Tax cuts only increase debt, enrich wealthy
To the editor:
Why did the national debt triple during the Reagan administration? Why did the national debt double during the George W. Bush administration? Why has the national debt increased more than $3 trillion in less than three years of the Trump administration?
The national debt increases whenever government expenditures are more than government revenues, and tax cuts reduce tax revenue. For example, the top tax rate during the Reagan administration was decreased from 70% to 28%. Hooray for the rich!
And there was a stock market crash during both the Reagan and Bush II administrations. The Great Recession also occurred during the Bush II administration despite two tax cuts and the start of two wars.
In summary, tax cuts do not stimulate the economy, but they do enrich the wealthy and increase the national debt.
David L. Faust