On 11/7/23 10:44 AM, ScottW wrote:
On Monday, November 6, 2023 at 8:42:52 AM UTC-8, mINE109 wrote:
On 11/6/23 10:18 AM, ScottW wrote:
65% of registered voters would opt to cut federal spending to address
the growing deficit. Some 14% would rather increase taxes than cut
spending.
Stephen is devastated by his preferred policy lack of popularity.
If it pleases you to think so, carry on. Meanwhile:
https://news.gallup.com/opinion/polling-matters/396737/average-american-remains-higher-taxes-rich.aspx#:~:
I don't see how this will have changed much in a year.
They've realized you can't tax just the rich enough to make a dent in the deficit.
If so, they're misinformed. I would recommend they read this article:
https://www.americanprogress.org/article/tax-cuts-are-primarily-responsible-for-the-increasing-debt-ratio/
Hed: Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio
Subhed: Without the Bush and Trump tax cuts, debt as a percentage of the economy would be declining permanently.
Sure, it says 'debt ratio' not 'deficit,' but I imagine there's some
crossover.
Same author, easier to read:
https://www.budget.senate.gov/chairman/newsroom/press/extending-trump-tax-cuts-would-add-35-trillion-to-the-deficit-according-to-cbo
https://www.msnbc.com/opinion/msnbc-opinion/us-economy-trump-bush-tax-cuts-deficit-rcna122322
Hed: America has a revenue problem. Blame George W. Bush and Donald Trump.
Subhed: Even though the national debt is rising, spending can’t be blamed.
"When the unemployment rate fell a similar amount between 2015 and 2019,
going from 5.4% to 3.7%, revenues dropped from 17.9% of GDP to 16.3% —
the equivalent of taking in $450 billion less per year after adjusting
for the size of the economy.
Why did this happen? Because during that same time, the Bush tax cuts,
their bipartisan extensions, and later the Trump tax cuts slashed taxes, significantly lowering overall revenue. Importantly, a disproportionate
share of the benefits from these cuts accrued to very rich Americans, profitable corporations and wealthy heirs."
Maybe you're right, but the opposite is certainly true: if you cut taxes
on the rich, you lose revenue.
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