Federal Government Continues to See Record Revenues from Tax Cuts & Jobs Act Despite Biden Recession

WASHINGTON, D.C. – House Budget Committee Republican Leader Jason Smith (MO-08) issued the following statement after the Congressional Budget Office (CBO), in its monthly budget review, showed that overall tax revenue is up $822 billion or 23 percent so far this year, on pace to be $1 trillion more than CBO projected when the Republican-passed Tax Cuts and Jobs Act (TCJA) passed, and $1.7 trillion more than the pre-TCJA revenue level:

“While Democrats have raised taxes on middle-class Americans and claimed they need more revenue to fund handouts to the wealthy and big corporations, the Federal Government continues to bring in record revenues thanks to the Tax Cuts & Jobs Act enacted by Republicans and President Trump – policies that cut taxes for middle-class Americans. Today’s monthly budget review from CBO shows that revenues continue to roll in at a record pace and exceed the projections CBO made for 2022 – not only after passage of the TCJA, but even before its passage. This is occurring at the same time Democrats’ spending policies have driven inflation to its highest levels in 40 years and driven the country into recession. Despite their best efforts, Democrats will never be able to spend the country out of inflation or tax the country out of recession – and frankly they should stop trying given it is clear Washington has a spending problem, not a revenue problem.”