Tax cuts work

The Trump tax cuts went into effect starting in 2019. They reduced the corporate rate from 35% to 21%. In April of 2022 a report from the Congressional Budget Office shows the corporate tax revenue is set to hit a new record of $454 billion, 22% higher than last years record high. Corporate tax revenues. 2020 $212 billion, 2021 $372 billion, 2022 $395 billion and projected 2023 $456 billion. Individual income tax receipts reached an all-time high of $2.04 trillion in FY2021and $2.63 trillion in 2022. Allowing people and companies to retain more of their money causes the economy to grow. These tax cuts are do to sunset in 2025 and should be renewed. Any time tax cuts are across the board the rich get the biggest break because they pay the most taxes but the average worker also benefited. 12% savings for people earning between $15,000 and $20,000, 11% drop for those earning between $25,000 and $30,000, 14% drop for those earning between $40,000 to $50,000, 11% for those earning between $100,000 and $200,000, 14% for those earning between $250,000 and $500,000 and a 4% drop for those earning more than one million. Low income groups who pay no taxes got an increase in tax credits from the earn income tax credit and the child tax credit.