February17,2019

The fiscal data of US Treasury Department was released on February 13 and showed federal receipt in 2018 fell by 0.4%, totaling $3.33 trillion, and spending increased by 4.4% to a total of $4.2 trillion. 

The Treasury Department attributed the reduction in revenue to the new tax law amounted to the $1.5 trillion tax cut under Trump administration that took effect in January 2018, including lower corporate and personal income tax rates. A Treasury spokeswoman said the tax law “will ultimately generate trillions of dollars of economic activity and greatly contribute to higher government revenue over time”.

The Treasury’s data also showed significant economic growth in 2018 picked up from strong consumer spending and business investment and encouraged by a strong job market with the lowest unemployment rate in the past 50 years.