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Politics : Formerly About Advanced Micro Devices
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To: zzpat who wrote (1059782)3/11/2018 5:01:31 PM
From: longnshort1 Recommendation

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The article then claims that the 1980s Reagan tax cuts failed to increase tax revenues;

"The White House says lower tax rates will lead consumers to work more and businesses to expand, resulting in higher tax revenues and eventually closing the budget gap. That notion, chided as "voodoo economics" by critics, turned out to be false when it was last in vogue, during the 1980's."

However, the numbers, crunched by Heritage's Brian Riedl, show otherwise (see chart below). In 1980, the last year before the tax cuts, tax revenues were $956 billion (in constant 1996 dollars).

Revenues exceeded that 1980 level in eight of the next 10 years. Annual revenues over the next decade averaged $102 billion above their 1980 level (in constant 1996 dollars).

Any increase in budget deficits was therefore the result of spending increases rather than tax cut-induced revenue decreases.


heritage.org

heritage.org
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