Overall, the CBO projected that the federal government will spend $4.6 trillion in the fiscal year that ends Sept. 30 and bring in $3.6 trillion in tax revenue. ADThe CBO’s estimates assume that Congress will allow tax cuts for individuals passed in Republicans’ 2017 tax law to expire in 2025. CBO now projects that the deficit will be at least $1 trillion each year in perpetuity unless policymakers make changes. White House officials have defended the $1.5 trillion tax legislation, which slashed tax rates for businesses and many households. ADIn January 2017, before the tax law, the CBO projected corporate tax revenue would represent 1.8 percent of gross domestic product.

Source: Washington Post January 28, 2020 19:01 UTC