>> How in fuck was Biden going to balance the budget after Trump made those huge multi trillion dollar tax cuts for the rich!!??
What you claimed above simply did not happen. Too much MSNBC.
Okay, the total cuts were, over 10 years, to total $175 Billion/year (i.e., between 1.5 and 2.0 Trillion dollars over the 10 year period).
The corporate income in 2017, the year BEFORE the cuts, were $297 Billion, total. In the following six years, corporate income taxes were (2018-2022), + 2023 after Biden increased taxes:
2017 297 B Pre-Trump
2018 205 B Trump
2019 230 B Trump
2020 211 B Trump
2021 371 B Trump
2022 425 B Trump
2023 445 B (Biden Corporate Tax Increase first year)
So, the very worse case scenario the worst case, is that it might have cost the government (205B+230B+211B+371B+425B) - (297*5) = (1442-1485) = (-43B). That is at worst, it was a roughly breakeven proposition.
No matter what you've heard, I just showed you the essential arithmetic to get a ballpark analysis: Assume we got no revenue other than what was already coming in, and net it with what came in after the Trump cuts. It just didn't amount to anything on the corporate. We can do the same on the individual if you have an issue with that, but this is as simple as one can make it.
The bottom line is that what you called "huge multi-trillion dollar tax cuts"? Wasn't. It was more like low billions, worst case, and over a ten year period likely would have generated more revenue than the tax rates from before.
SO, THAT HAVINGS BEEN SAID:
Those tax cuts did not increase the deficits under Trump. They roughly broke even, but we did get a LOT of money brought home that otherwise would still be in foreign countries benefitting them, instead of us, nationally. Also, a lot of individual cuts, like the doubling of the standard deduction, were funded while still breaking even.
Your anti-Trump hate rhetoric needs to go. I get it. You're consumed with politics and you can't stand his success, but his success if our success. You need to swallow had and accept the fact that efforts murder him have failed, that he comes to office knowing WTF he is doing, and we will not have a repeat of the Biden disaster. Furthermore, Vance will have two solid terms following him.
The next 12 years will be great under Republican leadership. You need to enjoy it and be glad you're alive at this glorious time! |
