One thing missing from all these articles is how much taxes to the government have gone up since the tax rate cuts went into effect in 2018. 

Trump’s win means low taxes, stock market gains, and economic growth — for now

The nonpartisan, nonprofit organization Committee for a Responsible Federal Budget estimates full extension of the Trump tax cuts could increase the federal deficit by $4 trillion to $5 trillion over 10 years.

Here are the facts:

Revenues received by the federal government in 2017 totaled $3.3 trillion, of which $1.6 trillion was receipts of individual income taxes.

Corporate taxes were $297 billion.

The federal government collected about $5 trillion in revenue in FY 2024, or up 50% in seven years.  Forty-five point three percent of this revenue came from individual income taxes, or around $2.3 trillion, which is also up around 50% since the tax rate cuts went into effect.  Corporate income taxes were around $345 billion, which is also up despite cutting rates from 35% to 22%.

Yet, despite revenues rising substantially after Trump’s tax rate cuts, just like Reagan’s and Bush’s the media and other Democrats continue to lie to the public that Trump’s tax rate cuts cost the government. 

The only reason deficits are so high is because spending continues to skyrocket.  It is absolutely not rapidly increasing revenues. 

This article, like other predictions from experts say keeping Trump’s tax rates the same will cause the deficit to rise four to five trillion versus what it would have been.  That is pure garbage. 

Keeping rates the same will not cost the government a dime and will lead to more growth than higher taxes. 

Why do the CBO and other supposed experts continue to say tax rate cuts cost the government money when history shows otherwise?  The answer is that these people love big government and higher taxes.  That is their bias.

Image via Pxfuel.