Consider this as you prepare your federal income taxes for 2019: While the Republicans promised the 2017 tax cuts would pay for themselves, they have simply increased the federal deficit to unsustainable levels.
"During his 2016 campaign, President trump talked about paying off the federal debt within 8 years. Reality and the policies that he has enacted have moved in the opposite direction." (Richard Rubin writing in The Wall Street Journal, 1/29/20).
The US budget deficit is expected to reach $1.02 trillion this year as
government spending continues to outstrip tax collection, according to
the Congressional Budget Office. At this rate, the US federal debt is on
track to reach $31.4 trillion, or 98% of national
GDP, by the end of 2030, the CBO said.
"A combination of the 2017 tax cuts and a surge in new spending has
pushed the deficit wider. This year would mark the first time since 2012
that the deficit breached $1 trillion, a threshold that has alarmed
some budget experts because deficits typically contract — not expand —
during periods of sustained economic growth" writes Jeff Stein in The Washington Post. "The deficit in 2016, President Barack Obama’s last full year in office, was $585 billion."
"The CBO projection also appears to cast doubt on recent statements by
President Trump and other administration officials that the 2017
Republican tax cut is creating enough revenue through new economic
growth that it will offset all near-term losses."
https://www.washingtonpost.com/business/2020/01/28/us-deficit-eclipse-1-trillion-2020-cbo-says-fiscal-imbalance-continues-widen/?wpisrc=nl_sb_smartbrief
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