Tax revenue increased 33% since Trump-era tax reform, while spending jumped more than 50%, CBO says

Federal tax revenue increased 33% since Congress passed the Trump-era tax reform bill in 2017, while spending increased more than 50% over that same time frame.

The data is contained in the Congressional Budget Office’s recently released 10-year budget outlook.

“Measured as a share of the economy, tax revenue averaged 17% of gross domestic product in the years since the TCJA was passed, the same share as in 2017, and would have been higher if not for the pandemic and associated economic shutdowns,” wrote Alfredo Ortiz, president and CEO of the Job Creators Network. “The CBO projects the tax share to grow in the years ahead.”

Congress faces two appropriations deadlines in March. Lawmakers will need to a pass a new spending bill to continue federal government funding and avoid a shutdown. Currently, the total national debt is approaching $35 trillion and it is projected to jump to $48.3 trillion by the end of 2034, according to the CBO.

The Committee for Responsible Federal Budget released an analysis that shows interest on the U.S. national debt is on pace to become the “second largest” federal government expenditure and the “fastest growing” part of the federal government’s annual budget.

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