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Started By
Message
Feds Collect Record Individual Income Taxes Through August; Still Run $898B Deficit
Posted on 9/14/18 at 9:04 am
Posted on 9/14/18 at 9:04 am
Interesting, the liberal media told me that we weren’t gonna collect more moneys with tax breaks
LINK
quote:
CNSNews.com) - The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly Treasury Statement released today.
LINK
15
Posted on 9/14/18 at 9:08 am to Trump_Gump
quote:
we weren’t gonna collect more moneys with tax breaks
Progressives: Tax breaks = less money. End of story.
Normal people: But what if the tax breaks mean people make more and businesses make more and so there are more overall taxes collected?
Progressives: TRUMPYBAD! TAXES GOOD! END STORY!
Posted on 9/14/18 at 9:10 am to Trump_Gump
Reagan was right "Washington doesn't have a revenue problem, they have a spending problem" and then proceeded not to do anything about it.
Posted on 9/14/18 at 9:10 am to Trump_Gump
Understanding economics isnt a strong point of the left
Posted on 9/14/18 at 9:14 am to Trump_Gump
4 or 5 months of this year are still based on the pre-TCJA rates and base
for the stuff we can see a pre & post-tax cut comparison- those being income tax withholdings and corporate tax- they're down even before you account for inflation
the best collections month this year for income taxes was April by far. and most of that is based on tax year 2017, prior to the law
it's really quite clear that to date, post-tax-cut revenues are lower than they would otherwise be
for the stuff we can see a pre & post-tax cut comparison- those being income tax withholdings and corporate tax- they're down even before you account for inflation
the best collections month this year for income taxes was April by far. and most of that is based on tax year 2017, prior to the law
it's really quite clear that to date, post-tax-cut revenues are lower than they would otherwise be
Posted on 9/14/18 at 9:14 am to Trump_Gump
The whole "collected before the tax cuts" narrative we saw early on has completely died.
ETA: Nevermind. 90proofprofessional is here to show us all what a fool he is.
ETA: Nevermind. 90proofprofessional is here to show us all what a fool he is.
This post was edited on 9/14/18 at 9:15 am
Posted on 9/14/18 at 9:17 am to imjustafatkid
the first 4 months of the fiscal year plus April are driven by pre-tax cut rates
Posted on 9/14/18 at 9:19 am to 90proofprofessional
for the stuff we can see a pre & post-tax cut comparison- those being income tax withholdings and corporate tax- they're down even before you account for inflation
Not according to the article
Not according to the article
Posted on 9/14/18 at 9:21 am to 90proofprofessional
oh, and check this out for good measure.
as we love to point out, tax revenues grow with a growing economy.
and as we also love to point out, growth is fast this year.
but look at how income tax revenue growth mysteriously slowed this year despite that:
adjusting for inflation that slowdown is even clearer:
corporate obviously shows a huge decline no matter how you view it
and has spending decelerated as well? lmao of course not
as we love to point out, tax revenues grow with a growing economy.
and as we also love to point out, growth is fast this year.
but look at how income tax revenue growth mysteriously slowed this year despite that:
adjusting for inflation that slowdown is even clearer:
corporate obviously shows a huge decline no matter how you view it
and has spending decelerated as well? lmao of course not
This post was edited on 9/14/18 at 9:22 am
Posted on 9/14/18 at 9:21 am to Wtodd
quote:
Washington doesn't have a revenue problem, they have a spending problem
Amen to that.
What happened to slashing budgets 10% across the board?
Posted on 9/14/18 at 9:22 am to Trump_Gump
Is this a thread bashing Trump for running up a trillion dollar deficit or praising him for cutting taxes?
Posted on 9/14/18 at 9:23 am to Trump_Gump
quote:
Not according to the article
withholdings tables got updated in February, but the fiscal year started in October.
on top of that, the April non-withholdings dominated, and that was the best year-over-year month. problem with that is it's almost entirely filings for tax year 2017
the article counts all of that as post-TCJA, and of course those are the strongest Y/Y contributors to revenue growth under personal income
This post was edited on 9/14/18 at 9:25 am
Posted on 9/14/18 at 9:24 am to Wtodd
quote:
Reagan was right "Washington doesn't have a revenue problem, they have a spending problem" and then proceeded not to do anything about it.
if you raised taxes today to equal our spending and next year you would have to raise taxes again to balance the budget. Spending is growing faster the GDP is growing.
We have a spending problem, not a revenue problem.
Posted on 9/14/18 at 9:26 am to tigeraddict
quote:
We have a spending problem, not a revenue problem.
and under trump, all we do is wring our hands about it. under obama, tea parties gathered and marched all over the country in outrage
This post was edited on 9/14/18 at 9:27 am
Posted on 9/14/18 at 9:33 am to 90proofprofessional
quote:Despite IC revenues, overall tax revenues are slightly down. Spending is way up.
oh, and check this out for good measure.
Posted on 9/14/18 at 9:35 am to Trump_Gump
Congress is the problem.
Posted on 9/14/18 at 9:38 am to GumboPot
quote:indeed
Congress is the problem.
Posted on 9/14/18 at 9:41 am to Cosmo
quote:
Understanding economics isnt a strong point of the left
Look who's talking. The fiscal year began in October, well before the tax cuts went into effect. Half of the 11-month period wasn't even under the new rates....
Incomes have not risen substantially over the past year and taxes were cut. At some point, it is mathematically impossible to collect more taxes.
This post was edited on 9/14/18 at 9:42 am
Posted on 9/14/18 at 9:41 am to bmy
quote:
bashing Trump for running up a trillion dollar deficit
Trump is a member of congress?
Posted on 9/14/18 at 9:43 am to Nguyener
quote:
Trump is a member of congress?
he signed the spending bills just like he signed the TCJA
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