Federal Budget Forecasts Revised To Add Nearly $1 Trillion Of Additional Debt Over The Next 10 Years Because Of New Tax Laws
“The Office of Management and Budget said this month that it had revised its forecasts from earlier this year to account for nearly $1 trillion of additional debt over the next decade — on average, almost $100 billion more a year in deficits.”
“The reason is President Trump’s tax cuts. The law introduced a standard corporate rate of 21 percent, down from a high of 35 percent, and allowed companies to immediately deduct many new investments. As companies operate with lower taxes and a greater ability to reduce what they owe, the federal government is receiving far less than it would have before the overhaul.”
On February 12, 2018 the White House released a proposed budget with a budget deficit that grows to $987 billion by 2020, according to budget projections within the budget document.