Tax cuts signed into law in 2017 by then-President Donald Trump have raised revenues for the federal government over the last five years, despite concerns among Democrats and other critics that the cuts would be a fiscal nightmare only benefiting the rich.
The government collected a record $4.9 trillion in revenue last year, according to the latest report from the Congressional Budget Office, a nonpartisan federal agency. That’s nearly $500 billion higher than what the CBO had projected.
Receipts from corporate income taxes, meanwhile, were $425 billion, exceeding CBO’s projection by 25%, while receipts from individual income taxes were $2.6 trillion, […]
Read the rest of this story here: justthenews.com
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