Do the Trump Tax Cuts Mostly Pay for Themselves?
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 ...