Breitbart News reports that Rep. Alexandria Ocasio-Cortez (D-NY), questioned recently by reporters about the ongoing debt ceiling fight, claimed falsely that “the largest contributor to our deficit has been the Trump tax cuts.”
“It’s an intellectually bankrupt argument that has been parroted by left-wing politicians and talking heads since the Tax Cuts and Jobs Act was debated and passed in 2017,” writes Alfredo Ortiz, president and CEO of Job Creators Network. “Fortunately, the facts have finally caught up with the tax cuts’ detractors while supporters have been vindicated.
“A new report from the Congressional Budget Office (CBO) proves that, on top of the tax cuts contributing to one of the strongest economies in half a century pre-pandemic, the package didn’t compromise the federal budget,” Ortiz continues. “The CBO data reveals the government collected a record $4.9 trillion in revenue last year, nearly $500 billion more than what had been projected. The uptick in government collection was experienced across the board. Receipts from corporate and individual income taxes surpassed expectations by about 25 and 11 percent respectively.”
He adds, “The increased government revenue isn’t in spite of the Tax Cuts and Jobs Act, but because of it. As my organization the Job Creators Network (JCN) has been arguing all along, the legislation created a small business boom by helping entrepreneurs compete on an even playing field with their big business competitors… It just goes to show how pro-growth economic policy is the key to providing opportunity.”