The biggest story the national media don't tell us as Republicans create their usual faux crisis over the debt ceiling? Robert Reich writes,
"One of the biggest reasons the federal debt has exploded is that tax cuts on wealthier Americans have reduced government revenue."
#DebtCeiling #Republicans #taxes #EconomicDisparity #EconomicElites
https://robertreich.substack.com/p/the-biggest-story-youve-never-heard
@wdlindsy The problem with that story is that Democrats in the last Congress really did call for spending without identifying sources to pay for it.
The US Treasury was very clear about the amount of money expected to bring in through tax dollars, but Democrats ignored that and insisted on appropriating money that didn't exist.
To be clear, this is a situation that the Democrats created. We should hold them accountable for that if we don't think they should have done that.
Right, but the debt ceiling was already raised to cover those bills. They have been taken care of.
This is about finding ways to pay for new spending since Trump left office.
As for the 2017 tax reforms, according to the Treasury they brought in more tax revenue after the reforms, exactly as proponents of the reforms predicted.
@volkris
"About $7.8 trillion of the $31.4 trillion debt that now must be paid came from the Trump years, and much of it came from the 2017 Trump tax cuts on corporations and the wealthy. During the Trump years, Congress raised the debt ceiling three times."
https://heathercoxrichardson.substack.com/p/january-31-2023