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This blog is connected with the web site at http://www.econdataus.com/budget.html. The main purpose of that web site is to organize and present budget and economic data and provide their sources. The purpose of this blog will be to add some commentary and perhaps to promote some discussion of that data.

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From Record Monthly Surplus to the Largest Annual Deficit in 6 Years

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On May 25, 2018, Judy Woodruff interviewed Marc Short, White House Director Of Legislative Affairs, on the PBS Newshour. The video and transcript can be found at this link. At 2:43 in the video, Marc Short states the following: And, lastly, in April, we had the largest surplus on record in American history. That is a result of the growth and the revenues coming into the federal government because of the tax plan. READ FULL REPORT
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Do the Trump Tax Cuts Mostly Pay for Themselves?

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On April 9, 2018, the Congressional Budget Office released The Budget and Economic Outlook: 2018 to 2028 . The next day, the Investor's Business Daily ran an editorial titled It's Official: Trump Tax Cuts Are Boosting Growth And Mostly Paying For Themselves . That editorial begins: When the Congressional Budget Office released its updated budget forecast, everyone focused on the deficit number. But buried in the report was the CBO's tacit admission that it vastly overestimated the cost of the Trump tax cuts, because it didn't account for the strong economic growth they would generate. Further on, the editorial states: The CBO report also makes clear that this faster-growing economy will offset most of the costs of the Trump tax cuts. In a table buried in the appendix of the CBO report, it shows that, before accounting for economic growth, the tax cuts Trump signed into law late last year would cut federal revenues by $1.69 trillion from 2018-2027. But it goes on ...
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Who Will See Their Taxes Go Up under the Final GOP Tax Bill?

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Taxpayer Examples Cited by Supporters of the Tax Bill On December 15th, the GOP released its final tax plan . The Committee on Rules has posted a Summary of the bill , a Joint Explanatory Statement , and the full bill . In addition, House Speaker Ryan released an article that states that, with this bill, "the median family income of $73,000 will receive a tax cut of $2,059". This has been repeated many times since then, such as here , here , and here . In fact, this example is the first of three taxpayer examples that were released in November 21st by the Senate Committee on Finance. Following is information for this and the second example, as generated by the interactive application at this link : Example S1 - Family of Four Earning $73,000 Per Year Names Taxes Released After_Tax 1 Current 2018 3,557.50 69,442.50 2 Conference 1,499.00 71,501.00 3 Change -2,058.50 -2059 2,058.50 4 % Change -57.86 ...
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