Credit: Fox News

Tax season is approaching and millions of Americans are finding that the Tax Cuts & Jobs Act was not the financial windfall Republicans and President Donald Trump promised it to be.

Refunds, for example, shrunk 8.4 percent compared to last year, on average.

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WASHINGTON, DC - OCTOBER 31: U.S. President Donald Trump (R) speaks to business leaders as Secretary of the Treasury Steven Mnuchin (L) looks on during a Roosevelt Room event October 31, 2017 at the White House in Washington, DC. President Trump participated in a "tax reform industry meeting." (Photo by Alex Wong/Getty Images)

With the federal budget deficit up to $205 billion (a 48% increase since this time last year), it's unsurprising that Republicans are looking to deflect blame.

That's exactly what Treasury Secretary Steve Mnuchin did in a recent interview with Bloomberg, asserting that in order to get enough money for an increased defense budget, non-military spending demands had to be conceded to the Democrats.

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United States President Donald J. Trump prepares to sign the Tax Cut and Reform Bill in the Oval Office at The White House in Washington, DC on December 22, 2017. / AFP PHOTO / Brendan SMIALOWSKI (Photo credit should read BRENDAN SMIALOWSKI/AFP/Getty Images)

Patagonia CEO Rose Marcario announced on Wednesday that the outdoor company would be using its tax cut to support green initiatives.

In a post on LinkedIn, Marcario pledged to put the $10 million tax savings her company gleaned from "last year’s irresponsible" tax cuts "back into the planet."

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Republican Speaker of the House Paul Ryan (WI) speaks to the media during his weekly news conference at the U.S. Capitol on September 6, 2018 in Washington, DC. (Photo by Mark Wilson/Getty Images)

In January 2019, the United States House of Representatives gets a new House Speaker. A new Speaker of the House is a sure thing because the incumbent, Republican Paul Ryan of Wisconsin, announced his retirement. But before he goes, multimillionaire Ryan plans to propose a few more tax cuts.

In preparation for the 2018 midterm elections, House Republicans intend to announce further tax cuts aimed at bolstering the economy, or at least the finances of the wealthy and large corporations like their previous cuts.

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US President Donald Trump at the White House on August 16, 2018 in Washington, DC. (Photo by Oliver Contreras-Pool/Getty Images)

As predicted by economists and the bipartisan Congressional Budget Office (CBO) prior to their implementation, the Republican backed Trump tax cuts for the wealthiest citizens are on target to balloon the federal deficit to levels never seen before in United States history—both in sheer amount and in comparison to the gross domestic product.

Now some GOP members of Congress and President Donald Trump look to cut social safety-net programs to close the gap.

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US President Donald Trump in the Oval Office of the White House in Washington, DC, July 30, 2018. (Photo by SAUL LOEB/AFP/Getty Images)

While fallout from the unpopular Republican tax plan continues —setting the deficit on a path to reach new highs and Congress already pushing cuts to Veterans programs to cover funding shortfalls— President Donald Trump looks to hand another $100 billion tax cut to the wealthiest citizens.

But Congress barely managed to push through the last GOP tax cuts for the wealthy. And midterm elections loom just 100 days away.

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US President Donald Trump speaks alongside Republican Speaker of the House Paul Ryan and Republican Senate Majority Leader Mitch McConnell at Camp David in Thurmont, Maryland, January 6, 2018. (Photo by SAUL LOEB/AFP/Getty Images)

In 1946, the United States was recovering from World War II. Many products that fueled the American economy, redirected toward the war effort, had yet to recover in a post-war world. And the war had been expensive.

It's understandable then, that 1946 produced a record 106 percent federal debt to gross domestic product (GDP) ratio. That record has stood, as have those of the years immediately after WWII, for over 50 years.

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