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Skin in the Game

In describing the GOP tax cuts, House Minority Leader Nancy Pelosi said that they and bonuses American workers were getting were “crumbs.” They were “tax cuts for the rich.” Some argued that the tax cuts would reduce revenues. Pelosi predicted, “This thing will explode the deficit.” How about some tax facts?

The argument that tax cuts reduce federal revenues can be disposed of quite easily. According to the Congressional Budget Office, revenues from federal income taxes were $76 billion higher in the first half of this year than they were in the first half of 2017. The Treasury Department says it expects that federal revenues will continue to exceed last year’s for the rest of 2018. Despite record federal revenues, 2018 will see a massive deficit, perhaps topping $1 trillion. Our massive deficit is a result not of tax cuts but of profligate congressional spending that outruns rising tax revenues. Grossly false statements about tax cuts’ reducing revenue should be

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Author
Walter Williams
Walter E. Williams is an American economist, commentator, and academic. He is the John M. Olin Distinguished Professor of Economics at George Mason University, as well as a syndicated columnist and author known for his libertarian conservative views. His writings frequently appear on Townhall.com, WND, Jewish World Review, and hundreds of newspapers throughout the United States.
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