For years, we’ve been hearing endless carping from the left about Trump’s ‘tax cuts for the rich’ (a lie) costing the government money (another lie) in lost revenue.
The left’s solution is always — as evidenced by their plan to hire another 87,000 IRS agents — to shake down more Americans for more money.
If these people have ever heard of the Laffer Curve, they’ve obviously ignored any lessons it could have taught them.
AOC and Biden are some of the loudest critics of Trump in this area.
AOC, for her part, snipes at big corporations and wears a designer dress to the Met with ‘Tax The Rich’ on it — not realizing that she makes FAR more than the median income has has BECOME the rich she pretends to hate. And she certainly lives like the rich — going to places and doing things that the little people could never dream of doing.
As for Biden, if someone assigns a square ‘from the bottom up and the middle out’ to a drinking game for tonight’s SOTU, there will a lot of people calling in sick for work tomorrow.
Instead of their empty rhetoric or government forecasts incorporating dubious assumptions into their methodology, we’ve got some hard numbers we can evaluate, courtesy of the CBO reports.
Surely, if Trump’s tax cuts were as bad as everyone says, the government must be falling short of revenue levels that had been forecast, right?
Let’s check those numbers:
Rephrasing those same facts, the government took in FAR more revenue than they had anticipated — almost half a trillion dollars more.
We have some historical reference points we can look to:
After the Dot-com collapse of 2000, and the attacks of 9/11, it took until 2005 for government revenues to bounce back to what they had been in 2000.
We saw a similar pattern of lower federal revenues in the years following the meltdown in 2008.
Let’s compare that to the Trump years following when he passed the tax changes Democrats hated so much.
If it ‘cheated’ the government out of its ‘rightful’ tax dollars, we should expect to see that reflected in the revenue numbers, right?
Well, THAT’s weird. Aside from seeing a relatively small dip in 2020 — for some reason — the trendline kept going up.
Meanwhile, 2022 is showing revenues of $4.896 Trillion, which is higher again than last year.
It really would help if they took the tie to
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