TAX CUTS AND THE NATIONAL DEBT

When government expenses exceed tax revenues the result is more government debt, called the deficit.  This is a financial obligation financed by securities sold to domestic and foreign investors.  US securities include Treasury bills (T-bills), notes and bonds, as well as US savings bonds.  These securities are paid back with interest.

Pay as you go legislation triggers automatic reductions in “entitlement” programs when bills exceed revenue unless Congress acts to raise the national debt ceiling.  When a tax cut is given in one area the debt must be transferred to someone else.

The Trump tax cut transferred billions of dollars of future debt from billionaires and corporations to the working class.  Reagan also lowered rates for billionaires and corporations and then started taxing Social Security payments, again transferring the debt to the working class.

So, if you saw a small increase in your paycheck with a note from your Republican boss telling you to thank Trump, just remember it is a cash advance against your future Social Security and Medicare benefits.  You also get to pay back the debt transferred to you from billionaires and corporations.

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