Numbers show Trump tax cuts are producing higher revenue for nation

This story was originally published by the WND News Center.

A column by Sam Lipscomb at Yahoo just a few weeks back was typical.

It charged that the tax cuts enacted under President Trump were “for the wealthy and corporations.”

However, Stephen Moore, in a column at the Washington Examiner, now reveals that the “cuts” actually produced increased revenue for America.

Moore, who confirms he worked with fellow economists Larry Kudlow, Arthur Laffer, and Kevin Hassett on Trump’s plans, charged, “How many times have you heard President Joe Biden or Sens. Elizabeth Warren (D-MA) and Bernie Sanders (I-VT) berate the Trump tax cuts as ‘a giveaway to the rich?'”

He warned that Biden now wants to let expire major parts of the Tax Cuts and Jobs Act of 2017, especially the incentives for American businesses to invest more at home.

However, he said, “We now have incontrovertible evidence that after five years since they took effect, the Trump tax rate cuts of 2017 raised revenues over this time period.”

He explained, “The latest Congressional Budget Office report released earlier this month calculated that the federal government collected $4.9 trillion of federal revenue last year. This was up — ready for this? — almost $1.5 trillion since 2017, the year before the tax cuts became law.”

The reality is that revenues were up 40% in five years.

“The evidence through the first three years of the tax cut finds that the share of taxes paid by the wealthiest 1% rose as well. So much for this being a tax giveaway for the rich,” he wrote.

He said the result of Trump’s work was higher growth, and higher tax payments – all based on lower tax rates.

That shouldn’t surprise anyone, he pointed out, as the same results came under both Presidents John F. Kennedy and Ronald Reagan.

But he warned, “None of this seems to matter to the White House or congressional Democrats. They want to monomaniacally repeal a tax cut that worked. This would be like firing a coach who wins every game.

“One of the most important and successful features of the Trump tax plan was reducing the tax rate on American businesses from 35% — the highest in the world — to 25% while closing special interest loopholes. This brought businesses and jobs back to these shores and helped fuel the Trump economic boom. ”

But he said there is a question to be answered. “Why are we running a $1.4 trillion deficit if we have an all-time high in tax payments?”

 

Latest News