(RepublicanWire.org) – President Joe Biden has been a long-time critic of his predecessor’s tax cuts. However, even Biden can’t always ignore reality. As he announced his budget plan on Monday, he was forced to put his pride aside and finally admit that Trump’s taxation policy actually worked.
On March 28, Biden outlined his new budget proposals, which call for a massive $5.8 trillion in government spending. He blasted former President Donald Trump’s 2017 Tax Cuts and Jobs Act, but as he was discussing the plans, he claimed it had led to tax cuts and mostly helped the rich. Biden has made this claim before, and attracted a lot of criticism for it – even the notoriously liberal Washington Post awarded him four Pinocchios for his “clearly false” remarks about the tax cuts – but this time the numbers he went on to cite made clear that Trump got it right.
In 2017, before Trump’s cuts took effect, the federal government collected $3.3 trillion in taxes. By 2021, with the cuts still in place, that had risen to over $4 trillion despite the slowdown caused by the COVID-19 pandemic; for 2022, it’s expected to be a record-breaking $4.5 trillion. As President Reagan showed in the 1980s, cutting taxes in the right places stimulates economic growth and increases tax revenue. Unfortunately, it isn’t increasing it enough to pay for Biden’s spending plans, but that’s hardly Trump’s fault.