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Thu Mar 7, 2019, 07:24 PM

Evidence shreds GOP argument that tax cuts pay for themselves

The GOP believes in a tax cut fairy and the myth that tax cuts pay for themselves. Tax cuts do not pay for themselves and there is no tax cut fairy http://www.msnbc.com/rachel-maddow-show/evidence-shreds-gop-argument-tax-cuts-pay-themselves

In case this isn’t obvious, current economic conditions – healthy growth, very low unemployment – suggest the deficit should be shrinking, not growing. Indeed, when Donald Trump spent months leading up to Election Day bragging that he knew how to eliminate – not just reduce, but eliminate – the nation’s budget deficit “easily” and “quickly,” these are precisely the conditions he was referring to.

But the Republican tax cuts make that impossible – because they don’t pay for themselves.

This clearly isn’t what the president and his party want to hear. At the heart of contemporary GOP orthodoxy is the idea that tax breaks for the wealthy fuels growth, which leads to good jobs, which leads to more taxpayers, which leads to increased tax revenue, which leads to shrinking deficits.

Even Sen. Susan Collins (R-Maine), ostensibly her party’s most moderate federal lawmaker, defended her support for the regressive Republican tax plan in late 2017 by insisting, more than once, that tax breaks would pay for themselves.

Any chance Collins and her colleagues will look at the ballooning budget deficit and acknowledge they were wrong?
This is the DU member formerly known as Gothmog.

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Reply Evidence shreds GOP argument that tax cuts pay for themselves (Original post)
Gothmog Mar 2019 OP
tazkcmo Mar 2019 #1
LonePirate Mar 2019 #2
Wellstone ruled Mar 2019 #3

Response to Gothmog (Original post)

Thu Mar 7, 2019, 07:33 PM

1. Nope.

Not a chance they'll admit it. If anything, they'll say it's because the cut was too small.

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Response to Gothmog (Original post)

Thu Mar 7, 2019, 07:35 PM

2. Dems already know this and Repubs don't care. Nothing will change.

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Response to Gothmog (Original post)

Thu Mar 7, 2019, 08:25 PM

3. Here is what is likely to happen as

 

a result of This Tax Give Away. Chairman Powell will have to thread the needle with Bank Rates later this year,and,the threat of accelerated inflation is looming because of Mega Deficits piling up daily. And as we are seeing,the short falls monthly from Tax Collections is increasing each day.

The idea by the Rethugs to cut Social Security and Medicare payments is now off the table due to Nancy Pelosi and the Dem Majority.

Elections do have consequences.

This is the DU member formerly known as Wellstone ruled.

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