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re: Feds Collect Record Individual Income Taxes Through August; Still Run $898B Deficit
Posted on 9/14/18 at 11:49 am to Trump_Gump
Posted on 9/14/18 at 11:49 am to Trump_Gump
Disappointing. I know Trump didnt campaign on being a deficit hawk but I wish this was more of a priority for his administration considering how worthlessly inept the GOP congress is
2
Posted on 9/14/18 at 11:50 am to troyt37
quote:
Reagan had a country, and a military to rebuild. He did exactly that, while cutting taxes and winning the Cold War. None of that fixes the legislature's spending problem.
First the spending problem is on Congress (we agree there) but Reagan signed his name to it; he could have vetoed it and make Congress own it.
Posted on 9/14/18 at 12:00 pm to bamafan1001
quote:
I know Trump didnt campaign on being a deficit hawk
he did say he'd get rid of the entire $19 tril debt in eight years though
(update: it's just shy of $21.5 tril)
Posted on 9/14/18 at 12:21 pm to 90proofprofessional
quote:
huh? all they show on net so far is a deceleration, despite an ostensible economic acceleration. just like the totals. but this is enough to show that the tax cuts aren't increasing revenues, which is what articles and threads like the OP's are clearly intended to convey.
What percentage of total revenues is represented by withholding and corporate receipts?
This post was edited on 9/14/18 at 12:22 pm
Posted on 9/14/18 at 12:22 pm to Trump_Gump
quote:Clearly not enough.
collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018
Your pal,
—Democrats.
Posted on 9/14/18 at 12:23 pm to AggieHank86
quote:
It is silly for either “side” to be crowing at this point.
Truer words have never been spoken, but that won't stop anyone.
Posted on 9/14/18 at 12:33 pm to 90proofprofessional
quote:Youre a short term thinker.
huh? all they show on net so far is a deceleration, despite an ostensible economic acceleration. just like the totals. but this is enough to show that the tax cuts aren't increasing revenues
Almost $300 billion repatriated in the first quarter after the repatriation tax law change. Posted on 9/14/18 at 12:34 pm to Trump_Gump
quote:
The federal government collected a record $1,521,589,000,000 in individual income taxes
Color me skeptical, but I find it hard to believe they collected exactly $1,521,589,000,000.
I'd be okay with reporting "the federal government collected a record $1.52 trillion in individual income taxes. But reporting that many significant digits. C'mon, man!
Posted on 9/14/18 at 12:41 pm to BBONDS25
quote:
What percentage of total revenues is represented by withholding and corporate receipts?
looks like withholdings are about 70% of individual income this year (which is what the OP and article cite)
withholdings + corporate are something like 47% of overall
non-withholdings for that month of april are up huge though, like 25%.
biggest other chunk is payroll tax stuff, and they look to be up less than 1% over this time last year (compared to a 5% Y/Y jump at this time last year)
Posted on 9/14/18 at 12:44 pm to Taxing Authority
quote:
Youre a short term thinker.
i'm not the one acting like tax revenues have been increased by the tax cut
Posted on 9/14/18 at 12:47 pm to 90proofprofessional
quote:No, but you are judging the entire economy as a 1 DOF system.
i'm not the one acting like tax revenues have been increased by the tax cut
Posted on 9/14/18 at 12:51 pm to Taxing Authority
quote:
No, but you are judging the entire economy as a 1 DOF system.
no i'm not. i'm explaining why it looks like revenues to date haven't actually increased following the tax cut
This post was edited on 9/14/18 at 12:52 pm
Posted on 9/14/18 at 12:56 pm to 90proofprofessional
quote:...with a facile “analysis”. And doing a poor job of it at that.
i'm explaining why it looks like revenues to date haven't actually increased following the tax cut
Posted on 9/14/18 at 12:59 pm to Taxing Authority
quote:
...with a facile “analysis”. And doing a poor job of it at that.
feel free to offer a better one
so far both you and bonds have taken issue with my breakdown and not the one in the OP, which is easily more "facile". at least you offered a nugget with your unsourced repatriation chart. the thing is, corporate revenues are down like 40% as of August
This post was edited on 9/14/18 at 1:05 pm
Posted on 9/14/18 at 1:03 pm to 90proofprofessional
So when you show corporate and withholding, you are showing less than half of total revenue sources. Yet don’t like it when I say that is an incomplete analysis? Have I summed up the dance we do in every tax thread appropriately?
This post was edited on 9/14/18 at 1:06 pm
Posted on 9/14/18 at 1:06 pm to BBONDS25
quote:
So when you show corporate and withholding, you are showing less than half of total revenue sources. Yet don’t like it when I say that is an incomplete analysis?
bro i've told you before that payrolls are the biggest other chunk and they're flat
Posted on 9/14/18 at 1:08 pm to Nguyener
quote:
I fail to see how Trump signing a tax bill makes congress above criticism for a terrible budget and spending problem?
They think they're going to win the House, so they're trying to be consistent by blaming the spending issue on Trump now. It's a pre-made excuse for their overlords.
Posted on 9/14/18 at 1:09 pm to 90proofprofessional
quote:Payrolls are back to flat? In a day?
bro i've told you before that payrolls are the biggest other chunk and they're flat
Posted on 9/14/18 at 1:09 pm to NC_Tigah
quote:
Payrolls are back to flat? In a day?
excuse me. revenues of payroll taxes
Posted on 9/14/18 at 1:10 pm to imjustafatkid
quote:
They think they're going to win the House, so they're trying to be consistent by blaming the spending issue on Trump now. It's a pre-made excuse for their overlords.
This isn't hard to understand. If Trump isn't liable for spending, then he also can't be credited with the tax bill. All he did was sign both pieces of legislation. It's a consistency thing.
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