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Revenue is actually greater now than before the tax cuts went into effect. The federal government collected over $2 trillion in the first seven months of this fiscal year, which started October 1.
This is an increase of close to 2% from the same time in fiscal 2018, and 6% higher than the revenue collected from fiscal 2017, before the Trump tax cuts went into effect.
The Treasury Department estimates that fiscal 2019 will bring in $3.4 trillion in tax revenue, 3% more than last year.
So why are deficits still climbing?
So why are deficits still climbing?
Perhaps it has to do with the fact that spending is up $181 billion compared to this time last year, outpacing revenue by $146 billion. And the extra $100 billion in revenue that Treasury is predicting this year won’t come close to covering the additional $400 billion in spending
Democrats are lying through their teeth about the impact of the Trump tax cuts, but Republicans are also to blame when it comes to spending. Neither party has proven to be trustworthy with the purse strings of Congress.
Thanks to Trump and the Republicans in Congress, we have a saner tax policy than we have had in years. But the federal government will also need a sane spending policy if it’s going to mean anything in the long term.
