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WSJ: tax revenues continue to rise
Posted on 5/16/19 at 6:11 pm
Posted on 5/16/19 at 6:11 pm
quote:
The Congressional Budget Office reports in its April budget review that revenues rose 2% to $2.041 trillion in the first seven months of fiscal 2019 from a year ago. Payroll tax revenue rose 4.7% due in part to rising employment and wages.
Individual income taxes were essentially flat in the wake of the tax cut, but corporate income taxes were down only $7 billion for the first seven months to $114 billion despite the cut in the corporate tax rate to 21% from 35% in the 2017 tax reform. April was the deadline for final 2018 tax payments for most corporations, and tax revenue from higher corporate profits partly offset the lower rate.
Overall revenues increased despite a sharp decline in payments to the Treasury from the Federal Reserve of $15 billion, or 34%. The decline is due to higher short-term interest rates that lead the Fed to pay banks more interest on their reserves. Watch this account closely in the future if the Fed’s reserve payments become a net Treasury drain. This is one cost of the Fed maintaining a very large balance sheet.
So why has the federal deficit increased by $145 billion this fiscal year to $531 billion? Because federal spending continued to rise rapidly—7% in the first seven months to $2.571 trillion. That’s $178 billion more than in the same period a year ago. As you’d expect, Social Security benefit payouts rose 6%, Medicare outlays 5% and Medicaid 4%. Anyone who thinks federal deficits and debt can be contained without entitlement reform probably still believes in the Russian collusion story.
LINK
Posted on 5/16/19 at 6:45 pm to HailHailtoMichigan!
Social security payments shouldn’t exceed the cost of living increase.
Posted on 5/16/19 at 6:49 pm to doubleb
SS payments will go up as more people that are living longer retire.
Posted on 5/16/19 at 7:00 pm to doubleb
Cool story, I used to work with this lady, who’s 30 something year old ex-boyfriend collects social security. I asked her why. She said that he fricked himself up smoking meth.
Posted on 5/16/19 at 7:28 pm to BuckyCheese
quote:
SS payments will go up as more people that are living longer retire.
Man what was I thinking.
Correct
Posted on 5/16/19 at 7:45 pm to HailHailtoMichigan!
quote:
tax revenues continue to rise
But ask yourself how many lives had to be sacrificed for these tax cuts,
Posted on 5/16/19 at 7:47 pm to Vacherie Saint
Have you guys ever read the history of SS?
What was supposed to be done with the money as opposed to what was done with it?
What was supposed to be done with the money as opposed to what was done with it?
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