Did the 2017 tax cuts fail to pay for themselves as promised?

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The 2017 Tax Cuts Did Not Generate Sufficient Revenue to Offset Their Cost

The 2017 tax cuts have not yielded enough revenue to cover their initial costs, contrary to administration promises. Projections indicate that the US budget deficit will surpass US$1 trillion this year and persist at this level for the next decade, significantly increasing national debt. This outcome contrasts with assertions that the tax package would be self-financing.
Deficit Projections Indicate Sustained Shortfalls

The Congressional Budget Office (CBO) forecasts that the US budget deficit will exceed US$1 trillion in the current year and is expected to average US$1.3 trillion annually from 2021 through 2030. This sustained high level of deficit spending will drive national debt to 98% of the Gross Domestic Product (GDP) by 2030, a figure not seen since 1946. The debt is projected to escalate further, reaching 180% of GDP by 2050.
Legislation and Policy Choices Drive Deficit Increases

While low interest rates have helped to mitigate debt servicing costs, the CBO attributes the rise in deficits to a combination of recent legislation and other policy changes. If current tax and spending laws remain in place, federal deficits are expected to remain historically large throughout the 2020s and beyond. This situation has led to concerns that policymakers' decisions to fund tax cuts and spending increases through borrowing have created a substantial burden for future generations.
Critiques of Economic Policy Impact

Critics argue that the economic policies implemented following the 2017 tax cuts have not stimulated sustained economic growth as claimed. For instance, Congressman John Yarmuth stated that the CBO forecast confirms President Trump's economic policies failed to deliver the promised economic boost. He specifically noted that the 2017 tax law created a US$1.9 trillion deficit in the national debt, thereby worsening the long-term fiscal challenge.
Calls for Fiscal Restraint Amidst Growing Debt

Treasury Secretary Steven Mnuchin has acknowledged the necessity of slowing government spending growth to manage the current deficit levels, even while maintaining that the 2017 tax cuts will eventually pay for themselves. However, concerns persist that over half of the current deficit is a direct result of policy choices to finance recent tax cuts and spending increases, prompting warnings from fiscal responsibility advocates about the long-term fiscal consequences and the burden placed upon future generations.

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Did the 2017 tax cuts fail to pay for themselves as promised?

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