I suspect this would have happened sooner if it weren't for the 2017 tax act. Corporate income tax receipts alone dropped by almost $100 billion the year after

I suspect this would have happened sooner if it weren't for the 2017 tax act. Corporate income tax receipts alone dropped by almost $100 billion the year after it was enacted, which is almost 2 million jobs at an average $50k/year. I'm sure a lot of that went to the corporate bottom line, but the individual tax cuts were even larger, which also contributed positively to jobs. The hotter the economy is, the farther it's going to fall when something like COVID-19 hits.