US Loses Last Top Credit Rating With Downgrade From Moody’s
That estimate doesn’t include the potential effect of a sweeping GOP tax cut that economists see adding trillions to government red ink over the coming decade. Over the long term, higher federal spending on Social Security and Medicare — a result of the aging population — are expected to add to federal debt over the coming decades, along with higher interest rates that have pushed up debt servicing costs.
Revenue to the US treasury
increases after taxes are cut
@moe . Additionally we have something like 5 to 6 TRILLION in new investments lined up that will be pumped into our economy. Only an uneducated, brainwashed, media mind numbed economic illiterate would suggest America is not a good place to do business, save or invest in.
@moe
I resemble that remark.
Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal 2018.
www.investors.com
excerpt
individual income tax collections for FY 2018 totaled $1.7 trillion. That's
up $14 billion from fiscal 2017, and an all-time high. And that's despite the fact that individual income tax rates got a significant cut that year as part of President Donald Trump's tax reform plan.
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The Historical Lessons of Lower Tax Rates
excerpt:
When tax rates are reduced, the economy's growth rate improves and living standards increase. Good tax policy has a number of interesting side effects. For instance, history tells us that tax revenues grow and "rich" taxpayers pay more tax when marginal tax rates are slashed. This means lower income citizens bear a lower share of the tax burden - a consequence that should lead class-warfare politicians to support lower tax rates.
...more
In Actual Dollars, Tax Cuts Boost Revenue Time After Time
excerpt
Federal revenue didn’t fall after the big Trump administration tax cuts, much less by $2 trillion. Instead, total revenue rose. In fact, after trimming the rates for five of the seven brackets and nearly doubling the standard deduction, the government collected nearly $100 billion more in personal income tax revenue for the year ended Sept. 30, 2018. That was the biggest jump in three years. After President George W. Bush’s 2003 tax cuts, revenue rose for the next four years, with the deficit shrinking to as little as $161 billion in fiscal 2007. After the 1986 Reagan tax reform, which cut the top personal income tax rate from 50% to 28% and lowered the rates for other brackets, the deficit plummeted 32% the next year and stayed at that low level for another two years while revenue rose dramatically for three straight years.
@moe
How'd you Trumpers like to be me, getting my ass embarrassed like this every time I post some of my Left wing media mind numbed drivel on here?
I guess I'd be embarrassed too
@moe ...don't be too hard on yourself!
Entertaining too!
