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Originally Posted by Mathgod
Again, Trump's tax cuts for the rich couldn't be removed because of Manchin/Sinema, so the rich have continued to pay far less in taxes than they did during the Obama years. Then Biden had to make big investments in areas that Trump neglected during his term. Plus, government budgets grew because everything became more expensive in general, and the rise in interest rates made debt servicing more expensive.
One other thing, let us not forget the oil deal that Trump made with the Saudis and the Russians in 2020 to artificially cut supply and raise the price of oil. Was a big contributor to inflation. It was a 2 year deal that Biden couldn't cancel when he took office.
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Tax cuts are a systemic issue that the US government and economy has been battling since Clinton. Clinton raised taxes on the wealthy and cut taxes for businesses, families and capital gains. After that Bush came in and he cut taxes across the board. Those cuts expired under Obama but he signed an extension for those cuts to continue and subsequently made most of the Bush era tax cuts permanent. Trump came in and again imposed tax cuts. Under Biden there really hasn't been much change with some shifting in tax increases along with some tax cuts which basically balance out. Harris is campaigning on tax cuts which are essentially an extension of Trump's cuts for everyone under $400K. Harris wants to increase taxes on the rich but also provide a lot of cuts and credits to families and businesses.
The US has actually done a reasonable job of managing and controlling spending but no administration is really tackling the revenue side of things and because of that debt servicing has grown substantially.