- Apr 2013
- La La Land North
All the "conservatives on this board cheer this amazing businessman.
https://www.axios.com/cbo-report-national-deficit-increase-trump-tax-cuts-mick-mulvaney-3ee6ea59-a4b4-42c3-8c3a-38909728a2d5.htmlNational deficit grew 20% last year, partially due to Trump tax cuts
The U.S. national deficit grew by 20% ($75 billion) over the past year, according to the latest report by the Congressional Budge Office, partially due to Trump's tax cuts as well as increased national spending.
By the numbers:
Spending is up by $143 billion (4%) from last year.
2018 saw a $66-billion drop in corporate taxes, largely due to Trump's newest tax policy, according to the CBO.
Revenue from individual income taxes, however, grew more than expected because of economic growth and wage increases, according to the CBO. But the growth was not nearly enough to compensate for increased spending.
The deficit, which is now at $685 billion, is expected to reach $793 billion by the end of the year and come close to $1 trillion next year.