rate as part of the Tax Cuts and Jobs Act.
The overall revenue increase wasn’t only an anomaly compared to 2020, when receipts fell by just 1.2 percent to $3.420 trillion. Revenues in 2021 still rose 17 percent even when compared to 2019 levels, before the pandemic hit.
Here's one from the left side of the spectrum, Roll Call: Unexplained tax revenue growth vexes budget scorekeepers
In 2017, prior to passage of the GOP tax law, the CBO estimated that federal tax receipts would total $43 trillion over fiscal 2018 through 2027. Combining actual results in the early years after enactment with the latest forecast, [B]tax revenue is now expected to be $1.7 trillion higher during that time than the agency had forecast before the tax cuts became law./B]
There are more examples, but you get the idea.
The idea that tax cuts "pay for themselves" is Washington-speak for requiring "proof" that a tax cut will be budget neutral. That idea is a joke on its face since congressional spending is almost NEVER budget neutral. But, when there is a deficit, it does give Congress something to blame their over-spending on.  |
And these positive developments happened under the Biden administration and his policies to fix the US economy after the pandemic, further proof that the economy does better under Democrats.
Indeed, the recession that the GOP has been squawking about never really materialized as gas and grocery prices drop precipitously and the Fed is now talking about inflationary pressures easing. Well done, Joe.
BTW, George Mason's Economics Dep't is very strongly influenced by the Chicago School and author of the piece you cited worked at Cato, so you can be assured his take would give credit to Trump's tax cuts rather than Biden's policies.