The numbers show that America has a problem with spending, not revenue. Raising taxes would give Washington more money to spend without addressing the deficits.
are growing at a much faster rate than what the Congressional Budget Office projected before and after the 2017 tax cuts were enacted, providing more evidence that the tax cuts are not responsible for the higherand in 2018 after they passed with the current CBO forecast made this year. In 2017, the CBO forecasted that federal revenue over the next 10 years would total $40.7 trillion without any tax cuts.
The numbers show that revenues are much higher now than they were in 2017 and that spending is even higher. According to the CBO, total federal revenue will reach $4.9 trillion this fiscal year, $1.6 trillion higher than 2017, a 50% increase. By comparison, total federal spending will reach $6.4 trillion this year, $2.6 trillion higher than in 2017, a 74% increase. That’s what caused the deficit.
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