Whenever Republicans are in power, they will cut taxes for rich people. They did it in 2001, with disappointing results, and they did in again in 2017, with the same results. Like all Republican tax cuts, this was supposed to pay for itself.
According to a report by the Congressional Research Office (May 2019), its growth effects on revenue paid for roughly 5% of its cost, 95% less than was promised. In fact, CRS calculated that it reduced government revenue by about $170B in FY 2018. Now we learn that the federal deficit for FY 2019 has already surpassed a trillion dollars (12 zeroes, folks) with still a month to go. And the White House is promising to do it again next year, if it wins back the House.
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Our incumbent president endorsed this thing and signed it, and our two local congressmen, Rodney Davis and Darin LaHood, both voted for it. Let’s remember that when we vote in 2020.
Lola Augstin, Bloomington