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The Tax Cuts and Jobs Act will lower revenues significantly and made changes to both tax rates and bracket widths.
https://www.pgpf.org/blog/2018/03/how-tax-cuts-are-affecting-revenues-and-rates
While the Tax Cuts and Jobs Act of 2017 will likely boost economic growth in the near term, the effects of the legislation are temporary.
Young college graduates today are entering the workforce with an unprecedented amount of student debt. How does student debt relate to the economic outlook for younger Americans and the finances of the U.S. government?
https://www.pgpf.org/blog/2018/07/the-facts-about-student-debt
The general consensus among economists is that the long-term effects of the TCJA will be higher debt and little change to underlying economic growth.
Last year’s tax legislation was a key opportunity to simplify the tax code, but in addition to adding significantly to our national debt, the Tax Cuts and Jobs Act actually increased the number of tax breaks.
Recent research has found that Social Security is more effective at reducing poverty than previously believed. Without income from Social Security, two thirds of the elderly would be considered poor.
https://www.pgpf.org/blog/2018/09/what-effect-does-social-security-have-on-poverty
Child poverty reduced the size of the U.S. economy by an estimated $1 trillion dollars, or 5.4 percent of gross domestic product, in 2015, according to a new study.
https://www.pgpf.org/blog/2018/09/what-are-the-economic-costs-of-child-poverty
Corporate tax receipts dropped by 31 percent in 2018 — an unprecedented decline during a time of economic growth. The Tax Cuts and Jobs Act is responsible for the plunge.
The International Monetary Fund warns that U.S. debt levels pose a risk for future economic growth and fiscal stability.
https://www.pgpf.org/blog/2018/10/imf-raises-concerns-for-fiscal-stability-of-the-united-states
Revenues in 2018 didn’t even keep up with inflation, much less growth in nominal gross domestic product.
https://www.pgpf.org/blog/2018/10/its-rare-for-revenue-growth-to-be-this-weak