re: The GOP wants to add $3T to the debt

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But it didn't. Please show me the data where government revenue increased because of the Regan and Trump tax cuts. It simply isn't true. I'm all for paying less in taxes, but it has to come with a massive, massive reduction in spending.

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Have you actually looked?

There’s a good comprehensive chart in this link.
LINK

Reagan was president from 1981 to 1989. Top income tax went from 70% to 50% in 1981.

We had a major economic recession in 1982 mostly due to the oil bust.

The top rate was reduced again in 1987 to 38.5% and then again in 1988 to 28%

Here are the Tax revenues per year:

1979 - $463 B
1980 - $517 B
1981 - $599 B
1982 - $617 B
1983 - $600 B (recession year returns)
1984 - $666 B
1985 - $734 B
1986 - $769 B
1987 - $854 B
1988 - $909 B
1989 - $991 B

Now, these are not inflation adjusted numbers, but Reagan drastically cut tax rates, and tax revenues greatly increased while he was president, while the citizens enjoyed a higher standard of living with much lower taxes.

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It is proven that tax cuts increase revenues.

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Show me the proof

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It is proven that tax cuts increase revenues.

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They can.

But if combined with more spending, its nothing more than a quick stimulus, then it loses effectiveness.

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RogerTheShrubber

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Here is the data, conclude what you will.

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It seems to prove the point that lowering tax rates don’t have a direct correlation to tax revenue, but are influenced by the Laffer Curve.

It also shows that besides a major economic recession (1982) and an induced COVID recession (2020), tax revenue continues to climb year over year despite a lower tax rate, which means more money in citizens pockets and not government pockets.

Hey Jimbeaux, After Reagan's tax cuts, he then implemented all of these:

The 1980s tax increases are less well-known, in part because they didn't involve increases in individual income tax rates. The biggest, the Tax Equity and Fiscal Responsibility Act of 1982, increased revenue mainly by tightening up rules on depreciation, leasing, contract accounting and investment tax credits. The Social Security Amendments of 1983 sped up planned increases in payroll tax rates, among other things. The Deficit Reduction Act of 1984 changed rules on interest exclusions, income averaging and such. The Omnibus Budget Reconciliation Act of 1987 closed a few loopholes and extended a telephone excise tax.


I mean any guy with basic economic sense will understand that cutting a revenue source for the federal government will not result in an increase in revenue. Look I am all for paying less taxes. My federal tax bill was 6 digits. It sucks. But doing so without massively reducing federal government will only increase deficit spending.

So say my taxes get cut in half. How is that money and then some going to get back to the federal government? The bottom line is it isn't.

What happened to tax revenue after Trump passed sweeping tax cuts in his first term? Did tax revenue decrease or did it increase? Then ask yourself why?

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under Trump tax policies in 2022, tax revenues reached a record high of nearly $5 trillion, and revenues averaged $205 billion above CBO predictions for the four years following implementation of the law.

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budget.house.gov link

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$4.5T in tax cuts,

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How much is new Tax Cuts?

The game Washington plays is that Trump Tax Cuts expire after this year so the government reverts to the old rates and now passes a cut that was already on the books as a new cut even though it is same. And the other smoke screen they use is a total number over x years in stead of just one year.

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And a larger deficit than prior to his term. Deficit spending is deficit spending.

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His tax cuts did not lead to larger deficit spending. They resulted in higher collections, which means the deficit spending would have been even higher without the cuts.

This honestly isn't even a difficult concept to grasp, but somehow you didn't.