PAINTING THE TARGETS IN THE CULTURE WAR
The anti-American right wing extremists don't see the connection between the tax cuts and spending increases they made and the debt they created. Adding the cost of Part D medicare, the cost of Homeland Security, the Cost of the TSA, and the cost of TWO wars to the budget, AFTER their tax cuts, bumped up the debt $10 trillion since Clinton left office and they can't figure out how that happened.Where Our Current Debt Came From: Recessions (lower federal revenue): 26% Bush Tax Cuts: 20% Bush Increased spending (2 wars): 40% Obama Stimulus Program: 6% Other Obama Spending: 8%
Mr./Ms. Rhubarb, your projections are based off of CBO data. The CBO, by it's own bylaws, is forced to assume a static economy. They cannot attempt to speculate how people's spending and saving habits might change based off of whatever legislation they are analyzing. So they use the very basic math of "if the tax rates were X instead of Y, we could add X to W and get Z". What I don't hear talked about very often, is the fact that after the Bush tax cuts went fully into effect in 2003, revenue to the government from individual income tax grew from $790 Billion in 2003 to $1.15 Trillion in 2007. That's nearly a 50% increase in a 5 year span. This happens because the economy grows when people are more free to spend their money as they see fit, so you end up taxing a smaller percentage of a larger whole. http://www.usgovernmentrevenue.com/revenue_chart_2001_2017USr_13s1li111mcn_11f . So is your goal to raise revenue, or tax people for the sake of taxing them?