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Depends on where the earlier commenter meant when they said "where they were"; the 2017 cuts were just the latest in a long line. For instance, if we rolled all
by kemayo 6y ago
Depends on where the earlier commenter meant when they said "where they were"; the 2017 cuts were just the latest in a long line. For instance, if we rolled all the way back past Reagan's 1981 tax cuts, we'd be up to a 70% top marginal tax rate (it's currently 37%). They also wanted to cut military spending, which has gone up by a fair bit in the same time period, and meddle with corporate taxes.
It's probably fair to say that all this would have a big impact on that deficit.
It's unlikely to cover the 2020 economic-crash monthly deficit, of course... but hard times are the right time to go full deficit-spending to try to prop up the economy. Money printer can, indeed, go brr if it'll slow a collapse. So says mainstream economic theory.