The economy as a result of the Bush Tax Cuts did NOT result in enough revenue to overcome the fact that TAXES were CUT

Source Data: White House Office of Management and Budget – Historical Tables

 As a percentage of gross domestic product, the amount of tax revenues as a part of the economy has also varied widely, though it is still less today than in FY2001, when it represented 19.5% of GDP. It has dipped from as low as 16.1% in FY2004, to as high as 18.5% in FY2007, before finishing out FY 2009 at 14.9% – its lowest level since 1950 (14.4%).

 It is true when Sen. Sessions said spending has increased every year from FY2001 – the last year the government spent less than it took in.

 In FY2001 spending was $1,862.8 billion; by FY2009 spending was at $3,517.7 billion – more than $1.4 billion more than what was collected in taxes.

 Analysis by Citizens for Tax Justice claims that the Bush era tax cuts resulted in $1,918.9 billion in lower revenue from FY2001 through FY2009, and that the total cost if implementing the cuts (including interest payments on debt) was $2,141 billion.

Story is located here

Comments are closed.