35 years ago corporate taxes provided about 35% of federal tax revenue. Today that figure is 9% ! How were these tax cuts paid for ? With national debt.
Who grew the national debt?
Reagan $848 B to $2,698 B
Increase 218%
Bush I $2,698 B to $4,188 B
Increase 55%
Clinton $4,188 B to $5,728 B
Increase 37%
Bush II $5,278 B to $10,627 B
Increase 86%
Obama $10,627 B to $14,288 B
Increase 34%
Notes:
Reagan - enacted a huge tax cut in 1981 without an offsetting cut in federal expenditures. The result the greatest percentage increase in debt in our history including WW II !
Bush I - merely continued Reagan's deficit spending dynamic.
Clinton - inherited the Reagan/Bush fiscal imbalance. Nevertheless, based on economic growth of the late 1990's, when he left office the national debt was forecast to be settled in full within a decade.
Bush II - enacted the greatest reduction in federal taxes in our history, financed Medicare Part D without one dollar raised in new taxes, prosecuted two wars Iraq and Afghanistan costing trillions without a nickel in new taxes.
Result; in eight years he doubled the national debt.
Obama - inherited the fiscal imbalance created by Bush II and a congress that refused to deal honestly with the fiscal crisis and raise taxes.
Add to this Reagan and Bush II have raided the social security trust fund for over 3 Trillion which congress to date has refused to pay back with new taxes.
There was a time when facts mattered.

Trump says the US has the highest corporate tax rate in the world. He's wrong. - Vox

why are we not surprised. He's wrong about many things, and lies about everything.

Originally Posted by Guest

why are we not surprised. He's wrong about many things, and lies about everything.

I do not think he has ever been in a library unless forced to be there.

Originally Posted by Guest

why are we not surprised. He's wrong about many things, and lies about everything.

That sums him up...perfectly!

And does that mean a tax cut will not be beneficial to the country. Will their be no savings in expenses if programs that do not work are eliminated?

Originally Posted by Guest

35 years ago corporate taxes provided about 35% of federal tax revenue. Today that figure is 9% ! How were these tax cuts paid for ? With national debt.
Who grew the national debt?
Reagan $848 B to $2,698 B
Increase 218%
Bush I $2,698 B to $4,188 B
Increase 55%
Clinton $4,188 B to $5,728 B
Increase 37%
Bush II $5,278 B to $10,627 B
Increase 86%
Obama $10,627 B to $14,288 B
Increase 34%
Notes:
Reagan - enacted a huge tax cut in 1981 without an offsetting cut in federal expenditures. The result the greatest percentage increase in debt in our history including WW II !
Bush I - merely continued Reagan's deficit spending dynamic.
Clinton - inherited the Reagan/Bush fiscal imbalance. Nevertheless, based on economic growth of the late 1990's, when he left office the national debt was forecast to be settled in full within a decade.
Bush II - enacted the greatest reduction in federal taxes in our history, financed Medicare Part D without one dollar raised in new taxes, prosecuted two wars Iraq and Afghanistan costing trillions without a nickel in new taxes.
Result; in eight years he doubled the national debt.
Obama - inherited the fiscal imbalance created by Bush II and a congress that refused to deal honestly with the fiscal crisis and raise taxes.
Add to this Reagan and Bush II have raided the social security trust fund for over 3 Trillion which congress to date has refused to pay back with new taxes.
There was a time when facts mattered.

Trump says the US has the highest corporate tax rate in the world. He's wrong. - Vox

Great post. Thank you

Originally Posted by Guest

35 years ago corporate taxes provided about 35% of federal tax revenue. Today that figure is 9% ! How were these tax cuts paid for ? With national debt.
Who grew the national debt?
Reagan $848 B to $2,698 B
Increase 218%
Bush I $2,698 B to $4,188 B
Increase 55%
Clinton $4,188 B to $5,728 B
Increase 37%
Bush II $5,278 B to $10,627 B
Increase 86%
Obama $10,627 B to $14,288 B
Increase 34%
Notes:
Reagan - enacted a huge tax cut in 1981 without an offsetting cut in federal expenditures. The result the greatest percentage increase in debt in our history including WW II !
Bush I - merely continued Reagan's deficit spending dynamic.
Clinton - inherited the Reagan/Bush fiscal imbalance. Nevertheless, based on economic growth of the late 1990's, when he left office the national debt was forecast to be settled in full within a decade.
Bush II - enacted the greatest reduction in federal taxes in our history, financed Medicare Part D without one dollar raised in new taxes, prosecuted two wars Iraq and Afghanistan costing trillions without a nickel in new taxes.
Result; in eight years he doubled the national debt.
Obama - inherited the fiscal imbalance created by Bush II and a congress that refused to deal honestly with the fiscal crisis and raise taxes.
Add to this Reagan and Bush II have raided the social security trust fund for over 3 Trillion which congress to date has refused to pay back with new taxes.
There was a time when facts mattered.

Trump says the US has the highest corporate tax rate in the world. He's wrong. - Vox

That number is his FIRST term...he went on for a grand total of almost $20 trillion. Closer to 95%. Lets be honest.

Originally Posted by Guest

I do not think he has ever been in a library unless forced to be there.

Why "go" to a library? Everything is available digitally.

Originally Posted by Guest

And does that mean a tax cut will not be beneficial to the country. Will their be no savings in expenses if programs that do not work are eliminated?

Let's REALLY save...cut over a $ trillion a yer...get rid of welfare.

Originally Posted by Guest

Great post. Thank you

It wasn't great...it had a glaring inaccuracy.

That's what's wrong with the world...people just believe whatever they WANT to believe...irregardless of the facts...the truth. Obama add MORE debt than ALL the presidents before him. He WASN'T the first...but he was the biggest. Wait until you see what Trump adds...just the 2 hurricanes alone will be worth $ hundreds of billions. The debt limit will be raised...a LOT.