Now, they will feign outrage about any company getting tax relief, which always leads to business expansion and hiring.
When the left credit their black messiah did good things for the economy, do they know he did things like this?
I personally did not mind that. Leads to hiring.
The left now all of a sudden go to their bullshit claims.
Such fucking ignorant losers.
Yes we did mind that GE paid no taxes.
Twice as many companies paying zero taxes under Trump tax bill
thanks,,,
its great news to hear more people and companies get to keep more of the money they earned and the government get less
lest see if we can increase this,,,
Wake the fuck up
During the
2016 presidential campaign, Republican candidate
Donald Trump promised he would
eliminate the nation’s debt in eight years. Instead, his budgets would add $9.1 trillion during that time. It would increase the U.S. debt to $29 trillion according to
Trump's budget estimates.
the U.S. debt. He promised to grow the economy 6 percent annually to increase tax revenues. But once in office, he lowered his growth estimate to 3.5 percent to 4 percent.
These projections are above the
2-3 percent healthy growth rate. When growth is more than that, it creates inflation. Too much money chases too few good business projects.
Irrational exuberance grips investors. They create a
boom-bust cycle that ends in a recession. Trump’s
Fiscal Year 2020 budget lowered annual growth rates down to between 2.4 percent and 2.9 percent annually.
Trump promised to achieve 4 percent growth with
tax cuts. In his
first 100 days, he released the outline of would become the
Tax Cuts and Jobs Act. It cut the
corporate tax rate from 35 percent to 21 percent beginning in 2018. The top individual
income tax rate drops to 37 percent. It doubles the
standard deduction and eliminates
personal exemptions. The corporate cuts are permanent, while the individual changes expire at the end of 2025.
But
Trump's tax cuts won't stimulate the economy enough to make up for lost tax revenue. According to the
Laffer curve, tax cuts only do that when the rates were above 50 percent. It worked during the
Reagan administration because the highest tax rate was 70 percent.
Trump’s second strategy is to “eliminate waste and redundancy in
federal spending.” He demonstrated cost-consciousness in his campaign. He used his Twitter account and rallies instead of expensive television ads. He outlined his
cost-cutting strategies in his book, "The Art of the Deal."
Trump was right that there is waste in
federal spending. The problem isn't finding it. Both Presidents Bush and Obama did that. The
problem is in cutting it. Each program has a constituency that lobbies Congress. Eliminating these benefits loses voters and contributors. Congress will agree to cut spending in someone else’s district, but not in their own.
Any president must cut into the biggest programs to make an impact on the debt. More than two-thirds of government spending goes to
mandatory obligations made by previous Acts of Congress. For FY 2020, Social Security benefits cost $1 trillion a year, Medicare costs $679 billion, and Medicaid costs $418 billion. The
interest on the debt is $479 billion.
To lower the debt,
military spending must also be cut. The most Obama spent was $855 billion in FY 2011. The most Bush spent was $666 billion in FY 2008. Instead of cutting, Trump is breaking all those records. Military spending rose to $989 billion in FY 2020.
