The day the Trump tax cuts were passed was the day Democrats started spinning the idea that not only did the cuts benefit the wealthy and corporations but that it was causing the deficit to go up.
Forget the cuts benefitted 80% of Americans and that our deficit issue is about spending not taxing … they had a narrative to push because God forbid the country see a tax cut as a good thing.
Especially Trump’s tax cut.
Brit Hume shared a receipt:
Next time you hear the tax cuts blamed for the deficit, note this: “…in the 2019 fiscal year, which ended Sept. 30, federal revenues increased by $133 billion (or 4%), but spending spiked by $339 billion (or 8%), driving up the deficit by $205 billion.” https://t.co/MWZGJY4E7w
— Brit Hume (@brithume) November 8, 2019
Brit could be onto something here.
From the Washington Examiner:
Federal tax revenues rose during the 2019 fiscal year as the economy grew, but spending increased by over $200 billion more, which is why the country ended up running a deficit approaching $1 trillion, according to Congressional Budget Office data released Thursday.
As debt has accumulated during President Trump’s first term, the focus has turned to tax cuts as the culprit. And while it’s simple math to point out that if the government was collecting more tax revenue than it is currently, the deficit would have been narrower, the truth is that revenues did go up modestly — but that revenue growth was just outpaced by an increase in federal spending.
Specifically, in the 2019 fiscal year, which ended Sept. 30, federal revenues increased by $133 billion (or 4%), but spending spiked by $339 billion (or 8%), driving up the deficit by $205 billion to $984 billion.
Spending spiked … color us not shocked.
@AOC : Tax cuts. Like, with scissors?
— Kali Gal ⭐⭐⭐ (@GoinBackToKali) November 8, 2019
It’s always spending. We need a balanced budget amendment
— Richard G (@heavygmd) November 8, 2019
Government living beyond its means.
When individuals live beyond their means they end up in with all sorts of problems …
It’s always been a spending problem. Washington is drunk on spending its citizens money.
— Aaron (@aaronarch77) November 8, 2019
We have always had a spending problem, not a revenue problem.
— Joe Brennan (@joebren60) November 8, 2019
It’s damn true.