Tax cuts will ALWAYS result in short term deficits
These will often necessitate cuts to services
Saying any different is complete nonsense #Deficitpic.twitter.com/2HxhydTLGS
Epidemiologist. Writer (Guardian, Observer etc). "Well known research trouble-maker". PhDing at @UoW Host of @senscipod Email gidmk.healthnerd@gmail.com he/him
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Tax cuts will ALWAYS result in short term deficits
These will often necessitate cuts to services
Saying any different is complete nonsense #Deficitpic.twitter.com/2HxhydTLGS
The government has a limited pool of money coming in - mostly taxes If you reduce this pool - by cutting taxes - the government will have less money
The idea is that cutting taxes will stimulate growth, causing people to spend/earn more and thus bringing in more taxes overall However, even if this does work - and it's contentious - it takes time
The simplistic theory is that cutting taxes causes people to take home more money, and spend it overnight Businesses also pay less tax, and so pass this on to their employees, who earn more and thus pay more tax
The fact is that the relationship between tax and growth is not as straightforward as all that, and reductions in taxation often don't result in growth for years (if ever)pic.twitter.com/yg2nz2lZf0
Thus, tax cuts will almost always result - at least in the short term - in cutting healthcare, defense, schooling, or other spending The other option is watching the deficit rise as the government borrows more to cover their lost income
A simple analogy would be to imagine if you cut your income by 5% but kept your costs the same Either you have to reduce your costs (cut services like healthcare), or you have to borrow to cover the difference
The long term is a harder question, but one thing that is important is that it is politically much easier to cut taxes than it is to raise them You should be REALLY SURE that the tax cut is going to benefit everyone, because if it doesn't there's no going back
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