direstraits posted:Usually, US tax revenues go up, even with tax reductions. Tax reductions usually result in significantly increased revenue.
For the last three significant tax reductions:
Tax revenue changes, before and after tax cuts (corrected for inflation).
For the eight years after JFK/LBJ cuts – increase of $522.2 billion.
For the eight years after Reagan tax cuts – increase of $2.944 trillion.
For the eight years after Bush tax cuts – increase of $4.788 trillion
Source: Office of Management and Budget historic tables.
https://obamawhitehouse.archiv...b/budget/Historicals
Tax revenue for 2017 -- $3.32 trillion. For 2018 -- $3.33 trillion. Revenue was almost neutral for the last two years, despite a major tax reduction. As the economy improves, tax revenue will significantly increase. Its the spending that's out of control.
Economists predict 2035 is the hard break for the US, if spending isn't significantly under control.
Yes, and the predominate reason for future deficits is due to the preordained growth of "mandatory spending" (Entitlements); Defense, road construction, and other spending are called "discretionary" spending. I might note that on the day Trump took office, Trump was gifted a several $Trillion/decade future shortfall because of past promises.