Trump's tax cut didn't reduce the deficit – despite promises
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The numbers are in, and Trump's tax cut didn't reduce the deficit – despite his many promises
Quote:
On the campaign trail, Trump first proposed a $10 trillion tax cut, far larger than any Republican rival's, but insisted it wouldn't boost the federal budget deficit because the economy would "take off like a rocket ship."
Though Trump sharply pared back this proposal, he continued to maintain the deficit wouldn't rise.
That claim was politically important for congressional Republicans who used it to convince holdout lawmakers to vote yes.
But even as growth has accelerated, the Treasury reported that the 2018 deficit swelled to $779 billion. That level, the highest in six years, marks a 17 percent increase over 2017.
It's not an accurate comparison.
The tax cuts didn't go into effect until Jan 2018, and for many employers, it took them until April 2018 to go into effect.
So, you can't compare FY 2017 with FY 2018.
This is terrible journalism to miss this.
This is so bad, that it's possible, the tax cuts did cut the deficit (if you properly exclude Oct 2017, Not 2017, Dec 2017 .... months before the tax cut)
Secondly, you need to adjust for inflation. This journalist does no adjustment for inflation.
_________________
After a failure, the easiest thing to do is to blame someone else.
LoveNotHate wrote:
It's not an accurate comparison.
The tax cuts didn't go into effect until Jan 2018, and for many employers, it took them until April 2018 to go into effect.
So, you can't compare FY 2017 with FY 2018.
This is terrible journalism to miss this.
This is so bad, that it's possible, the tax cuts did cut the deficit (if you properly exclude Oct 2017, Not 2017, Dec 2017 .... months before the tax cut)
Secondly, you need to adjust for inflation. This journalist does no adjustment for inflation.
The tax cuts didn't go into effect until Jan 2018, and for many employers, it took them until April 2018 to go into effect.
So, you can't compare FY 2017 with FY 2018.
This is terrible journalism to miss this.
This is so bad, that it's possible, the tax cuts did cut the deficit (if you properly exclude Oct 2017, Not 2017, Dec 2017 .... months before the tax cut)
Secondly, you need to adjust for inflation. This journalist does no adjustment for inflation.
Quote:
Federal spending as a share of the economy fell. But revenue fell even more, with corporate tax receipts plummeting 31 percent. The Congressional Budget Office forecasts deficits hitting $981 billion in 2019 and exceeding $1 trillion every year after that.
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