BHM: <<Federal Tax Revenues are actually up quite a bit following passage of Trump's Tax Cuts in 2018. >>

That's irrelevant. As was demonstrated definitively with previous tax cuts, revenues were less than *they would have been* absent the tax cut.

"TCJA reduced revenue significantly relative to what would have been generated had the law not passed. That is, nothing approaching a Laffer Curve effect applies to TCJA. In fact, the TCJA reduced revenues significantly. In 2018 and 2019, total federal revenue was $545 billion, 7.4 percent lower than projected before TCJA (CBO 2020). Relative to pre-TCJA projections, income tax revenue declined 6.9 percent, and corporate tax revenue declined by more than 37 percent (Figure 1). These declines are not the product of overly optimistic prior projections. If they were, payroll tax revenues, which were unaffected by TCJA, would have declined relative to pre-TCJA projections. But predicted and observed payroll tax revenue track very closely in 2018 and 2019."

source: https://www.brookings.edu/wp-content/uploads/2021/...

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