I watched a CNBC "debate" this morning where the topic was the upcoming federal budget debates...long story short, inevitably the conversation turned to which party was responsible for the debt. I would think most of us could agree that both parties have a hand in our overall debt.
But, and here's my question...the democrat immediately brought up that the tax cut and jobs act increased the deficit and subsequently the debt. So I looked it up. The TCJA was approved in late 2017...every year since then - except for the covid year - federal tax revenues have INCREASED. Now, all things being equal, if revenues are up, the only way the deficit can increase is if spending increases.
Therein lies the republican claim that we have a "spending problem, not a taxing problem" and democrats seem to believe just the opposite "we have a revenue problem".
Now, I believe that people who speak on both sides of this debate are honest, but I have a hard time seeing how people can look at the same data and come to different conclusions.
Can one of the more serious folks who think left explain their thoughts on why they believe that the tax cuts increased the deficit? And why we don't have a spending issue?
But, and here's my question...the democrat immediately brought up that the tax cut and jobs act increased the deficit and subsequently the debt. So I looked it up. The TCJA was approved in late 2017...every year since then - except for the covid year - federal tax revenues have INCREASED. Now, all things being equal, if revenues are up, the only way the deficit can increase is if spending increases.
Therein lies the republican claim that we have a "spending problem, not a taxing problem" and democrats seem to believe just the opposite "we have a revenue problem".
Now, I believe that people who speak on both sides of this debate are honest, but I have a hard time seeing how people can look at the same data and come to different conclusions.
Can one of the more serious folks who think left explain their thoughts on why they believe that the tax cuts increased the deficit? And why we don't have a spending issue?
