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Reply to "Nancy's stimulus package"
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[quote=Anonymous][quote=Anonymous] 3. Revenue increased after the tax cuts [quote]You wouldn’t know it from the press coverage, but there’s some modest good news about the federal budget. The deficit is rising, but not as much as feared because tax revenues are increasing due to faster economic growth. The Congressional Budget Office reports in its April budget review that revenues rose 2% to $2.041 trillion in the first seven months of fiscal 2019 from a year ago. Payroll tax revenue rose 4.7% due in part to rising employment and wages.[/quote] https://www.wsj.com/articles/tax-revenue-keeps-rising-11557691166[/quote] The article specifically says the increase is due to greater employment which is not attributed to the tax cut. The Trump tax cuts will cost $2 trillion over 10 years. That is the best and most recent estimate. Tax cuts primarily for the wealthy do not pay for themselves — never have, never will, so maybe we can try a different approach. [/quote]
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