$10 trillion in added debt shows 'Bush and Trump tax cuts broke our modern tax structure'

[justaprogressive]

Bobby Kogan, senior director for federal budget policy at the Center for American Progress, has argued repeatedly that growing deficits in recent years have a clear and singular chief cause: Republican tax cuts that benefit mostly the wealthy and profitable corporations.

In response to the Treasury figures released Friday, Kogan said that "roughly 75%" of the surge in the deficit and the debt ratio, the amount of federal debt relative to the overall size of the economy, was due to revenue decreases resulting from GOP-approved tax cuts over recent decades. "Of the remaining 25%," he said, "more than half" was higher interest payments on the debt related to Federal Reserve policy.

"We have a revenue problem, due to tax cuts," said Kogan, pointing to the major tax laws enacted under the administrations of George W. Bush and Donald Trump. "The Bush and Trump tax cuts broke our modern tax structure. Revenue is significantly lower and no longer grows much with the economy." And he offered this visualization about a growing debt ratio:

"The point I want to make again and again and again is that, relative to the last time CBO was projecting stable debt/GDP, spending is down, not up," Kogan said in a tweet Friday night. "It's lower revenue that's 100% responsible for the change in debt projections. If you take away nothing else, leave with this point."

[link:https://www.rawstory.com/10-trillion-in-added-debt-shows-bush-and-trump-tax-cuts-broke-our-modern-tax-structure-2666040395/|

Time to bring back the 90% tax bracket..

[jimfields33]

1. Trump tax cuts expire in 2025

Get ready for some frantic news stories complaining about increased taxes on the working class. It will happen.

[jaxexpat]

2. US debt is the result of Republican blindness regarding basic economic principles.

Their slash and burn answer to everything about government is to shut it down. The radical gang screwing up the House is not an aberration. It is the result of reckless, intentional and perennial cultivation of Reagan's homespun and half-witted wisdom cum propaganda.

The fiscal emergency now approaches a critical tipping point. Viability, the very existence of the American experiment demands that these tax cuts be reversed ASAP. It should be common knowledge that consideration for politics on the part of the minority party is what brought us to this impasse. It will be the abandonment of electoral concerns, some call it bi-partisanship, that will save us. Republicans are not prepared to take on such a responsible position.

Republican voters have no long view concept. They don't even think through to form a casual appreciation of the effects of short-term excesses on long term viability. It's because they're essentially lazy, fearful and dishonest.