July US budget deficit up 79% compared to 7/2017. Tax receipts down 3% (Obama, March)

[nononsenseguy]

Originally Posted by James Bond 007

I notice WaldoKitty has no explanation for why the budget deficit is getting bigger, and why tax receipts were down. All he/she/it can do is attack me and accuse me of stuff. He/she/it can't discuss the actual issue.

I'm sure he does. But I'm sure you don't understand that those tax receipts are for Tax Year 2017! As the economy grows, tax receipts will too, as with the Reagan tax cut, when Federal Revenue doubled.

But realize what the Democrats want to do. They want to increase spending and raise taxes, as they always do. "Free stuff" for everyone ...but who will pay for it? We will.

[Winter_Sucks]

Originally Posted by Pilot1

All of a sudden the DEFICITS, and DEBT are important. Where were all the Dems when Obama ran up the debt more than any other President COMBINED!

Obama’s first year in office the deficit was 1.2 trillion. When he left office the deficit was 500 billion.

[Goodnight]

Originally Posted by texan2yankee

I'm certainly no expert in monetary policy, but I do know it takes more than a few months for large or medium sized businesses to expand/build plants and offices, generate new products, open new markets. the corporate tax reduction just happened a few months ago. it would be unreasonable to think the corporate tax cut would generate immediate gains in corporate federal tax revenues. perhaps waiting at least 18 months to 2 years to see what happens is appropriate.

the good news is workers are keeping more of their own income, wages are growing, and jobs are plentiful, which we should all celebrate.

Assuming they are adding new plants where are they getting workers from with unemployment below 4% and how much more can GDP increase to offset deficits. It needs to be analyzed a year or two from now but right now they underestimated the deficit and there are warning signs that we are heading for another recession. If that’s the case we have used up our options.

[Goodnight]

Originally Posted by nononsenseguy

I'm sure he does. But I'm sure you don't understand that those tax receipts are for Tax Year 2017! As the economy grows, tax receipts will too, as with the Reagan tax cut, when Federal Revenue doubled.

But realize what the Democrats want to do. They want to increase spending and raise taxes, as they always do. "Free stuff" for everyone ...but who will pay for it? We will.

The Reagan tax cuts did not come close to covering the deficit with the revenue generated. They needed to raise taxes several times to balance the shortfall including one of the largest tax increases in history.

[Malloric]

Originally Posted by carterstamp

...So you like the deficit? OK, good to know.

Of course.

Bush deficit, good
Obama deficit, bad
Trump deficit, good

That's partisanship for you where anything that might resemble logic is thrown straight out the window. It occurs on both sides. The levels of blind partisanship were almost as bad under Obama as they were with Trump and almost as bad under Bush as they were under Obama. We're just sinking farther and farther down the rabbit hole.

[James Bond 007]

Originally Posted by nononsenseguy

I'm sure he does. But I'm sure you don't understand that those tax receipts are for Tax Year 2017!

Speaking of not understanding ... did you even read the article? Or even my excerpt in post #1? It appears you didn't. The tax receipts noted were for July 2018. July 2018 is in the 2018 fiscal year. Thus, the tax receipts are for tax year 2018. And, as noted, they are down 3% from July of last year, which neither WaldoKitty - nor you, I might add - seem to have an explanation for.

[James Bond 007]

Originally Posted by nononsenseguy

And let's remember those tax receipts are for Tax Year 2017.

Once again, you did not read a thing. Read the article. Tax receipts in July 2018 were down 3% from July 2017. So no, those tax receipts (which are down) are not from 2017, they are from 2018. July 2018 is in the 2018 fiscal year.

[GotHereQuickAsICould]

Read where aluminum manufacturers are reluctant to invest in new plants with the tariff business in such flux.

Indeed, hard to imagine significant expansion in many businesses until the tariff business is stabilized.

[James Bond 007]

Here is the actual monthly Treasury statement from the US Treasury Dept:
https://www.fiscal.treasury.gov/fsre...mt/mts0718.pdf

Go to page 2, table 1.

Tax receipts, in $ millions
July 2017: 232,040
July 2018: 225,266
---------------------
That's down 2.92%

June 2017: 338,660
June 2018: 316,278
----------------------
That's down 6.6%

May 2017: 240,418
May 2018: 217,075
----------------------
That's down 9.7%

April 2017: 455,605
April 2018: 510,447
---------------------
That's up 12%

March 2017: 216,584
March 2018: 210,832
-----------------------
That's down 2.66%

Feb 2017: 171,713
Feb 2018: 155,623
---------------------
That's down 9.37%

Jan 2017: 344,069
Jan 2018: 361,038
---------------------
That's up 4.93%

That is, since the tax cuts took effect, tax receipts have been down 5 of 7 months. And including January is debatable since the withholding tax reductions didn't really take effect until February, IIRC.

Total 2017 Jan-July: 1,999,089
Total 2018 Jan-July: 1,996,559
-----------------------------------
That's down 0.13%. And again, including January - which was a positive month - is debatable. But I'll be nice and include it.

For something that was supposed to increase tax receipts according to its proponents, the tax cuts so far have been a failure.

[workingclasshero]

Originally Posted by Winter_Sucks

Obama’s first year in office the deficit was 1.2 trillion. When he left office the deficit was 500 billion.

actually his first year it was 1.6 trillion (shared bush/Obama)...his last year was 671 billion shared Obama/trump

10/01/2009................................ 11,920,519,164,319.42
09/30/2010................................ 13,561,623,030,891.79
1,641,103,866,572............................1.6 trillion deficit fy10

10/01/2010.................................13,610,847,58 5,810.09
09/30/2011.................................14,790,340,32 8,557.15
1,179,492,742,747...........................1.17tr illion deficit fy11

09/30/2011................................ 14,790,340,328,557.15
09/28/2012................................ 16,066,241,407,385.89
1,275,901,078,828..........................1.27 trillion deficit fy12

10/01/2012.................................16,159,487,01 3,300.35
09/30/2013.................................16,738,183,52 6,697.32
578,696,513,397..............................578 billion deficit fy13......the only one of two full years under one trillion

10/01/2013................................. 16,747,478,675,335.18
09/30/2014................................. 17,824,071,380,733.82
1,076,592,705,398..............................1.0 7 trillion deficit fy14


10/01/2014................................. 17,824,071,380,733.82
09/30/2015................................. 18,150,617,666,484.33
326,546,285,750.51..............................32 6 billion deficit fy15...the second less than trillion



10/01/2015................................. 18,150,617,666,484.33
09/30/2016.................................19,573,444,71 3,936.79
1,422,827,047,452.46.............................. 1.42 trillion deficit fy16


10/01/2016.................................19,573,444,71 3,936.79
09/30/2017.................................20,244,900,01 6,053.51
671,455,302,117.............................. .671 trillion (671 billion) deficit fy17 (fy17 is a shared Obama/trump)

10/01/2017.................................20,244,900,01 6,053.51
today 8/11/18...…………………….21,342,180,438,050.3 6 (trump already over a trillion)


so of the last 9 years only 3 will have been under a trillion


the shrub, obozo, tRump...all the same..... and hitlery would have been worse