As is always the case when Republicans cut taxes, the rich get the most. Most Americans get a pittance. Cutting taxes during a period of large budget deficits is fiscally irresponsible. What happened to the Republican concern for balanced budgets and the national debt?
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Manhattan Institute,
Trump’s Fiscal Legacy: A Comprehensive Overview of Spending, Taxes, and Deficits
Brian Riedl
May 12, 2022
President Donald Trump’s tax, spending, and deficit legacy is still being defined. Critics point out that Trump’s tax cuts and spending increases led to a $3 trillion budget deficit. They note that Trump’s presidency saw the debt surpass 100% of the economy, even though he came into office with a healthy economy, declining interest rates, and relative peace after 15 years of global military conflict...
KEY FINDINGS
- When President Trump entered the Oval Office, CBO projected the cumulative 2017–2027 budget deficits would be $10.0 trillion. When he left office four years later, CBO’s projected deficits for the same period were $13.9 trillion. The president signed or enacted $7.8 trillion in new initiatives, the costs of which were partially offset by $3.9 trillion saved from economic growth revenues and technical re-estimates of taxes and spending levels...
- Trump left the White House with the largest peacetime budget deficit in American history and a national debt exceeding 100% of the economy for the first time since World War II.
- Trump’s Fiscal Legacy: A Comprehensive Overview of Spending, Taxes, and Deficits | Manhattan Institute