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Oh BS! Budget Deficit Ballooned in 2018, Treasury Says For the full 2018 fiscal year, corporate tax receipts were nearly $205 billion. That figure is a drop from $297 billion in fiscal year 2017.
Many Republicans, including Mr. Mnuchin, said during last year’s debate over tax policy that the proposed cuts would pay for themselves by producing faster economic growth and correspondingly higher federal revenues. Outside analysts disagreed. The Joint Committee on Taxation, the official tax scorekeeper of Congress, projected that the law would reduce revenues by $1 trillion, even when accounting for additional growth.
Oh BS! Budget Deficit Ballooned in 2018, Treasury Says For the full 2018 fiscal year, corporate tax receipts were nearly $205 billion. That figure is a drop from $297 billion in fiscal year 2017.
Many Republicans, including Mr. Mnuchin, said during last year’s debate over tax policy that the proposed cuts would pay for themselves by producing faster economic growth and correspondingly higher federal revenues. Outside analysts disagreed. The Joint Committee on Taxation, the official tax scorekeeper of Congress, projected that the law would reduce revenues by $1 trillion, even when accounting for additional growth.
But what was the cost of subsidized housing, unemployment, food stamps, and health care for the other half of the no-longer unemployed?
Corporate tax receipts dropped, but you conveniently left out personal taxes collected from MORE people working in addition to the costs above.
The balance, if there is one, is sadly only a few months of trade deficit with China, which frankly we have made a good start but still have a long ways to go in balancing trade.
Oh BS! Budget Deficit Ballooned in 2018, Treasury Says For the full 2018 fiscal year, corporate tax receipts were nearly $205 billion. That figure is a drop from $297 billion in fiscal year 2017.
Many Republicans, including Mr. Mnuchin, said during last year’s debate over tax policy that the proposed cuts would pay for themselves by producing faster economic growth and correspondingly higher federal revenues. Outside analysts disagreed. The Joint Committee on Taxation, the official tax scorekeeper of Congress, projected that the law would reduce revenues by $1 trillion, even when accounting for additional growth.
But what was the cost of subsidized housing, unemployment, food stamps, and health care for the other half of the no-longer unemployed?
Corporate tax receipts dropped, but you conveniently left out personal taxes collected from MORE people working in addition to the costs above.
The balance, if there is one, is sadly only a few months of trade deficit with China, which frankly we have made a good start but still have a long ways to go in balancing trade.
With much of the policies in place only since January 2018 or later, we've only really seen 6 months of change. While the tax cuts were immediate on existing tax sources, rising tax incomes are going to be a trailing factor. It takes time to order equipment, build new plants, revive old ones, etc etc. I'm going to wager it all works out and comes out on the upside financially, but it may be another year before we see it.
Of course it's a New York Times article. Love how the media loves to spin things and leave out portions of the facts and think we won't notice.
Finally, when are you all going to learn this isn't about the Democrats and/or Republicans? This is all about the money, and poor trade and tax policies have been bleeding our country of it's money for decades.
But what was the cost of subsidized housing, unemployment, food stamps, and health care for the other half of the no-longer unemployed?
Corporate tax receipts dropped, but you conveniently left out personal taxes collected from MORE people working in addition to the costs above.
The balance, if there is one, is sadly only a few months of trade deficit with China, which frankly we have made a good start but still have a long ways to go in balancing trade.
With much of the policies in place only since January 2018 or later, we've only really seen 6 months of change. While the tax cuts were immediate on existing tax sources, rising tax incomes are going to be a trailing factor. It takes time to order equipment, build new plants, revive old ones, etc etc. I'm going to wager it all works out and comes out on the upside financially, but it may be another year before we see it.
Of course it's a New York Times article. Love how the media loves to spin things and leave out portions of the facts and think we won't notice.
Finally, when are you all going to learn this isn't about the Democrats and/or Republicans? This is all about the money, and poor trade and tax policies have been bleeding our country of it's money for decades.
That is the problem with these threads, they cherry pick one stat to make their case. The title should indicate Individual tax revenue not revenue in general. Cherry picking the stat they like as you stated while ignoring corporate tax revenue The most important indicator is the deficit and its increasing because of spending and the tax cuts. If the tax cuts were not instituted the deficit would have declined.
That's a bunch of you-know-what. As I posted, job gains were GREATER before the tax cuts than after. Had there been no tax cuts, at the very least job gains would have been about the same as they have been since the tax cuts were enacted, and as a result of that, the unemployment rate would have continued going down.
You seem to be operating under this strange illusion that jobs cannot have been created without tax cuts. All you need to do is to look at jobs data prior to January 2018 to prove your illusion wrong.
The money corporations used to pay in taxes will be used for business expansion, hiring more people and raising wages, thus increasing tax revenue (both corporate and personal income).
That was the plan. Execution, as always, is an entirely different animal. The outcome remains to be seen...
But what was the cost of subsidized housing, unemployment, food stamps, and health care for the other half of the no-longer unemployed?
Corporate tax receipts dropped, but you conveniently left out personal taxes collected from MORE people working in addition to the costs above.
Oh, stop!!!!! None of the tax receipts collected are enough to pay for the CRIMINAL TAX GIVE AWAY - and that is WHY deficits are BALLOONING - and that takes into account ALL TAX RECEIPTS - even those from the "newly-employed, now off the welfare rolls" - should they exist. Most of those people earn so little they still qualify for benefits and pay NO taxes.
Tax bill gave away huge sums to people who do no need it and who are NOT investing the employees or the economy.
But continue to carry on with the fantasy that because revenues are up economy still running unnecessary HUGE DEFICITS is healthy.
Not for long.
Alternative facts abound.
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