Quote:
Originally Posted by Pete F.
So in a growing economy, with a big deficit, we cut taxes with the hope that inflation will increase tax revenue to meet our expenditures.
Did my wife have some involvement in this plan, sometimes she tells me this didn’t cost anything because she saved that much on something else.
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It's amazing when I hear people who supported Obama, suddenly worried about deficits.
Yes, the downside of tax cuts is increased deficits. These tax cuts will have some stimulative effect (Apple alone is paying a one-time tax of 38 billion to bring 250 billion in cash back to the US), but it's unlikely that the cuts will pay for themselves. So we should look to cut wasteful (not vital) spending.
Obama added more to the debt that any POTUS ever, and not one cent of that spending went into my pocket. With Trump's new tax cuts, my net pay increased by about $250 a month. I'm barely upper middle-class, not anywhere near wealthy, so there are a lot of people like me who will similarly benefit.