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Reagan, Biden, And The Facts On Government Spending

Reagan, Biden, And The Facts On Government Spending
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How to Measure the Revenue Impact of Changes in Tax Rates

Chart 2: Wealthy Taxpayers Rely Less on Wage and Salary Income Than Any Other Income Class
Chart 3: Changes In Tax Rates Have Little Effect on Revenues
Chart 4: Rich Pay More Following 1920s Tax Cuts
Chart 5: Rich Paid More Under 1960s Kennedy Tax Cuts
Chart 6: Reagan Tax Cuts Generated 31% More Tax Revenue From the Wealthy
Chart 7: Higher Tax Rates, Lower Revenue
Introduction
One of the most important fiscal policy debates developing in this election involves the question of whether changes in tax policy have supply-side effects. In other words, will lower tax rates increase economic growth, resulting in more jobs, higher wages, and bigger profits? If the answer is yes meaning that lower tax rates cause taxable income to rise it is reasonable to argue that a tax cut will be at least partially self-financing. The extent to which increased revenue from a bigger tax base helps offset the revenue loss from lower tax rates then becomes an empirical qu ....

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Facebook posts wrongly say COVID-19 bill includes foreign aid, arts funding

PolitiFact s ruling: Mostly False
Here s why: Shortly after lawmakers agreed on sending $600 stimulus checks to many Americans, Facebook users said the COVID-19 relief bill put foreign interests and the arts above the needs of the American people.
Every American left and right should be calling for a #VETO of this stimulus ‘deal’ which provides MORE funding to foreign governments and to American arts centers, than to the American people, said a Dec. 21 post.
The post included a picture listing domestic entities and foreign countries appropriated millions if not billions of dollars, juxtaposed with just $600 for the American people.
Under domestic funding, for instance, it listed the Kennedy Center $26,400,000. ....

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Fact-check: Does the COVID-19 relief bill send more money abroad than to U.S. citizens?

Fact-check: Does the COVID-19 relief bill send more money abroad than to U.S. citizens?
Miriam Valverde, PolitiFact.com, Austin American-Statesman
© Richard Drew, AP
This March 29, 2018, file photo, shows the logo for social media giant Facebook at the Nasdaq MarketSite in New York s Times Square.
A Facebook post: Says the COVID-19 relief bill “provides more funding to foreign governments and to American arts centers, than to the American people.”
PolitiFact s ruling: Mostly False
Here s why: Shortly after lawmakers agreed on sending $600 stimulus checks to many Americans, Facebook users said the COVID-19 relief bill put foreign interests and the arts above the needs of the American people. ....

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