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Is it worse than running up a multi trillion dollar deficit? The tax cut was sold as it would give a boost to the economy and we would make it back with additio
by padseeker 6y ago
Is it worse than running up a multi trillion dollar deficit? The tax cut was sold as it would give a boost to the economy and we would make it back with additional revenue due to economic growth.
However the required growth rate to justify the tax cut was estimated by 6.5. Even when the economy was good before the pandemic it never got above 4.5 percent. And now we're not even close.
Maybe a wealth tax is not the best idea but based on the current economic realities and the budget deficit what is a better alternative? Conservatives will say "cut the budget or spending" but which expenditures are you going to cut?
It might be a bad idea but compared to 23 trillion dollar? The super wealthy have benefitted from how many tax cuts and yet we are still running a massive deficit. Many like to say 'its a spending problem' but then ask them where to cut spending and usually its spending that does not affect them. Plus you need to factor in the affects of austerity on the economy, as the UK has tried it and it did not work, which will reduce revenue and make the deficit and economy worse.
Hate it all you want but it should be on the table as an option to stop the bleeding. Bring on the downvotes.