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2. Tim Mahedy and Daniel J. Wilson.  “Fiscal Policy in Good Times and Bad.”  Federal Reserve Bank of San Francisco.  9 July 2018

3. United States. Bureau of Economic Analysis. “Gross Domestic Product, Fourth Quarter and Year 2018 (Third Estimate); Corporate Profits, Fourth Quarter and Year 2019.” 28 Mar 2019

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5. United States. Bureau of Economic Analysis. “Gross Domestic Product, Fourth Quarter and Year 2019 (Third Estimate); Corporate Profits, Fourth Quarter and Year 2020.” 25 Mar 2021

6. Bruce Bartlett.  “I Helped Create the GOP Tax Myth.  Trump is Wrong: Tax Cuts Don’t Equal Growth.”  Washington Post.  28 Sept 2017

7. Alan J. Auerbach and Joel Slemrod.  “The Economic Effects of The Tax Reform Act Of 1986.”  Journal of Economic Literature. 

8. Jeanne Sahadi.  “Taxes: What People Forget About Reagan.”  CNN Money. 12 Sept 2010

9. Janet Adamy and Paul Overberg. “Median U.S. Household Income Showed No Growth in 2018.” Wall Street Journal. 10 Sept 2019

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11. Howard Gleckman.  “The Three Numbers to Know About the TCJA in 2018.”  Tax Policy Center.  18 Apr 2019

12. Kate Davidson. “Treasury Secretary Steven Mnuchin: GOP Tax Plan Would More Than Offset Its Cost.” Wall Street Journal. 28 Sept 2017

13. Greg Ip and Paul Hannon. “Mnuchin Warns U.K., Italy Over Digital-Tax Plans.” Wall Street Journal. 21 Jan 2020

14. Allan Sloan and Cezary Podkul. “Donald Trump Built a National Debt So Big (Even Before the Pandemic) That It’ll Weight Down and Economy for Years.” ProPublica. 14 Jan 2021

15. Erik Sherman.  “The S&P 500 Is at an All Time High – But Markets Still Performed Far Better Under Obama Than Trump.”  Fortune.  1 Nov 2019

16. Heather Long.  “Trump’s Stock Market Rally is Very Good, But Still Lags Obama and Clinton.”  Washington Post.  28 Dec 2019

17. Sarah Chaney and Theo Francis.  “Company Repatriations of Cash Surged, Then Moderated in 2018.”  Wall Street Journal.  27 Mar 2019

18. United States. Federal Reserve Bank of Cleveland. Filippo Occhino. “The Effect of the 2017 Tax Reform on Investment.” 7 July 2020

19. Heather Long. ‘Why Aren’t the Other Hands Up?’ A Top Trump Adviser’s Startling Response to CEOs Not Doing What He’d Expect.” Washington Post. 14 Nov 2017

20. “What Are Businesses Saying About Tax Reform Now?”  Federal Reserve Bank of Atlanta.  23 Mar 2018​

21. “S&P 500 Q4 2018 Buybacks Set 4th Consecutive Quarterly Record at $223 Billion; 2018 Sets Record $806 Billion.”  S&P Global.  25 Mar 2019

22. “S&P 500 Buybacks Up 3.2% in Q4 2019; Full Year 2019 Down 9.6% from Record 2018, as Companies Brace for a More Volatile 2020.” S&P Global. 24 Mar 2020

23. Kathleen Kahle and Rene M. Stulz. “Why Are Corporate Payouts So High in the 2000s?” National Bureau of Economic Research. April 2020, Revised December 2020.

24. Richard Rubin and Theo Francis.  “Trump Promised a Rush of Repatriated Cash, But Company Responses Are Modest.”  Wall Street Journal.  16 Sept 2018

25. Austin Herrick.  “Estimates of TCJA Repatriation of Foreign Earnings on Investment and GDP.”  Penn Wharton Budget Model (PWBM).  29 Aug 2018

26. United States.  Congress.  “Repatriating Offshore Funds: 2004 Tax Windfall for Select Multinationals.”  112th Congress. 11 Oct 2011

27. United States.  Board of Governors of the Federal Reserve System.  “U.S. Corporations’ Repatriation of Offshore Profits: Evidence from 2018.”  6 Aug 2019

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29. Commissioner Robert J. Jackson Jr.  “Stock Buybacks and Corporate Cashouts.” U.S. Securities and Exchange Commission. 11 June 2018 

30. Leslie Josephs. “American Airlines CEO: ‘I Don’t Think We’re Ever Going to Lose Money Again.’” CNBC. 28 Sept 2017

31. David Shepardson. “U.S. Airlines to Defend $54 Billion COVID-19 Government Lifeline.” Reuters. 15 Dec 2021

32. “Trump Defends Tax Plan As ‘Great Christmas Gifts’ to Middle Class.”  Reuters.  16 Dec 2017

33. “The Federal Response to COVID-19.” USASpending.gov. 9 Jan 2025

34. Thomas Kaplan.  “Trump Signs Budget Deal to Raise Spending and Reopen Government.”  8 Feb 2018

35. Thomas Kaplan.  “Congress Approves $1.3 Trillion Spending Bill, Averting A Showdown.”  New York Times.  22 Mar 2018

36. Deirdre Shesgreen and Eliza Collins.  “What’s In – And What’s Out – Of The $1.3 Trillion Spending Bill.”  USA Today.  21 Mar 2018

37. Caitlin Emma.  “Trump Signs 2-Year Budget Deal.” Politico.  2 Aug 2019

38. Emily Cochrane.  “Congress Approves Spending Package to Avoid Shutdown, Clearing It for Trump.”  New York Times.  19 Dec 2019

39. United States.  Department of the Treasury.  “Final Monthly Treasury Statement of Receipts and Outlays of the United States Government.”  13 Nov 2018

40. “Are Defense and Disasters Causing the Deficit Increase?” Committee for a Responsible Federal Budget.  18 Oct 2018

41. Ben Leubsdorf and ​Richard Rubin.  “U.S. Government Revenues Drop in Wake of Tax Cuts.”  Wall Street Journal.  12 July 2018  

42. United States.  Department of the Treasury.  “Mnuchin and Vought Release Joint Statement on Budget Results for Fiscal Year 2019.”  25 Oct 2019

43. Kate Davidson. “U.S. Budget Gap Tripled to Record $3.1 Trillion in Fiscal 2020, Treasury Says.” Wall Street Journal. 16 Oct 2020

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48. United States. Congressional Budget Office. “Monthly Budget Review: Summary for Fiscal Year 2025.”

49. United States. Congressional Budget Office. “The Budget and Economic Outlook: 2025 to 2035.” 17 Jan 2025

50. Dr. David Kelly and Jennifer Qiu. “The Investment Implications of U.S. Federal Debt.” J.P. Morgan Asset Management. 21 May 2024

51. United States.  Department of the Treasury. “The Debt to the Penny.” 11 Aug 2025

52. United States.  Department of the Treasury. “Major Holders of Treasury Securities.” 11 Aug 2025

53. United States. Board of Governors of the Federal Reserve System. “Federal Reserve Balance Sheet Actions and Activities.” May 2024

54. “Final OBBBA Score Confirms Long Road to Fiscal Recovery.” Committee for a Responsible Federal Budget. 21 July 2025

55. “Road to Fiscal Recovery.” Committee for a Responsible Federal Budget. 21 July 2025

56. United States. Congressional Budget Office. “Estimated Budgetary Effects of Public Law 119-21, to Provide for Reconciliation Pursuant to Title II of H. Con. Res. 14, Relative to CBO’s January 2025 Baseline.” 21 July 2025

57. United States. White House. “The One Big Beautiful Bill: Legislation for Historic Prosperity and Deficit Reduction.” Council of Economic Advisers. June 2025

58. United States. Congress. “Macroeconomic Analysis of the Tax Provisions of the Budget Reconciliation Legislative Recommendations Related to Tax as Ordered Reported by the Committee on Ways and Means.” 14 May 2025

59. “The House-Passed Reconciliation Bill: Budget, Economic, and Distributional Effects.” Penn Wharton Budget Model. 23 May 2025

60. Garrett Watson, Erica York, Alex Muresianu, Alex Durante, Huaqun Li, Peter Van Ness, Aleksei Shilov, and William McBride. “‘One Big Beautiful Bill Act’ House GOP Tax Plan: Details and Analysis.” Tax Foundation. 6 June 2025

61. Gertrude Chavez-Dreyfuss. “Foreign Holdings of U.S. Treasuries Rise in May Despite China Drop.” Reuters. 16 May 2025

62. Larry Fink. “How to Grow Out of America’s Debt Woes.” Wall Street Journal. 5 Nov 2024​