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re: Trump's Economy Is Fantastic
Posted on 1/19/20 at 1:57 am to BurningHeart
Posted on 1/19/20 at 1:57 am to BurningHeart
But what you are suggesting has been done by Trump has only increased the deficit.
Dont believe me, believe Reagan, first President Bush and Second President Bush economic advisor Greg Manikew -
AND
SOURCE -
LINK
Dont believe me, believe Reagan, first President Bush and Second President Bush economic advisor Greg Manikew -
quote:
I used the phrase “charlatans and cranks” in the first edition of my principles textbook to describe some of the economic advisers to Ronald Reagan, who told him that broad-based income tax cuts would have such large supply-side effects that the tax cuts would raise tax revenue. I did not find such a claim credible, based on the available evidence. I never have, and I still don't.
[...]
My other work has remained consistent with this view. In a paper on dynamic scoring, written while I was working at the White House, Matthew Weinzierl and I estimated that a broad-based income tax cut (applying to both capital and labor income) would recoup only about a quarter of the lost revenue through supply-side growth effects. For a cut in capital income taxes, the feedback is larger--about 50 percent--but still well under 100 percent. A chapter on dynamic scoring in the 2004 Economic Report of the President says same thing.
AND
quote:
“Federal revenue is lower today than it would have been without the tax cuts. There's really no dispute among economists about that,” said Alan D. Viard, a former Bush White House economist now at the nonpartisan American Enterprise Institute. “It's logically possible” that a tax cut could spur sufficient economic growth to pay for itself, Viard said. “But there's no evidence that these tax cuts would come anywhere close to that.
SOURCE -
LINK
Posted on 1/19/20 at 2:28 am to Eurocat
quote:
Eurocat
Your whole premise is that we should form our tax policy around the deficit. That's a socialist way of thinking... and we all know how many great economies were formed from a social structure.
How about cutting regulations and spending so the budget isn't as high to begin with?
Novel ideal eh?
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