Armstrong Economics Blog/Politics
Re-Posted Jan 2, 2019 by Martin Armstrong
The Socialists are out to blame Trump’s Tax cuts to argue why taxes should be higher. At the beginning of 2o18, Trump imposed a spectacular tax cut making the USA much more competitive than its European counterparts. Trump argued that the tax reduction would contribute to the recovery of the economy and finance itself through additional tax revenues as what took place with the Reagan tax cuts. However, we have the Socialists playing loos with the facts, as always, claiming the cost of the tax cut was $1.5 billion a year. They now claim that Trump’s tax cuts were funded by more debt since it rose by $1.271 billion. Their argument is always playing games with the numbers. The entire tax reduction was not financed by additional debt, the problem is that the debt rose because it is always being rolled over and the interest rates have risen adding to the cost of rolling that debt. As we enter 2019, we will more likely now watch interest expenditures for the first time exceed that of military.
The Socialists never want to see taxes ever reduced and they always want to see the national debt increase without end. They refuse to look at the economics behind their Marxist philosophy and they then blame the people as they do in France calling them thugs when their tax burden simply increases without end reducing the standard of living for the middle class. I have stated many times, the very idea of Socialism violates the First Amendment freedom of religion for the tax rates are greater than the 10% advocated in the Bible and it violates the Ten Commandments which forbid coveting what others have. Perhaps one day the lawyers will wake up and actually protect the people and do what their oath was intended – file a major class action lawsuit against the government and socialism as a violation of the freedom or religion.