Bush and Trump's major tax cuts for corporations and the rich are overwhelmingly the drivers of national debt issues, which the GOP is using as an excuse to force through cuts to welfare and government spending.
Lawmakers listen to then-President Donald Trump speak about the passage of tax reform legislation on the South Lawn of the White House in Washington, D.C., on December 20, 2017.Republicans’ major tax cuts for corporations and the rich are overwhelmingly the drivers of current issues over the national debt, which the GOP is using as an excuse to force through cuts to welfare and government spending that are not contributing nearly as much to the debt, a new report reveals.
Over the past two decades, increases in the U.S.’s debt ratio, or the proportion of the national debt to the economy, have largely been driven by major tax overhauls done by Republicans under Presidents George W. Bush and Donald Trump, according toThe cuts have added $10 trillion to the national debt since the Bush tax cuts were enacted in 2001 and Trump’s in 2017, the report finds. In that time, the cuts have caused more than half — 57 percent — of the increase in the debt ratio.
At the same time, spending has not contributed nearly as significantly to the debt ratio. Before the Bush tax cuts were made permanent in 2012, spending was projected to not exceed revenues for 65 years, the Congressional Budget Office estimated — but, the next year, the CBO found revenues were expected to fall below program spending and the debt ratio would begin rising indefinitely., the national debt would remain stable indefinitely.
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