re: US government is running out of money faster than expected, Mnuchin warns

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Any yet tax receipts are at record numbers. It is a spending problem not an income problem

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I support the tax cuts, but receipts were actually down last year by 1.6%, and while they’re up 3.7% for the first 6 months of this year compares to 2018, they’re only up 4% compared to 2018.

Overall, through the first 18 months since the tax cuts officially began, receipts are up on average 0.39%. They were up by 8.34% on average for the 5 years before it (2012-2017).

If they had continued at the rate before the cuts, they would have $529 billion more in receipts over the 18 months. So despite the population growth and a strong and growing economy, receipts haven’t even kept up with inflation.

So regardless of one’s views in the tax cuts, they have undoubtedly resulted in a significant decrease in receipts. And while not limiting spending increases is inexcusable and a major problem, the negative impact on tax receipts was the opposite of what the administration was arguing and necessary to justify the lack of spending cuts.