The left is making hay for itself in claiming that President Trump’s tax cuts are bad. Leftists call it a scam, say that only the rich get the benefits of the cuts, and other canards, but one of their dumbest arguments is that tax cuts “cost” us.
Yet the farther we get into the faster economy that has occurred because of President Trump’s tax cuts and reduction of regulations, the clearer it is that the corporate and individual tax cuts more than pay for themselves, just as President Reagan’s across-the-board tax cuts paid for themselves.
Just take a look at this piece by Stephen Moore from the Wall Street Journal’s op-ed page:
Compare the August 2018 economic forecast from the Congressional Budget Office with the one from June 2017, before the tax cuts passed, and we discover some very good news. The much higher than expected economic growth in the wake of the Trump tax cut means that U.S. gross domestic product will be higher than expected every year over the next decade.
Even if we assume a reversion to the pre-Trump 1.9% growth path, the ratchet up in GDP this year translates into $179 billion in unexpected output this year, $465 billion next year, $654 billion in 2020, and so on. This magic of compounding yields more than $6 trillion additional GDP over the decade thanks to the faster growth already achieved.
Read the full story from American Thinker
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