Expand chart
Data: Factset; Chart: Naema Ahmed/Axios

The most recent U.S. government fiscal year just ended. The budget deficit grew by 17% from the previous year, thanks to Trump's tax cuts.

By the numbers: If you look at the breakdown of Treasury receipts in fiscal 2018, almost every category went up, year-on-year. Individual income tax receipts, for instance, rose by 6%, or $96 billion.

  • The exception: Corporate income taxes. They totaled $297 billion in fiscal 2017, and just $205 billion in fiscal 2018. That's a decline of $92 billion, or 31%.

Trump is acting true to history. Every Republican president since Reagan has left office with a budget deficit higher than the one he inherited. Clinton and Obama, by contrast, left office with smaller deficits.

Go deeper:

Go deeper

America's exceptionally uneventful Fourth of July

Illustration: Sarah Grillo/Axios

Amateur fireworks and small backyard cookouts are winning the weekend as the coronavirus takes the flash out of the Fourth of July.

What's happening: Public parades and fireworks displays around much of the country are being cancelled to prevent mass gatherings where the virus could spread. Hot-dog contests and concerts will play to empty stands and virtual audiences — all while American pride treads an all-time low.

Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

Updated 17 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 11,031,905 — Total deaths: 523,777 — Total recoveries — 5,834,337Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 2,788,395 — Total deaths: 129,306 — Total recoveries: 790,404 — Total tested: 34,213,497Map.
  3. States: ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  5. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.