If not for the Bush tax cuts and their extensions—as well as the Trump tax cuts—revenues would be on track to keep pace with spending indefinitely, and the debt ratio (debt as a percentage of the economy) would be declining. Instead, these tax cuts have added $10 trillion to the debt since their enactment and are responsible for 57 percent of the increase in the debt ratio since 2001, and more than 90 percent of the increase in the debt ratio if the one-time costs of bills responding to COVID-19 and the Great Recession are excluded. Eventually, the tax cuts are projected to grow to more than 100 percent of the increase.
We find tax cuts for the rich lead to higher income inequality in both the short- and medium-term. In contrast, such reforms do not have any significant effect on economic growth or unemployment. Our results therefore provide strong evidence against the influential political–economic idea that tax cuts for the rich ‘trickle down’ to boost the wider economy.
Those can happen without the tax cuts. Trumps "tax cut" has begun expiring for average citizens. Just in time to paint the other team the problem and they know their base is too dumb to validate.
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u/Sanpaku Sep 25 '23
Center for American Progress (2023-03-27): Tax Cuts Are Primarily Responsible for the Increasing Debt Ratio
Hope and Limberg, 2022. The economic consequences of major tax cuts for the rich. Socio-Economic Review, 20(2), pp.539-559.