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US lost more tax revenue than any other developed country in 2018 due to Trump tax cuts, new report says

Source: https://cnbc.com/2019/12/05/us-tax-revenue-dropped-sharply-due-to-trump-tax-cuts-report.html - Dec 6, 2019

U.S. tax revenue as a proportion of GDP dropped the most out of any country in the Organisation for Economic Co-operation and Development in 2018, according to a report released Thursday.

That’s largely due to the $1.5 trillion GOP tax cut President Donald Trump signed into law in 2017.

The tax cuts dramatically altered the U.S. tax landscape for the first time in decades by permanently slashing the corporate tax rate from 35% to 21%, temporarily cutting individual tax rates and limiting state and local tax deductions, among other changes.

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Category: General Business