Sept. 30 marked the end of the federal government’s 2018 budget year. According to data released by the US Treasury Department, the federal debt grew by nearly $1.3 trillion in fiscal 2018 – $1,271,158,167,126.72 to be exact. It was the sixth-largest fiscal-year debt increase in the history of the United States.
So much for that Republican Party fiscal responsibility.
The total federal debt currently stands at $21.5 trillion.
One of the favorite Republican talking points is that tax cuts will “pay for themselves” by spurring economic growth. This seems plausible. But GOP talking heads underestimate just how much growth would be necessary to pay for the massive tax cuts and spending increases recently passed by Congress. In fact, the Congressional Budget Office released its analysis Monday and said that the tax cut plan will “balloon” the deficit over the next several years.
The House and Senate both passed the GOP tax bill yesterday. As of Wednesday morning, it needed just one more vote in the House on some technical changes made in the Senate before it heads to Pres. Trump’s desk.
The media keeps calling the Republican bill “tax reform.” Peter Schiff called that, “fake news.”
The middle class is not getting tax relief under the Senate plan currently under consideration. It’s getting big government on a credit card.
Here’s a fun fact. Did you know virtually all of the individual tax cuts in the Senate version of tax reform are temporary?
Indeed, what the Senate giveth, it also taketh away. Most of the tax cuts for individuals would expire in 2026 under the Senate plan.
So what’s the reasoning behind sunsetting the tax cuts?