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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.
Interesting that "revenues" went up from 2014-2015 by 8% - with NO tax cuts! Furthermore, spending stayed relative stable and the deficit even started to head down afterwards.
As it stand, the FED is saying 2019 Revenues will be up only about the same amount as GDP......3%
FY 2019 - $3.44 trillion, estimated.
FY 2018 - $3.33 trillion.
That's an additional 110 Billion collected....and Trump is spending about 4 to 6X that much more......of course, none of this considers the additional future interest on all these deficits and stuff like that.
Meanwhile, people are getting thrown off the "better and cheaper health car for all" and Mexico is forking out for the Wall and the Stock Market has gone nowhere for 16 months.
A miracle...I tell you. A miracle. I know it's true - I heard it on the radio.
King of Debt
Tariff King
King of Lies
King of Puzzy Grabbing
King of low ROI on this own money
King of Bankruptcies
and soon to be Lord of War.
Explain that to me. How do tax cuts pay for themselves, or anything?
Tax cuts are not spending. They cost nothing. It's up to the government to balance their spending programs with the money they expect to collect.
You can't spend money that never gets into their hands.
What tax cuts do is generate more income because more people work and the pool of taxpayers increase.
That makes absolutely no sense....since the Federal Government spending is largely non-discretionary, that is....they KNOW they need X amount at least.
The tax cuts simply mean they need to borrow more to get to X.
How anyone can deny this when it is right in front of them.....Trump blew up the deficits for the next decade already.
This would be akin to you deciding to spend more money on beer and therefore not having the money for your medical care and mortgage...and calling the Bank and telling them "Well, you have to live within the means I am giving to you".
Obama extended Bush tax cuts and thats why revenues were up 2014-2015
Next
Well, then...you are also saying the Bush Tax cuts Created the Great Recession since they were even fuller then.
Next!
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