Trumpy's tax cuts for the wealthy and corporations was not passed until Dec. 2017 and did not go into effect until 2018. The effect of those cuts will not be fully felt until after the 2019 tax season.
"The U.S. Treasury Department publishes a 36 page monthly statement that has all sorts of information about where the Federal government receives its “income” and how it is spent. In the most recent report ending in September 2018 for the full fiscal year 2018 it shows that the federal budget deficit increased from $666 billion in fiscal 2017 to $779 billion in fiscal 2018, an increase of $113 billion or 17%. In the same report corporate tax receipts dropped from $297 billion in fiscal 2017 to $205 billion in fiscal 2018, a decrease of $92 billion or 31%. The $92 billion would account for 82% of the increase in the deficit.
Corporate taxes steady until fiscal 2018
Below are the tax receipts from corporations to the U.S. government over the past five fiscal years. They ranged from $297 billion in fiscal 2017 to $344 billion in fiscal 2015, and were essentially flat in fiscal 2016 and fiscal 2017. However, they had a substantial drop in fiscal 2018.
Fiscal 2014: $321 billion
Fiscal 2015: $344 billion
Fiscal 2016: $300 billion
Fiscal 2017: $297 billion
Fiscal 2018: $205 billion
Math doesn’t work for the tax bill to be “revenue neutral”
http://www.forbes.com/sites/chuckjones/2018/10/31/trumps-additional-budget-deficit-was-largely-due-to-the-corporate-tax-cut/#182661358f71Corporations were already awash in cash and still are to the tune of $1.5 TRILLION.
That was Forbes...Herr are others analysis of which I am sure you will disagree with because of the source...
http://www.cnbc.com/2018/10/16/trumps-tax-cut-didnt-reduce-the-deficit--despite-his-many-promises.htmlhttp://www.usatoday.com/story/opinion/2018/10/16/blame-republican-tax-cuts-soaring-federal-deficits-column/1657338002/What happened to trumpy's pledge that the wealthy would not receive tax cuts?
With out of control spending and trump's tax cuts debt continues to pile up.
Trumpy's tax cuts for the wealthy and corporations... (