|
Re: Brexit Development(s) Discussion
‘It is well known" = "can’t find any recent examples, so will resort to cliches"... 
Here’s a recent example that begs to differ that tax cuts help the economy.
https://www.cnbc.com/2019/05/29/trum...tudy-says.html
Quote:
The study indicated that the tax changes contributed only marginally to the overall economic economic gains — maybe 0.3% of a “feedback effect.” The economists say that for the tax cuts to pay for themselves, as Trump has promised, GDP would have to rise by 6.7%.
“The initial effect of a demand side is likely to be reflected in increased consumption and the data indicate little growth in consumption in 2018,” the report said. “Much of the tax cut was directed at businesses and higher-income individuals who are less likely to spend. Fiscal stimulus is limited in an economy that is at or near full employment.”
At the same time, tax receipts from 2018 indicate that corporations got an even bigger break than expected.
While the Congressional Budget Office had forecast a $94 billion break that still would have generated $243 billion in corporate revenues, the actual total was $205 billion, or 16% lower than projected.
|
Meanwhile, in a totally unrelated area
https://www.npr.org/2019/02/13/69419...dicted-to-fall
Quote:
The U.S. government's public debt is now more than $22 trillion — the highest it has ever been. The Treasury Department data comes as tax revenue has fallen and federal spending continues to rise. The new debt level reflects a rise of more than $2 trillion from the day President Trump took office in 2017.
Despite being in the second-longest economic expansion since the post–World War II boom, the U.S. is projected to rack up annual deficits and incur national debt at rates not seen since the 1940s, according to the Congressional Budget Office.
Over the next 10 years, annual federal deficits — when Congress spends more than it takes in through tax revenues — are expected to average $1.2 trillion, which would be 4.4 percent of gross domestic product. That's far higher than the 2.9 percent of GDP that has been the average for the past 50 years.
|
__________________
Thank you for calling the Abyss.
If you have called to scream, please press 1 to be transferred to the Void, or press 2 to begin your stare.
If my post is in bold and this colour, it's a Moderator Request.
Last edited by Hugh; 28-10-2019 at 09:18.
|