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Gee who would have thought that a tax cut when we were already in debt and had a massive deficit BEFORE COVID would get worse with an economic downturn? Even w
by padseeker 6y ago
Gee who would have thought that a tax cut when we were already in debt and had a massive deficit BEFORE COVID would get worse with an economic downturn?
Even without a "lockdown" plenty of people are avoiding behavior that would put them at higher risks (i.e. air travel, sporting events, etc) that would effect the GDP.
FYI We never had a real nationwide lockdown, like what Italy did in March.
- abduhl 6y agoExcellent point about the tax cuts that increased disposable income for most Americans at the cost of a deficit on an overinflated federal budget, but we're talking about the states here.
- ecf 6y ago> Excellent point about the tax cuts that increased disposable income for most Americans... Please point me in the direction of that disposable income, because it’s not even significant enough to purchase an extra candy bar.
- HappySweeney 6y agoDisposable income went down for a lot of people, such as truck drivers, who's per-diem became taxable income.
- abduhl 6y ago"Compared to current law, 5 percent of taxpayers would pay more tax in 2018, 9 percent in 2025, and 53 percent in 2027." "Compared to current law, taxes would fall for all income groups on average in 2018, increasing overall average after-tax income by 2.2percent." https://www.taxpolicycenter.org/publications/distributional-analysis-conference-agreement-tax-cuts-and-jobs-act/full https://www.taxpolicycenter.org/publications/distributional-...
- Fjolsvith 6y agoExcept, the GDP is up 33%?
- shadowgovt 6y agoThe GDP being up 33% doesn't directly translate to tax revenue. It would translate more directly, if we'd stop passing tax cuts.