Boss
Take a Memo:
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- #121
He tripled the debt. That is exploding the debt.
I didn't claim Reagan didn't increase the debt. I said his tax cuts didn't increase the debt because the tax cuts resulted in increased tax revenue. It was spending that increased the debt, not the tax cuts.
Tax cuts don't increase revenue. We learned that with Bush. It was the growth that increased revenue and Clinton had stronger growth with a tax increase.
Like I said, I want to balance the budget and pay down debt. Of the two candidates the choice is clearly Hillary. The tax cut policies have been a disaster for the debt and that is trumps plan. Economists agree he would add more to the debt.
Tax cuts DO increase tax revenue when done properly.
1980 tax revenues: $507 billion.
<Reagan massively cuts top marginal tax rates.>
1988 tax revenues: $901 billion.
901 is greater than 507.
If you want to go back to Kennedy's tax cuts you'll see a similar result. Cutting the top marginal rate while expanding the base always results in more tax revenues. Bush's tax cuts were for all rates and didn't expand the base. Although he didn't get the same vibrant results as Reagan, his tax cuts eventually resulted in an increased tax revenue to the tune of about $500 billion. Clinton gave us the highest tax increase in history and it generated about $4 billion more in tax revenue but then, he lowered the tax rates in '94 and again, tax revenues soared, generating about $600 billion more in revenue.
Now is when you want to jump back to the national debt and ramble on about that.... but Reagan increased the debt by about $1.7 trillion and Obama has increased the debt by over $8 trillion... more than all previous presidents combined. Hillary plans to spend twice as much as Obama AND dramatically increase tax rates. Only an abject idiot would think she will balance the budget or cut the national debt.