When Donald Trump first proposed his plan to cut taxes, Democrats and the mainstream media began declaring that the tax cuts would cause the greatest deficit in American history.
It’s interesting that they forget that during Obama’s 8 years, he increased the national debt more than the five presidents combined.
When the Trump and GOP tax cut bill was revealed, once Democrats and the lamestream media said it would only make the rich richer, do nothing to help American workers and would greatly increase the national debt.
However, since the tax cuts went into effect at the beginning of January, the federal government is reporting record revenue being generated and it’s all a direct result of the tax cuts.
Don Surber – President Trump and a Republican Congress enacted tax cuts a few days before Christmas last year. The cuts included a 40% drop in the corporate tax rate, dropping it from a world high tax rate of 35% to a European average of 21%.
The cuts took effect on the first of January. The result is record high income tax revenues.
The United States government has never collected more income taxes than it is now collecting.
Walter E. Williams, a professor of economics at George Mason University, noticed this.
He wrote, “According to the Congressional Budget Office, revenues from federal income taxes were $76 billion higher in the first half of this year than they were in the first half of 2017…
Not only are the tax cuts resulting in record revenue coming into the federal government, but it is setting other positive records as well.
The overall unemployment rate is the lowest in decades.
Unemployment of black and Hispanic Americans are at record lows.
Unemployment of female workers is also at a near record lows.
The more people working, the more they spend and the more they spend, the more things have to be manufactured, all of which results in more overall tax revenue, but Democrats and the lamestream media continue to grasp the reality of this concept.
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