Lower tax RATES have been in effect for several years now. As a result, no matter how counter-intuitive it may seem, tax revenues are UP, because of increased economic activity.
And with fewer “loopholes”, there is less strategy in planning for taxes, and more effort directed at maximizing overall cash flow. Maximized cash flow equals even greater economic activity, thus further expanding the tax base.
But perhaps it is time to kill the goose that lays the golden eggs, and examine its entrails to determine what it is that caused the goose to lay the golden eggs to begin with. Of course, it shall be impossible to resurrect the goose afterward.
All in the interests of science, right?
The tax rates may be lower, but the AMT has hit more people which effectively neutralizes the impact of the rate cuts.