Last fiscal year, income taxes withheld for individuals rose 1% but corporate tax receipts fell 31% – both reflecting the broad tax overhaul enacted in December. The truth is, individual income tax collected went up $93 billion or just short of 6%, not 1%. The tax cuts, along with a rapid cut in regulations, have yielded rapid economic growth and will pay for themselves as they always have. Here is what the headline should have been: "Individual tax receipts rise rapidly because of rapidly improving economy due to tax rate cuts." It is no wonder that the public doesn't have a more positive view of the tax cuts when they are fed such inaccurate information.

Source: Wall Street Journal October 20, 2018 12:00 UTC