Deficit Continues to Drop But Low Corporate Tax Rates Threaten Outlook

Los Angeles Times:

The federal deficit continues to decline thanks to budget cuts and slower growth in Medicare costs, but lower than expected corporate tax revenues dimmed some of the improved outlook, according to a report Wednesday from the Congressional Budget Office…

Declining corporate tax revenues are largely to blame for a $26 billion dip in overall revenue projections from the non-partisan budget office’s April forecast, and the budget director called the change not particularly large, but “notable.”

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