Does GDP growth mean Federal Tax revenue growth?

[healthmyths]

I know, I know, it should seem to be common sense that the answer is a RESOUNDING YES!
But some tax cut critics keep complaining that Trump tax cuts will ruin our economy. Will add to the debt..something they didn't seem to care about when Obama added $9 trillion with no major events, 9/11 worst hurricanes, etc. that GWB experienced and Obama even had TARP repaid with a profit!
So here is a chart I made combining GDP with Federal Tax revenue.
Some observations points:
A) Kennedy's tax cuts didn't reduce revenue.
B) Please consider Inflation during the years 1978 through 1982 (averaged 10.5%)
C) Look at years in red GDP versus years in red Tax receipts.. and consider the time lag... i.e. when GDP decreases
people in the following years are laid off. Meaning NO federal payroll taxes, or personal income taxes WHILE at the same time unemployment and welfare outlays increase.

So given this chart wouldn't it also make sense that if the GDP grows as the Atlanta Fed Reserve predicts Q118
at over 5% Federal tax revenues i.e. more people working more payroll taxes less unemployment benefits less welfare payments outlay that there would be lower deficits adding to the national debt?
Talk amongst yourselves and comment!
View attachment 176064

If there is one thing this list proves, there is very little correlation between GDP and revenue growth.

How can you say something so stupid?
Man are you dumb!
If fewer people are working less taxes are being paid...duh!

 

[healthmyths]

The GOP just passed lots of spending. Guess they don't want to see decreased revenue from the tax cuts...

Again a dumb ass comment!
Where the hell were you for Obama's "shovel ready" projects?

 

[NYcarbineer]

You Dem's should just increase taxes to 99% we all know you want to you communist pukes. You want to see your average Dem shit themselves, ask them to pick a number, just how high should be taxes raised.

Taxes should be raised to balance the budget, and kept there.

 

[Brain357]

The GOP just passed lots of spending. Guess they don't want to see decreased revenue from the tax cuts...

Again a dumb ass comment!
Where the hell were you for Obama's "shovel ready" projects?

Show me when tax cuts have ever lead to lower deficits.

Why are you talking about Obama? He didn't cut taxes.

 

[healthmyths]

Obama has no major events !?

Great Recession ring a bell? Did the two wars stop during his years ?

What "great recession"??? That was a term used by the biased MSM to describe a mild recession.
Talk about losing money? What about the dot.com bust and that was a $8 trillion market loss that meant losses against taxable income during GWB! Where were you?

 

[NYcarbineer]

It also increases debt and deficits because the people in Congress won't control spending..

Where were you in 2009 to 2016 when Obama increased the debt by $9 trillion and how?
Remember he had TARP to help overcome the housing bubble. And it was paid back with interest.
What events did Obama have? Did he have the worst hurricane SEASONS in history? Did he have ANY events that affected our economy, our psyche like 9/11 or the anthrax attacks or the 9/18/08 economic attack that saw nearly 1/2 Trillion dollars withdrawn in less then 3 hours from our economy?
What did he spend it on?
The Budget and Accounting Act of 1921 requires the President to submit his budget request for the upcoming fiscal year no later than the first Monday of February. Earlier this week, the Obama administration announced that for the third time in four years it will not adhere to this legal deadline.
President Obama’s Missed Budget Deadlines - House Budget Committee
Really such poor management of the economy, the federal government by a community organizer and no one other than people that paid attention seemed to care!

Obama inherited a trillion dollar deficit and left with a deficit half of that.

 

[NYcarbineer]

If you lowered taxes to zero, would you get more or less revenue?

Here's why the nuts never answer the above question:

Because the answer, duh, is less revenue, as in no revenue. They can't even bear to admit that because in doing so, as obvious as the answer is,
they have to admit that at some point along the scale of lower and lower taxes, you have to hit a point where lower taxes means less revenue, no matter what happens in the economy.

They can't admit that because it ruins their precious myth that lowering taxes will always increase revenues.

 

[healthmyths]

It also increases debt and deficits because the people in Congress won't control spending..

Where were you in 2009 to 2016 when Obama increased the debt by $9 trillion and how?
Remember he had TARP to help overcome the housing bubble. And it was paid back with interest.
What events did Obama have? Did he have the worst hurricane SEASONS in history? Did he have ANY events that affected our economy, our psyche like 9/11 or the anthrax attacks or the 9/18/08 economic attack that saw nearly 1/2 Trillion dollars withdrawn in less then 3 hours from our economy?
What did he spend it on?
The Budget and Accounting Act of 1921 requires the President to submit his budget request for the upcoming fiscal year no later than the first Monday of February. Earlier this week, the Obama administration announced that for the third time in four years it will not adhere to this legal deadline.
President Obama’s Missed Budget Deadlines - House Budget Committee
Really such poor management of the economy, the federal government by a community organizer and no one other than people that paid attention seemed to care!

Obama inherited a trillion dollar deficit and left with a deficit half of that.

Right in the meantime he added to the debt $9 trillion.
Please argue with FACTS not your fiction!
No president except Obama ever had 4 straight years of adding $1 trillion or more to the federal debt!
GEEZ don't you get embarrassed when FACTS totally mess up your totally unsubstantiated comment?

 

[Brain357]

It also increases debt and deficits because the people in Congress won't control spending..

Where were you in 2009 to 2016 when Obama increased the debt by $9 trillion and how?
Remember he had TARP to help overcome the housing bubble. And it was paid back with interest.
What events did Obama have? Did he have the worst hurricane SEASONS in history? Did he have ANY events that affected our economy, our psyche like 9/11 or the anthrax attacks or the 9/18/08 economic attack that saw nearly 1/2 Trillion dollars withdrawn in less then 3 hours from our economy?
What did he spend it on?
The Budget and Accounting Act of 1921 requires the President to submit his budget request for the upcoming fiscal year no later than the first Monday of February. Earlier this week, the Obama administration announced that for the third time in four years it will not adhere to this legal deadline.
President Obama’s Missed Budget Deadlines - House Budget Committee
Really such poor management of the economy, the federal government by a community organizer and no one other than people that paid attention seemed to care!

Obama inherited a trillion dollar deficit and left with a deficit half of that.

Right in the meantime he added to the debt $9 trillion.
Please argue with FACTS not your fiction!
No president except Obama ever had 4 straight years of adding $1 trillion or more to the federal debt!
GEEZ don't you get embarrassed when FACTS totally mess up your totally unsubstantiated comment?

View attachment 176082

Reagan tripled the debt...

 

[TyroneSlothrop]

And the repubs just passed lots more spending....

LOL WE ARE OFFICIALLY IN THE TWILIGHT ZONE

Mulvaney Says He Wouldn’t Have Voted for Budget
February 11, 2018
White House budget chief Mick Mulvaney told CBS News that the two-year budget bill — passed by Congress and signed into law by President Trump — is a “very dangerous idea” and explodes the deficit.

He added he would “probably not” have voted for it as a congressman.

 

[NYcarbineer]

It also increases debt and deficits because the people in Congress won't control spending..

Where were you in 2009 to 2016 when Obama increased the debt by $9 trillion and how?
Remember he had TARP to help overcome the housing bubble. And it was paid back with interest.
What events did Obama have? Did he have the worst hurricane SEASONS in history? Did he have ANY events that affected our economy, our psyche like 9/11 or the anthrax attacks or the 9/18/08 economic attack that saw nearly 1/2 Trillion dollars withdrawn in less then 3 hours from our economy?
What did he spend it on?
The Budget and Accounting Act of 1921 requires the President to submit his budget request for the upcoming fiscal year no later than the first Monday of February. Earlier this week, the Obama administration announced that for the third time in four years it will not adhere to this legal deadline.
President Obama’s Missed Budget Deadlines - House Budget Committee
Really such poor management of the economy, the federal government by a community organizer and no one other than people that paid attention seemed to care!

Obama inherited a trillion dollar deficit and left with a deficit half of that.

Right in the meantime he added to the debt $9 trillion.
Please argue with FACTS not your fiction!
No president except Obama ever had 4 straight years of adding $1 trillion or more to the federal debt!
GEEZ don't you get embarrassed when FACTS totally mess up your totally unsubstantiated comment?

View attachment 176082

Obama didn't add to the debt because taxing and spending comes from legislation, and presidents cannot impose legislation on their own. 60% of the federal budget is mandatory spending and was mandatory spending on the day Obama took office.

 

[Brain357]

It also increases debt and deficits because the people in Congress won't control spending..

Where were you in 2009 to 2016 when Obama increased the debt by $9 trillion and how?
Remember he had TARP to help overcome the housing bubble. And it was paid back with interest.
What events did Obama have? Did he have the worst hurricane SEASONS in history? Did he have ANY events that affected our economy, our psyche like 9/11 or the anthrax attacks or the 9/18/08 economic attack that saw nearly 1/2 Trillion dollars withdrawn in less then 3 hours from our economy?
What did he spend it on?
The Budget and Accounting Act of 1921 requires the President to submit his budget request for the upcoming fiscal year no later than the first Monday of February. Earlier this week, the Obama administration announced that for the third time in four years it will not adhere to this legal deadline.
President Obama’s Missed Budget Deadlines - House Budget Committee
Really such poor management of the economy, the federal government by a community organizer and no one other than people that paid attention seemed to care!

Obama inherited a trillion dollar deficit and left with a deficit half of that.

Right in the meantime he added to the debt $9 trillion.
Please argue with FACTS not your fiction!
No president except Obama ever had 4 straight years of adding $1 trillion or more to the federal debt!
GEEZ don't you get embarrassed when FACTS totally mess up your totally unsubstantiated comment?

View attachment 176082

Obama didn't add to the debt because taxing and spending comes from legislation, and presidents cannot impose legislation on their own. 60% of the federal budget is mandatory spending and was mandatory spending on the day Obama took office.

Congress controls the purse strings.

 

[Harpy Eagle]

How can you say something so stupid?

Because that is what your numbers showed.

I am sorry that you do not even agree with your own numbers, but there is no correlation shown by the data you gave us.

 

[BluesLegend]

You Dem's should just increase taxes to 99% we all know you want to you communist pukes. You want to see your average Dem shit themselves, ask them to pick a number, just how high should be taxes raised.

Taxes should be raised to balance the budget, and kept there.

Can we cut spending first? Oh wait then taxes wouldn't need to be raised.

 

[Brain357]

You Dem's should just increase taxes to 99% we all know you want to you communist pukes. You want to see your average Dem shit themselves, ask them to pick a number, just how high should be taxes raised.

Taxes should be raised to balance the budget, and kept there.

Can we cut spending first? Oh wait then taxes wouldn't need to be raised.

Republicans have full control of the government and increased spending. No, looks like we can't cut spending.

 

[Timmy]

It also increases debt and deficits because the people in Congress won't control spending..

Where were you in 2009 to 2016 when Obama increased the debt by $9 trillion and how?
Remember he had TARP to help overcome the housing bubble. And it was paid back with interest.
What events did Obama have? Did he have the worst hurricane SEASONS in history? Did he have ANY events that affected our economy, our psyche like 9/11 or the anthrax attacks or the 9/18/08 economic attack that saw nearly 1/2 Trillion dollars withdrawn in less then 3 hours from our economy?
What did he spend it on?
The Budget and Accounting Act of 1921 requires the President to submit his budget request for the upcoming fiscal year no later than the first Monday of February. Earlier this week, the Obama administration announced that for the third time in four years it will not adhere to this legal deadline.
President Obama’s Missed Budget Deadlines - House Budget Committee
Really such poor management of the economy, the federal government by a community organizer and no one other than people that paid attention seemed to care!

Obama inherited a trillion dollar deficit and left with a deficit half of that.

Right in the meantime he added to the debt $9 trillion.
Please argue with FACTS not your fiction!
No president except Obama ever had 4 straight years of adding $1 trillion or more to the federal debt!
GEEZ don't you get embarrassed when FACTS totally mess up your totally unsubstantiated comment?

View attachment 176082

Obama didn't add to the debt because taxing and spending comes from legislation, and presidents cannot impose legislation on their own. 60% of the federal budget is mandatory spending and was mandatory spending on the day Obama took office.

And he was dealing wh a gop congress most of that time .

 

[TyroneSlothrop]

 

[Timmy]

Obama has no major events !?

Great Recession ring a bell? Did the two wars stop during his years ?

What "great recession"??? That was a term used by the biased MSM to describe a mild recession.
Talk about losing money? What about the dot.com bust and that was a $8 trillion market loss that meant losses against taxable income during GWB! Where were you?

Rewriting history are we ? The economy cratered soon after Bush left . And he added Medicare part D , tax cuts , and war spending just to help screw things up more !

 

[danielpalos]

I know, I know, it should seem to be common sense that the answer is a RESOUNDING YES!
But some tax cut critics keep complaining that Trump tax cuts will ruin our economy. Will add to the debt..something they didn't seem to care about when Obama added $9 trillion with no major events, 9/11 worst hurricanes, etc. that GWB experienced and Obama even had TARP repaid with a profit!
So here is a chart I made combining GDP with Federal Tax revenue.
Some observations points:
A) Kennedy's tax cuts didn't reduce revenue.
B) Please consider Inflation during the years 1978 through 1982 (averaged 10.5%)
C) Look at years in red GDP versus years in red Tax receipts.. and consider the time lag... i.e. when GDP decreases
people in the following years are laid off. Meaning NO federal payroll taxes, or personal income taxes WHILE at the same time unemployment and welfare outlays increase.

So given this chart wouldn't it also make sense that if the GDP grows as the Atlanta Fed Reserve predicts Q118
at over 5% Federal tax revenues i.e. more people working more payroll taxes less unemployment benefits less welfare payments outlay that there would be lower deficits adding to the national debt?
Talk amongst yourselves and comment!
View attachment 176064

If there is one thing this list proves, there is very little correlation between GDP and revenue growth.

How can you say something so stupid?
Man are you dumb!
If fewer people are working less taxes are being paid...duh!
View attachment 176081

A fifteen dollar an hour minimum wage!

 

[healthmyths]

How can you say something so stupid?

Let me apologize. I did some miscalculation on the original chart.
The Federal revenue is always one year AFTER the GDP growth rate.
For example while the GDP in 2016 is 18,624,500M and had a 1.50% growth over 2015, Federal tax revenues wouldn't be collected till 2017.
So in 2008 GDP was down -.30% from 2007 and the tax revenues collected for 2007 wasn't done till 2008 and federal revenues were down 1.71%
In 2009 GDP was down -2.80% from 2008 and revenues were collected in 2008 were down -16.60%
In 2001 GDP had 1% growth from 2000 4.1% and revenues collected in 2002 were down -1.68%
2002 saw GDP 1.8% but revenues were down -6.93% from 2001.
2003 saw GDP growth of 2.8% while revenues were down -3.82% from 2002!
In 2004 GDP grew 3.8% and revenues in 2005 were up.
So that was my fault for not showing the one year delay from the GDP growth/loss and the next year federal tax revenue.