Do you remember when Trump’s tax cuts destroyed the economy, bankrupted the country and heralded the end of the world? No? Maybe the liberals were a little off on that one.
But, surely they were right when they argued that tax cuts would hurt tax revenue. It seems logical that if you tax less you receive less in taxes. Right? Oh, 2018 has seen record levels of tax revenue? How does that work?
If you aren’t a brain-dead socialist, you probably understand these principles. By lowering tax rates across the board, Trump was able to stimulate massive economic growth. That has resulted in more money being made overall, and that translates to higher tax revenue.
That’s amplified by the fact that the new corporate tax rate is internationally competitive, so a lot of companies have repatriated foreign assets. Those assets couldn’t be taxed before, but now they can. Apparently, 21 percent of more than a trillion dollars in assets represents a lot more tax revenue than 35 percent of nothing. Who knew!
Well, Trump knew. And, now he wants to double down on that success. There are talks of additional tax reform to solidify the economic boom we’re all enjoying. These new tax cuts won’t be exactly like the last batch, so watch the videos if you want the details of the new plan.
