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Americans For Prosperity Americans for Prosperity (AFP) and Americans for Prosperity Foundation (AFP Foundation) are committed to educating citizens about economic policy and mobilizing those citizens as advocates in the public policy process. AFP is an organization of grassroots leaders who engage citizens in the name of limited government and free markets on the local, state and federal levels. The grassroots members of AFP advocate for public policies that champion the principles of entrepreneurship and fiscal and regulatory restraint.

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Time for Washington to Rein in Spending, Reduce America’s Ballooning Deficit

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Unread 04.12.18, 07:27 AM
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Time for Washington to Rein in Spending, Reduce America’s Ballooning Deficit

04.12.18 06:35 AM

It’s been said before, but merits repeating: Washington has a spending problem, not a revenue problem. The*CBO’s latest economic predictions*highlighting America’s rising federal deficit underscores this point. The Wall Street Journal*notes: The Congressional Budget Office said the federal budget deficit would total $804 billion this year, 43% higher than it had projected last summer, and exceed $1 trillion a year starting in 2020. The deficit was $665 billion in the fiscal year ended Sept. 30. Opponents of tax reform are quick to blame the recent Tax Cuts and Jobs Act. In reality, they could not be further from the truth. Historically, following the Kennedy, Reagan and Bush tax cuts, the*economy showed strong economic growth, which led to higher federal revenues over time. A*report*from Americans from Prosperity and Freedom Partners highlights the trend of tax cuts spurring economic growth over the years: In the 10 years following the Kennedy tax cut (proposed by JFK in 1962 and enacted in early 1964, just months after Dallas), federal tax receipts increased by $283 billion. The decade following the Reagan tax cuts of 1981 (fully phased-in by 1983), revenue rose by $400 billion. In the 10 years after the Bush tax cuts, tax receipts […]

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