They failed to live down to the claims of the Progressive-Democratic Party politicians who’ve decried them since their enactment. They’ve also exceeded the expectations of the CBO.
The government collected a record $4.9 trillion in revenue last year, according to the latest report from the Congressional Budget Office, a nonpartisan federal agency. That’s nearly $500 billion higher than what the CBO had projected.
In particular, those Left-hated reductions in corporate taxes didn’t yield the Left-promised drop in Federal revenue:
Receipts from corporate income taxes, meanwhile, were $425 billion, exceeding CBO’s projection by 25%….
Regarding that disastrous tax cut that was only for the rich:
…receipts from individual income taxes were $2.6 trillion, exceeding CBO’s projection by 11%.
With all that money rolling in, it doesn’t seem like any particular group of Americans got any special breaks. But the Feds did, from the increased economic activity that resulted from all that pre-2017 tax cut money staying in the hands of private citizens, who know better than our Government Betters where and how to spend our dollars.
That greater money-handling wisdom is illustrated by these tidbits:
…business investment increases spiked by the end of 2019 by 9.4% compared to the pre-tax cut trend…. For corporations, real investment was up by as much as 14.2%
This is what the Progressive-Democratic Party wants to put an end to with Party politicians’ demands to tax ever more, spend ever more, and unconditionally raise the debt ceiling so as to potentiate their addiction to ever-increasing spending.
They’re trying to get their mojo—and our dollars—back.