Fiscal policy Tax reform In proposing a plan to cut the deficit, Clinton submitted a budget and corresponding tax legislation that would cut the deficit by $500 billion over five years by reducing $255 billion of spending and raising taxes on the wealthiest 1.2% of Americans. It also imposed a new energy tax on all Americans and subjected about a quarter of those receiving Social Security payments to higher taxes on their benefits. Republican Congressional leaders launched an aggressive opposition against the bill, claiming that the tax increase would only make matters worse. Republicans were united in this opposition, and every Republican in both houses of Congress voted against the proposal. In fact, it took Vice President Gore's tie-breaking vote in the Senate to pass the bill. After extensive lobbying by the Clinton Administration, the House narrowly voted in favor of the bill by a vote of 218 to 216. Deficits and debt Below are the budgetary results for President Clinton's two terms in office: • He had budget surpluses for fiscal years 1998-2001, the only such years from 1970-2016. Clinton's final four budgets were balanced budgets with surpluses, beginning with the 1997 budget.
The president proposes the budget.You learned this is 5th grade didn't you? https://en.m.wikipedia.org/wiki/2018_United_States_federal_budget 2018 United States federal budget The United States federal budget for fiscal year 2018, which ran from October 1, 2017 to September 30, 2018, was named America First: A Budget Blueprint to Make America Great Again. It was the first budget proposed by newly-elected President Donald Trump, submitted to the 115th Congress on March 16, 2017.[2][3] https://en.m.wikipedia.org/wiki/2019_United_States_federal_budget 2019 Budget of the United States federal government Submitted by Donald Trump Submitted to 115th Congress
That's how tax cuts work. You cut taxes, the deficit increases temporarily, then you get a huge bump in tax revenue. GDP increased 40% under Bush despite having 9/11, a burst tech bubble, the financial crisis and hurricane katrina. GDP only increased 23% under Obama despite literally having nothing of note happen under his presidency. GDP is already up 11% under Trump. We're at $20.6 Trillion GDP and going strong.
Yet Bush left a 1.2 trillion dollar deficit after coming into office with a surplus and Trump increased the deficit from 600 billion to 1 trillion.
Tax revenues Clinton tax revenue( raised taxes) FY 1990 - $1.03 trillion. FY 2000 - $2.03 trillion Bush tax revenue (cut taxes) FY 2000 - $2.03 trillion FY 2010 - $2.16 trillion.
Obama ended the bush tax cuts for the rich in 2012.Tax receipts up a trillion dollars in 4 years FY 2017 (est.) - $3.460 trillion. FY 2016 - $3.268 trillion. FY 2015 - $3.250 trillion. FY 2013 - $2.775 trillion. FY 2012 - $2.45 trillion
When a recession hits tax revenues plummet,while spending has been increased after the tax cuts leaving a massive deficit.
Tax receipts from 1990 to 2000 went up 10 years in a row and were double in 2000 than they were in 1990. FY 2000 - $2.03 trillion. FY 1999 - $1.82 trillion. FY 1998 - $1.72 trillion. FY 1997 - $1.58 trillion. FY 1996 - $1.45 trillion. FY 1995 - $1.35 trillion. FY 1994 - $1.26 trillion. FY 1993 - $1.15 trillion. FY 1992 - $1.09 trillion. FY 1991 - $1.05 trillion. FY 1990 - $1.03 trillion. After the first bush tax cuts in 2001 tax receipts were lower than 2000 levels until 2005 then went up 3 years and then crashed back down to near 2000 levels in 2009 and 2010 FY 2010 - $2.16 trillion. FY 2009- $2.1 trillion. FY 2008 - $2.52 trillion. FY 2007 - $2.57 trillion. FY 2006 - $2.4 trillion. FY 2005 - $2.15 trillion. FY 2004 - $1.88 trillion. FY 2003 - $1.72 trillion. FY 2002 - $1.85 trillion. FY 2001 - $1.99 trilion. FY 2000 - $2.03 trillion Federal tax revenues were 5% higher after Bush who cut taxes left office. Federal tax revenues were 100% higher after Clinton who raised taxes left office.