The Trump Tax Cuts Led to Record-Low, Not High, Revenues Outside of a Recession
“The tax legislation that President Donald Trump signed in December 2017 significantly reduced federal revenues, with the largest tax cuts going to the richest Americans. Following the enactment of these tax cuts, federal revenues fell dramatically—as the Joint Committee on Taxation (JCT) and Congressional Budget Office (CBO) projected would occur at the time the law passed1—and they remain below projections of federal revenues made prior to their enactment.”