https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/
That was because of corporate tax cuts. They were cut 31%.
Did that help us? Yes.
Corporations were able to bring back cash from overseas at good savings, and they were able to invest in the U. S. again.
We have added over 600 thousand manufacturing jobs because of it.
Steel is taking off.
Individual tax receipts were up 6% for the year, 5% after the tax cuts went into effect.
I think we’ll see some great numbers coming down the pike.
Here’s my source on that, and if you’ll check out the title, you’ll know why I made the comment I did, despite the factoid in the last sentence.
https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/
Did it add to the deficit? Combined with the increases in spending, yes.
I think we’ll see some great numbers coming down the pike.
We're running trillion dollar deficits now, when the economy is going full speed and unemployment has literally never been lower. What will deficits be like once the next economic downturn hits?