Message from @Neco2040
Discord ID: 543173410318975006
It inflates the market because they are buying stock...
Buying stock does not "inflate" the market
Tax cuts causing a recession is completely irrational, giving more money to the people is much better than the central planning of the government. The economy is the people, the only people who know the demands of the people are, the people.
I think it's better if we talk about one thing at a time
So tax cuts causing recessions is irrational.
Consumers do not cause recessions.
Reagan exploded the deficit after cutting taxes, then Clinton balanced the budget, then Bush cut taxes and the deficit went up again, then Obama cut the deficit, and now the deficit is up after the Trump tax cuts
Clinton cut taxes
He increased the top marginal tax rate
But we must see why the deficit went up
Spending
He cut a huge capital gains tax
he increased the standard deductions by a huge amount
he increased the amount for tax exemptions on property
and some others
Overall, he increased taxes on the rich
Bush tax cuts, revenue went up but spending also went uP
Considering he cut capital gains by 25%
And the effective tax rate went down
Not really.
Hw Bush rose taxes actually
I'm talking on the rich btw, not people in general
Clinton did the opposite
Yes thats the rich
top 1% and 0.1%
Clinton didn't do the opposite, they both raised taxes
Obama added to the debt aswell, which is another problem.
But Obama did not increase taxes
Obama cut the deficit in half
Clearly not, when effective taxes fell
But he didn't increase taxes
he extended the Bush tax cuts
which is where your argument immediately falls apart
As revenue rose aswell
He increased the top marginal tax rate
No he didn't
He kept the middle class tax cuts
Yes, he did
The top marginal rate was increased from 35% to 39%