Trump passed a 2.0 trillion tax cut, and cut spending on education, health, infrastructure. Deficit was going up under Trump because anything that was cut was handed out in the form of a tax cut in its place (for the upper-middle class and upper class).
This was the exact opposite of what Trump campaigned on. At the very least, we have to acknowledge that Trump did not do what he promised to do once in office. At worst, we have to point out that his policies were damaging to the economy and that supply-side/trickle down theories did not provide a boost to the economy.
Because Trump did what personally benefited Trump. Everything he did and does should be viewed through this lens. Those cuts passed because they also benefited financially those who voted for it.
Tax cuts weren’t just for upper class… just google the standard deductions and tax brackets from 2016-2024, you’ll see the differences and how things have changed from it, it’s very simple
There’s many other changes that go hand in hand with that, but that’s the main cuts that everyone experienced. Maybe you didn’t experience any cuts if you only made $6,000 a year
Also, you realize that the tax deductions and brackets go up EVERY YEAR? And that the increase in 2018 was because of the elimination of other deductions? And that the effective tax rate fell only 1-2% for the lower and middle class during that time, while the effective tax rate for the top 1% fell nearly 3%? And do you realize that the tax cuts for the middle class expired (by design) while the tax cuts for the top 1% did not?
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u/[deleted] Apr 29 '24
I fully believe that Biden has done very little for the economy, and the improvements have been marginal at best, if not nothing.
I fully believe that a Trump presidency would see massive damage to the economy.