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The federal government collected more than $2 trillion in the first seven months of this fiscal year, according to the latest monthly report from the Treasury Department.
That’s up almost 2 percent from the same time last year, and up 6 percent from fiscal 2017, which was before the Trump tax cuts went into effect.
This fiscal year, Treasury figures that federal revenues will top $3.4 trillion. That’s $100 billion more — a 3 percent gain — than last year.
... Yet every Democrat running for the White House is promising to repeal some, if not all, of the Trump tax cuts to finance a laundry list of massive new government entitlement programs.
What they aren’t explaining to voters, however, is that it’s out-of-control spending that’s driving the deficit upward today.
While federal revenues are $35 billion higher so far this year than last, spending is up by $181 billion.
Also in the article... corporate tax receipts are down 30%, but individual receipts are up 12%... which means more people are working and wages are rising.
Tax cuts are working as expected. The government continues to be out of control with spending - which means the American people are out of control with spending.
Liberals are wrong............................... again
Short term
Net corp taxes (progressive rate) down roughly 1/3.
Chinese tariffs (regressive rate) up.
Shifting taxes onto poorer residents makes GOP happy.
Long term.
Companies are slowly shifting supply chain out of China. This really is a good thing.
Short term
Net corp taxes (progressive rate) down roughly 1/3.
Chinese tariffs (regressive rate) up. Shifting taxes onto poorer residents makes GOP happy.
Long term.
Companies are slowly shifting supply chain out of China. This really is a good thing.
Regarding the bold... would you rather those near the poverty line be making enough money to pay taxes, or should they not be making enough money and getting money from the government?
What do they think they would want? I would think they would want to work and be productive and bring a little more income home... and maybe even advance themselves through hard work.
Tax cuts when there is a deficit is spending, and they cost a lot. If the deficit is -$400 bil and tax cuts increase the deficit to -$800 bil, those tax cuts have to be financed by government bonds. The tax cuts are paid for with borrowed money. You, me and our kids get stuck with the debt. We will all pay the interest on that debt for 30 years or more.
When there's a deficit and a tax cut is enacted, it is essentially a tax subsidy paid for by public borrowing. The only time tax cuts allow you to "keep more of your own money" is when there is a government surplus.
1- Tax cuts have increased total tax revenue. That's a fact. Just on that alone, you should have no complaint.
2- They cost NOTHING because the money never gets in government's hands to spend. A "cost" is related to a purchase. You spend money to buy something or services at a cost. I understand want to you want to say, but it doesn't cost anything. You can say it affects how much the government can spend, and that would be accurate.
The truth is that whether the tax cuts came into play or not, government is over-spending by a large margin right now... that's Trump, Congress, all of them. I think Trump wants to cut spending (which I think he is doing through agency regulations where he has control), but Congress on both sides of the aisle won't cooperate.
Short term
Net corp taxes (progressive rate) down roughly 1/3.
Chinese tariffs (regressive rate) up.
Shifting taxes onto poorer residents makes GOP happy.
Long term.
Companies are slowly shifting supply chain out of China. This really is a good thing.
So Indonesia and Bengladesh will see a slightly larger piece of the pie? Mexico will boom a bit more???
We have no idea - except after a decade or two, if moving stuff out of China is good or bad. China is large and relatively stable. Other countries have flooded before and even that stopped the manufacturing of major goods. Also, there is the brains equation. The fact is that China can make some things that cannot be made elsewhere. Tesla, for example, has said point blank that their control board (by far the most powerful car computer in the world) must be made there. No one else can put together the tech to make it so.
I think many have a perverted idea of Chinese capabilities. The Silicon Valley of China (S. China) is a place which is buttressed by partnerships between some of the top technical school in the world (Hong Kong) and industry. Many of the best people from all over the world have been recruited to work there.
1- Tax cuts have increased total tax revenue. That's a fact. Just on that alone, you should have no complaint.
Wrong. Again, when you start wrong you end wrong.
Population increases every year. Employment has increased each year for a decade. Inflation increases each year. GDP increases, if even by a small amount, each year.
Tax revenue naturally grows along with all of these items.
The ONLY relevant metric is whether we have covered more of the CURRENTLY DUE BILLS then before.
I don't know why it is so hard for you to grasp this concept.
YOU get a raise of 3%. So you come on the Forum telling us how great it is and how much better your financial situation is......
BUT, you have an ARM (Adjustable rate mortgage) and also a adj. home equity loan. Gas prices have went up and your property taxes too. You are further behind the eight ball then ever before.
Your investments in the stock market, which usually added 20-30K to your yearly worth, have made almost nothing. Your medical care prices went up the typical 7%.
Yet you keep getting on a forum and talking about great you are doing.....
------end example.....
Lastly, we are not yet near the end of the tax collection and counting season and the Government is only providing estimates! Revenues are NOT likely to increase anything more than GDP, Population and Inflation..which means they fall FAR short of the extra debt the tax cuts created.
My goodness. We should have a "poll tax" for this forum with questions about basic economics. In vs. Out.
Regarding the bold... would you rather those near the poverty line be making enough money to pay taxes, or should they not be making enough money and getting money from the government? (1)
What do they think they would want? I would think they would want to work and be productive and bring a little more income home... and maybe even advance themselves through hard work.
Not sure about context on question 1.
My comment goes toward the shifting of tax burden from high to low. As for my context: I am generally very sympathetic to low wage workers who are at least making a go of it and not sympathetic to professional couch potatoes.
I work with some of them. What they want. Many just want to go home. Many really do have an IQ around 90 or so. You will not make a tech worker out of most of the people in our shop. A few end up self promoting to one of two degrees.
Dumb ones that at least show up every day without fail,do their 40 tend to get raises to around 15 bucks an hour and are last in line for layoffs and first in line for the few available PW jobs and overtime.
Once in a while a gem shows up and makes supervisor inside of 2 years.
Some are ninja level clock watchers who tend to stay around 12 bucks.
Both groups beat professional couch potatoes.
You do realize that all jokes aside, your writing style, general grammar and spelling indicate collegiate level writing. I'm guessing the DR part of your name is actually biographical. You likely have 30+ points of IQ on anyone in our shop. A comparison is like wondering why a Jeep loses a race with a Porsche. I guess I have more sympathy for the Jeeps.
So Indonesia and Bengladesh will see a slightly larger piece of the pie? Mexico will boom a bit more???
We have no idea - except after a decade or two, if moving stuff out of China is good or bad. China is large and relatively stable. Other countries have flooded before and even that stopped the manufacturing of major goods. Also, there is the brains equation. The fact is that China can make some things that cannot be made elsewhere. Tesla, for example, has said point blank that their control board (by far the most powerful car computer in the world) must be made there. No one else can put together the tech to make it so.
I think many have a perverted idea of Chinese capabilities. The Silicon Valley of China (S. China) is a place which is buttressed by partnerships between some of the top technical school in the world (Hong Kong) and industry. Many of the best people from all over the world have been recruited to work there.
We're not talking T-Shirts here.
I am reading about quite a few companies slowly (very) moving their supply chains out of China. Yes there are multiple other factors like increasing Chinese costs. No one knows long term how far or fast but I am simply no fan of China.
Mexico has no missiles pointed at us.
Mexico steals far less intellectual property.
Mexico is not trying to take over the South China Sea.
US Mexico trade balance is 1.24 to 1 vs US China trade balance is 4.49 to 1
China is screwing us hard. Something that needs to be worked on in the LONG TERM. Something that, at the moment, we have no choice but take it.
Edit I am no fan of the tariffs as I see them as a shift of tax burden from high to low.
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