The real facts are this chart: In spite of the fact that people kept more of their own money, revenue still grew greatly during the years that the first iteration of tax cuts were in place. Even though future years cuts were rescinded, people still had the lower rates of the first year (max 50%). Again, if the the 1986 tax bill was so bad, why did both Clinton and Ol'bama essentially keep the Reagan cuts? The top rate started out at 38.5% before dropping to 28% during Reagan-Bush before...
So, you just don't like the report and your biggest concern is why Democrats didn't try to go back to a 70% tax bracket? Well, the only answer I can come up with is, running a campaign on raising taxes wouldn't be a popular idea, would it.
Problem with the graph is it shows "total government revenue," not just tax receipts. Its the mandatory vs. budgeted revenue/spending. Total revenue includes all taxes (personal and corporate income taxes, tariff and excise tax revenue, which is the budgeted spending Congress must authorize annually). Versus, other revenue, including Medicare and Social Security contributions from employees and employers, about a dozen pension trust fund contributions, including but not limited to two civil...
You made a major mistake as to what you were commenting on! Thus, causing a major misunderstanding. Facts are facts, yes! Mach 1 is a fact. Warp 1 is a fact. However, Warp 1 is always faster then Mach 1.
As always, one little wording change to make what you post completely false... Warp 1 is always faster THAN Mach 1. See, one doesn't follow the other. Just like what Republicans say and what Republicans do. One doesn't follow the other.
Again, I gave my totals in everything from charts to %gdp. The facts show taxes were raised to generate income because the tax cuts failed to generate the income claimed by Republicans. The same holds true today as in the 1980s. Your choice to play semantics instead of being truthful speaks volumes to your character. The Republican tax cuts of last year stand to add 1.8TRILLION$ to our National Debt in the next 8 years. *CBO report.
I believe The Shadow 's CBO report is already blown. While CBO guesstimates generally fall apart after a couple of years, the one you cite fell apart in less than a year. The guesstimate called for GDP numbers as feecal as the Ol-bama era's pitiful average. But cheer up, the Federal Reserve is trying to raise rates and unwind the $4.5 Trillion of Quantitative Easing intended to rev up the stagnant Ol'bama economy. https://www.reuters.com/articl...-hikes-idUSKCN1L728Q As to "facts" about...
Actually the CBO provides crystal ball projections with political overtones (assumptions usually given by the requesting party); Treasury deals with raw data and sometimes political spin. The analytic part of the Fed deals with what actually happened and other departments will produce both good and questionable studies ( I believe it was the Boston branch that created the erroneous report that inspired the laws in 1994 that made buying a house too easy which factored into the 2008 bust.).
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