Did Bush tax cuts cost the U.S. economy $6.6 trillion? Trump/Bush Tax Cuts will Devastate America!
July 11, 2014
Americans have lost $6.6 trillion from 2001, when the tax cuts first took effect, through 2012, according to Johnston. That's more than one-third of the country's annual GDP.
"We're not investing in the future of America," Johnston tells Yahoo Finance in the video above. "Because we have less revenue, we are not putting the same money we used to put into research ... infrastructure ... [or] education. We are creating a more and more inefficient economy in the name of 'tax cuts will save us.'"
http://finance.yahoo.com/news/are-tax-cuts-good-or-bad-for-the-economy--161158700.html
Memo To Steven Mnuchin: Trump's Tax Plan Would Add $7 Trillion To The Debt Over 10 Years
To be more precise, TPC estimated that Trump’s campaign tax plan would reduce federal revenues by $6.2 trillion over 10 years. Including added interest costs and macroeconomic effects, TPC figured it would boost the debt by at least $7 trillion over the first decade and $20.7 trillion over 20 years.
https://www.forbes.com/sites/beltway/2017/01/19/memo-to-steven-mnuchin-trumps-tax-plan-would-add-7-trillion-to-the-debt-over-10-years/#7ddb8f906554
The Bush tax cuts is at the root of today’s deficit problem.
The surplus in the fiscal 2001 federal budget was $127 billion. The 2010 budget had a budget deficit of $1.3 trillion. The long-term national debt more than doubled from $5.6 trillion in 2000 to $13.6 trillion in 2010, mostly under Bush’s watch.
Federal tax receipts in 2010 were 14.9 percent of gross domestic product . In 2000 it was as high as 20 percent.
https://ourfuture.org/fact_sheet/ten-years-bush-tax-cuts-benefiting-rich
(In case you are wondering, the cost of the Iraq and Afghanistan wars was $1.26 trillion through 2011 and the Medicare prescription drug program totaled $272 billion.)