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House Republicans move to gut spending and cut taxes (mainly for the rich) by $4.5 trillion (www.motherjones.com)

submitted 1 month ago by BrikoX@lemmy.zip to c/usa@midwest.social

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Economic growth should take care of the $3 trillion deficit that would result, right?

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[–] imsufferableninja@sh.itjust.works 4 points 1 month ago (1 children)

what were tax receipts like though

[–] ChonkyOwlbear@lemmy.world 3 points 1 month ago

The modern equivalent of $1.7 trillion was collected in 1974 compared to $5.1 trillion collected in 2024. However 213 million compared to 341 million today. Birth rates have decreased and expected life span has increased since then, so it can't be assumed that the same portion of the population is tax-paying. It's hard to make a 1 to 1 comparison.