Liberal Media Goes Completely Silent After New Report Proves Trump’s Tax Cuts Were Massive Success

The Congressional Budget Office just released its report on the federal budget for 2022, specifically how much the government spent and how much it brought in. Though much of the report is concerning, as it shows the federal government is spending far, far more than it brings in, there is one positive in the report.

That positive stems from the Trump Tax Cuts, or Tax Cuts and Jobs Act, and is what the right has been saying about that tax cuts package for years as leftists like Bernie Sanders bemoan the “giveaway to the rich” or “tax cuts for the rich”. Based on the CBO report, it turns out that the Tax Cuts and Jobs Act was a massive success in raising federal revenues by lessening the tax burden.

Specifically, the CBO report showed that the federal government collected a whopping $4.9 trillion dollars in revenue last year. That is an increase of $1.5 trillion since 2017, the year before the tax cuts passed. That is a 40 percent increase in federal revenues over just five years, and all without actually raising taxes on most Americans!

Instead, by cutting taxes and thus increasing the incentive to go out and work, the Tax Cuts and Jobs Act increased federal revenues. Turns out, people produce more when less of it is confiscated by the government after they produce it. Shocker. Former Trump Advisor Stephen Miller, commenting on the CBO report and the success of the Tax Cuts and Jobs Act, said:

I compared these numbers with the estimates of what the Trump tax cuts were expected to “cost.” Instead of an expected $1 trillion revenue “loss,” the tax receipts over this period were almost precisely what they would have been if we didn’t cut taxes at all.

And remember, that estimate in 2017 never anticipated the two-year hit to the economy from COVID-19 lockdowns — which depleted the Treasury.

In other words, there was a giant Laffer Curve effect from Trump’s tax cut. We got higher growth and higher tax payments with lower tax rates.

This shouldn’t be a giant surprise. The same thing happened when Democratic President John F. Kennedy cut tax rates in the 1960s and when Republican President Ronald Reagan cut tax rates in the 1980s. Lower rates and more revenues.

Meanwhile, of course, the MSM has stayed silent on the issue and refused to note that the Trump Tax Cuts, far from being the fiscally irresponsible giveaway to the rich that the left has been claiming they were for years, were instead a massive success that raised revenues while cutting taxes, making everyone better off.

That’s not the narrative about taxation the regime wants pushed, so it’s not the one we’re going to hear from them. Hence neither the Washington Post nor the New York Times publishing an article on the success of the TCJA as shown by the recent CBO report.

Unfortunately, even the 40% increase in federal revenues wasn’t enough to make up for the Biden spending spree, as Biden’s government spent an incredible $6 trillion last year, far outpacing the increase in revenues from the TCJA, which could expire soon unless Congress takes action to make it permanent.

By: Will Tanner. Follow me on Twitter @Will_Tanner_1