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This is a chart of Q1 tax revenues (personal+corp+payroll) by fiscal year. Not adjusted for inflation.
FY 2019 is the first period when the Trump tax cuts were fully in effect.
No, the cuts aren't "paying for themselves."
FY 2019 is the first period when the Trump tax cuts were fully in effect.
No, the cuts aren't "paying for themselves."
Allow me one more chart on this.
We now know the full extent of tax receipts for calendar year 2018, the first year the Trump Tax Cuts were fully in place.
Receipts FELL by 1 percent, even though economic growth accelerated.
Receipts FELL by 1 percent, even though economic growth accelerated.
As recently as this fall, Republicans were claiming that tax cuts paid for themselves, because tax revenues increased.
They didn't.
They didn't.
And that's before adjusting for inflation. And it's just comparing revenue levels -- when the correct comparison is to revenue projections. Either of those adjustments make the picture look worse.
Important disclaimer that JCT (and other) dynamic models predict higher revenue feedbacks from growth in the coming years. (Though JCT scored the bill, dynamically, as a $1 trillion revenue loss)
