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Politics : The Trump Presidency
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To: Steve Lokness who wrote (67977)4/23/2018 10:48:25 AM
From: TimF  Read Replies (1) of 360977
 
I don't think I've ever heard or read someone claim there was a huge bump of revenue at that time. I've seen the claim of higher revenues but "higher" isn't the same thing as "a huge bump" and also the claim was more dollars, or maybe more real dollars, not a higher percentage of GDP.

My take aways from the chart are

1 - 70 percent top income tax rates, 28 top percent tax rates, and all sorts of rates in between, the feds are going to get something like 15 to 18 and a half percent of GDP in revenue (there was one blip above that with the dotcom bubble but it didn't last). Which I see as an additional argument against higher rates.

2 - The point that was already made in my quote. As a percentage of GDP both revenue and spending go in cycles, but there is little overall trend in revenue, while spending has trended slowly upwards so the deficit reasonably has to be blamed on extra spending.
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