Larry Kudlow in Wikipedia.org political website


On Budget & Economy: FactCheck: No, deficit is increasing with Trump tax cuts

In June 2018, Kudlow asserted that the tax cut was generating such growth that "it's throwing off enormous amount[s] of new tax revenues", and "the deficit, which was one of the other criticisms, is coming down--and it's coming down rapidly". Both assertions were incorrect. Since the tax cut was enacted, federal tax receipts increased 1.9% on a year-on-year basis, while they increased 4.0% during the comparable period in 2017. By the same method, the federal budget deficit increased 37.8% while it increased 16.4% during the comparable period in 2017. Kudlow later asserted he was referring to future deficits, although every credible budget forecast indicates increasing deficits in coming years, made worse by the Trump tax cut if not offset by major spending cuts. Barring such spending cuts, the CBO projected the tax cut would add $1.27 trillion in deficits over the next decade.
Source: Wikipedia.com Fact-Check on 2018 Trump Cabinet members Dec 31, 2018

On Tax Reform: Never believe the CBO: tax cuts will not increase deficit

In April 2018, Kudlow said that the nonpartisan Congressional Budget Office was untrustworthy. He dismissed CBO's estimate that the 2017 Tax Cuts and Jobs Act would increase the deficit by $1.3 trillion, saying, "Never believe the CBO. Very important: Never believe them. They're always wrong, especially with regard to tax cuts, which they never score properly." All credible studies of the tax plan, whether by non-partisan organizations, Wall Street analysts, or right-leaning research organizations, showed that the tax plan would increase the deficit. In July 2018, Kudlow falsely asserted that "Even the CBO numbers show now that the entire $1.5 trillion tax cut is virtually paid for by higher revenues and better nominal GDP." The CBO actually found that the tax cut reduces revenues and that deficits would increase by $1.9 trillion after accounting for macroeconomic feedback.
Source: Wikipedia.com for Trump Cabinet biographies Dec 31, 2018

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