IF GOP WINS MIDTERMS TO EXTEND TAX CUTS
November 16, 2022 - Douglas Myser
If GOP wins midterms to extend tax cuts. In Congressional Campaigns across America, Republicans have been stating that what the economy needs are the Trump Tax Cuts that were repealed by the Biden Administration, as the economy was a complete mess when Biden came into office, and economist partly blamed those same tax cuts for the economic decline. Even though the economy did get a temporary boost from the tax cuts, as tax cuts always do, the fallout was felt later when they had to be paid back, and when the Trump ridiculous handling of Covid, left millions dead, and the economy in shock. So now the Republicans thinking that people are hurting from the inflation caused mainly by the Ukraine war and resulting gas price spike, want to ease the suffering of the masses, by passing more tax cuts, just to appease voters to get votes. The problem is, that will only add more fuel to the inflation fire, as more money would be pumped into the economy at the wrong time, when the Federal Reserve is trying to bring inflation down by lowering the money supply in the economy. If GOP wins midterms to extend tax cuts.
Economists nationwide are also bewildered at the GOP who always talk about bringing down the deficit, but are always eager to pass tax cuts for the rich. During the Trump years, the deficit swelled by Trillions, all the while Trump and the Congressional Republicans were stating the tax cuts would lead the deficit lower by super charging the economy and bringing in more tax revenue. If your revenue is down and you owe a tax debt and need Tax Resolution, call us. Then they starved the IRS of funds needed to collect that very same revenue. An inconsistent approach to say the least. But ever since the Reagan tax cuts, economist generally state that the trickle down theory of economics does little to stimulate the economy, but gives large tax breaks to the rich. Even Trump's close advisor Steve Bannon stated that the Tax Cuts passed by Trump were a con job on the American people.