No, Trump's tax cut isn't paying for itself
The Treasury Department released figures on Monday showing the federal budget deficit widened by 17 percent in the 2018 fiscal year, to $779 billion. That’s an unusual jump for a year in which unemployment hit a five-decade low and the economy experienced a significant economic expansion. But the increase demonstrates that the tax cuts President Trump signed into law late last year have reduced federal revenues considerably, even against the backdrop of a booming economy.
Some conservatives don’t see the rising deficit numbers that way. They note that the Treasury reported that federal revenues rose by 0.4 percent from the 2017 fiscal year to the 2018 fiscal year, and view that as a sign that the tax cuts are “paying for themselves,” as Republicans and Mr. Trump promised.
That’s not the case.
There are several ways to ask the question, “Are tax cuts paying for themselves?” Based on the data we have right now, they all arrive at the same answer: “No.”
Federal revenues are falling well short of projections — even with strong economic growth
The issue here is not whether the government spends too much money, or whether tax cuts have buttressed economic growth, or even whether it’s advisable to run such high deficits in flush economic times.
https://www.msn.com/en-us/money/markets/no-trumps-tax-cut-isnt-paying-for-itself-at-least-not-yet/ar-BBOv9gi?li=BBnbfcN
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while giving the 1% a huge tax break
