Taxes Were Never Really Cut, and the Economy Is Suffering For It
While taxes have been technically cut for the present, government spending has continued to rise faster than ever. Tax cuts can stimulate the economy enough to be revenue neutral or even to increase government revenue but it is unrealistic to expect them to result in revenue sufficient to cover the latest spending increases. The end result is more debt and interest on that debt that will have to be repaid with taxes in the future. As the article states, taxes have been deferred not cut.
Those economic distortions represent a mega-bubble that will pop, just as all the others have, but the results will be far more catastrophic due to the relative size of the problems. With the federal funds rate target still below 2 percent and the signs of a correction already appearing, we may be at the leading edge of the worst correction in U.S. history. Even if the Fed has one more trick up its sleeve, that must certainly be its last.
Source: Taxes Were Never Really Cut, and the Economy Is Suffering For It - Foundation for Economic Education
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Taxes are determined by government spending and not by the code that collect taxes.
Trump's "budget-neutral tax cut" was actually just a tax flattening. Flattening the tax can have short term benefits. It doesn't work in the long term because the special interests that created the tax loop holes still exist and will bribe Congress to get their loop holes back.