Tax Cuts into Oblivion
Somebody finally admits it: uncontrolled federal spending didn’t get us into the Great Deficit, GOP tax cuts did.
|The biggest culprit, by far, has been an erosion of tax revenue triggered largely by two recessions and multiple rounds of tax cuts. Together, the economy and the tax bills enacted under former president George W. Bush, and to a lesser extent by President Obama, wiped out $6.3 trillion in anticipated revenue. That’s nearly half of the $12.7 trillion swing from projected surpluses to real debt. Federal tax collections now stand at their lowest level as a percentage of the economy in 60 years.
There it is in black and white. We aren’t collecting enough in taxes. But the Republicons continues to insist on cutting taxes for the wealthy and blame deficits on sick elderly people and poor folks on welfare.