Replies to post #486636 on Tornado Alley (PROG)

[OMOLIVES]

They are both wrong.

[blackhawks]

Tax increases for the wealthy and corps. Remember how the GOP lost there shit over Clinton's tax hikes and what happened? Budget surplus, that's what.

https://www.investopedia.com/terms/t/tax-reform-act-of-1993.asp

Impact of the Tax Reform Act

The Tax Reform Act of 1993 had a wide-ranging impact on tax collection. In 2006, U.S. Treasury analysts estimated tax receipts had increased by $42 billion annually (in 1992 dollars) in the four years following its passage.

By 1998, the Federal government produced its first budget surplus in almost 30 years.

Economic models suggest the Act had a mildly negative impact on GDP growth, but this was minor compared to the relatively strong, overall economic growth of the period.

Tax Foundation. "Modeling the Economic Effects of Past Tax Bills." Accessed Feb. 11, 2021.