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In a virtual fundraiser for @JoeBiden, he claimed Tax Cuts and Jobs Act added to the deficit.
That is NOT true.
A recent CBO budget outlook finds it not only did not, but resulting revenue increases offset deficit gains elsewhere.
50 years of data... https://www.peoplespunditdaily.com/policy/2020/06/08/joe-bidens-tax-plan-would-shrink-gdp-stifle-workers-wages/
That is NOT true.
A recent CBO budget outlook finds it not only did not, but resulting revenue increases offset deficit gains elsewhere.
50 years of data... https://www.peoplespunditdaily.com/policy/2020/06/08/joe-bidens-tax-plan-would-shrink-gdp-stifle-workers-wages/
Fifty years of data for industrialized nations suggest lower corporate tax rates are associated with rising revenue, up to a point. The research shows the long-run revenue-maximizing corporate rate is between 15% and 25%, below the proposal by @JoeBiden. https://www.peoplespunditdaily.com/policy/2020/06/08/joe-bidens-tax-plan-would-shrink-gdp-stifle-workers-wages/
While we're on the topic, the research also shows the plan proposed by @JoeBiden would cost the recovery and kill the wage growth we just started to achieve in Q3 2018.
Why?
Largely due to the relationship between corporate taxes rates and wage growth. https://www.peoplespunditdaily.com/policy/2020/06/08/joe-bidens-tax-plan-would-shrink-gdp-stifle-workers-wages/
Why?
Largely due to the relationship between corporate taxes rates and wage growth. https://www.peoplespunditdaily.com/policy/2020/06/08/joe-bidens-tax-plan-would-shrink-gdp-stifle-workers-wages/
Bottom line, which started the thread, the Tax Cuts and Jobs Act did NOT add to deficit, as @JoeBiden claimed.
CBO initially projected it would scoring statically, are inaccurate in dynamic.
Now even they concede that it did not, and increased revenue. https://www.peoplespunditdaily.com/policy/2020/06/08/joe-bidens-tax-plan-would-shrink-gdp-stifle-workers-wages/
CBO initially projected it would scoring statically, are inaccurate in dynamic.
Now even they concede that it did not, and increased revenue. https://www.peoplespunditdaily.com/policy/2020/06/08/joe-bidens-tax-plan-would-shrink-gdp-stifle-workers-wages/
