October 17, 2018

REQUIRED READING: Evidence tax cuts raise revenue

Investor's Business Daily summarizes the impacts of the Trump tax cuts for this fiscal year, simply beautifully. This is not a trivial point; Democrats argued how horrible tax cuts would be for the annual deficit and the national debt.  This shows that they, once again, got it wrong.

Here's the summary, but I urge you to go read the whole article
Overall, federal revenues came in slightly higher in FY 2018 — up 0.5%.

Spending, on the other hand, was $127 billion higher in fiscal 2018. As a result, deficits for 2018 climbed $113 billion.

...What is unmistakable from the data, however, is that the Trump tax cuts are not entirely, or even mostly, responsible for the increase in the deficit. Blame for that rests squarely with spendthrifts in Congress — on both sides of the aisle — who refuse to bring federal spending under control.
Empirical evidence of the Laffer Curve are needed every time tax cuts get proposed, even though historical evidence under president Reagan and under president Kennedy should be enough.

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