From January to June this year, according to data from the Treasury Department, corporate tax payments fell by a third from the same period a year ago. The drop nearly reached a 75-year low as a share of the economy, according to federal data.
[Conservative]This has to be fake news as the world-renowned economist, Lush Limbaugh, has been saying for the last 30 years that tax cuts pay for themselves. Everybody knows that! stupid lying liberal media! [/Conservative]
The Trump administration had said that the tax cuts would pay for themselves by generating increased revenue from faster economic growth, but the White House has acknowledged in recent weeks that the deficit is growing faster than it had expected. The Office of Management and Budget said this month that it had revised its forecasts from earlier this year to account for nearly $1 trillion of additional debt over the next decade — on average, almost $100 billion more a year in deficits.
[Conservative After 2016]Everybody knows that deficits don't matter. [/Conservative After 2016]
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