The US Congress' budget office released its report for 2022, revealing the government's spending and revenue. While the report is full of alarming numbers, it also has a positive outlook.
The positive outlook is attributed to the Trump administration's tax cuts, which have been criticized by leftists such as Bernie Sanders for giving away to the rich. According to the report released by the Congressional Budget Office, the cuts were able to boost the government's revenue.
According to the report, the government was able to collect almost $5 trillion in revenue last year. This is a significant increase from the previous year, and it comes after five years of growing revenues.
The Tax cuts and Jobs Act were supposed to boost the country's economy by increasing the incentive for people to work. According to Stephen Miller, a former Trump advisor, the report shows that people tend to produce more when the government stops taking away their products.
"""The Congressional Budget Office estimated that the tax cuts would cost the government around $1 trillion. However, instead of that, the revenue that the government was able to receive from taxes was almost exactly what it would have been if the cuts were not implemented.
The budget office also underestimated the impact of the COVID-19 pandemic, which caused a two-year hit to the government's revenue.
The Laffer Curve effect was also apparent from Trump's tax cuts. As a result of lower tax rates, the country was able to grow and receive higher tax payments.
It shouldn't come as a surprise that the country's revenue would grow as a result of lower taxes. During the administrations of Democrats such as John Kennedy and Ronald Reagan, tax rates were lowered."""
The mainstream media has remained silent on the issue of the Trump Tax cuts, despite the leftists' claims that they were irresponsible. Contrary to what they have been saying, the cuts were actually a resounding success, as they were able to increase the country's revenues while making everyone else better off.
The story about taxation is not the one that the regime wants told. That's why neither the New York Times nor the Washington Post will be publishing articles about the TCJA's success.
Even though the government's revenues increased by 40%, it wasn't enough to offset the spending that former Vice President Joe Biden's government did during his term. During his time in office, his government spent over $6 trillion.
The preceding is a summary of an article that originally appeared on Trending Politics News
