Trump Tax Cuts Are Boosting Growth And Mostly Paying For Themselves, CBO Report Says
investors.com/politics/editorials/trump-tax-c...Posted Apr 11, 2018, 2:15 PM UTC
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investors.com
We see what we want to see.
The tax law that President Trump and congressional Republicans passed in December will cut government revenue by $1.3 trillion from 2018 to 2028, the CBO reported. When the costs of paying interest on that debt are included, the tax cuts’ total addition to the deficit comes to $1.9 trillion, the CBO said.
During debate on the bill, Republican leaders predicted that their proposal would spark massive economic growth that would limit — or even eliminate — additions to the deficit. But the CBO projected Monday that the bill would boost economic growth 0.7 percent over a decade — not enough to keep it from adding to the deficit.
CBO: Senate Tax Bill Is Even Worse For Low-Income People Than Thought
The groups hit hardest by the Senate bill — the ones providing a reduction to federal deficits — are the poorest
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Yeah, I don't possibly see how blowing a bigger hole in the deficit "pays for itself." That logic doesn't hold.
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Yes, you said it, you see what you want to see.
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This is good news, but not without critique. To what income percentile is the growth forecasted? The article says the growth will reduce entitlement spending by $150 billion, helping offset the cost of the tax cuts. Correct me if I'm wrong, but doesn't that imply that only 13.6% of the 1.1 trillion is going to the lowest income group?
And the article cites runaway spending as the real issue. I feel as if they are trying to mask the fact that the tax cuts didn't actually make up for all the lost revenue in by diverting the issue. If the tax cuts were a good thing, and over spending is a bad thing, then the tax cuts should have been coupled with appropriately sized spending cuts, but they weren't.
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Wait, are you talking about Congress doing tax cuts AND spending cuts? Ha! Those bastards are bought and paid for by so many sources, it's amazing tax cuts were done. The major thrust of the article, as I see it, is:
"Last June, the CBO said GDP growth for 2018 would be just 2%. Now it figures growth will be 3.3% — a significant upward revision. It also boosted its forecast for 2019 from a meager 1.5% to a respectable 2.4%."
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So... Even taking the most positive possible look at the figures and cherry-picking the stats to focus on, the best they could do is spin the tax cuts as costing the country $440 Billion.
Hardly something to cheer about.
Edit: Decided to check this news source: https://mediabiasfactcheck.com/investors-business-daily/
And then there is the bias of your fact checker. We can play this game all day. But, the IBD post references the CBO.
"Last June, the CBO said GDP growth for 2018 would be just 2%. Now it figures growth will be 3.3% — a significant upward revision. It also boosted its forecast for 2019 from a meager 1.5% to a respectable 2.4%."
And here is the bias sited about mediabiasfactcheck. https://www.justfactsdaily.com/media-bias-fact-check-incompetent-or-dishonest/
And you can find someone to say justfactsdaily is biased, and I can find a site to negate your site, which negates my site, which....
Or you can read what the CBO said.
JustFacts.... I can see why you'd expect me to knock it down. They do an excellent job of sourcing their information but there's some serious cherry-picking going on there.
Either way... Back to the topic, this article's headline is incredibly positive and it presents a $440B hole in the budget as if it were a gain instead of a loss.
The bias was obvious, which is what prompted me to do a search in the first place.