Federal revenues jump from faster growth . . .

[longknife]

more than twice what the tax cut was supposed to ‘cost’

We can’t cut taxes! We’ll lose money and the government will go broke.


Oh yeah? Like has always happened every time it’s tried, tax cuts end up with the government taking in more than the tax cut cost.


But don’t try to convince the Dims of that.

As Steve Moore writes in today’s Wall Street Journal, the Trump tax cut is paying for itself. By a lot:

Compare the August 2018 economic forecast from the Congressional Budget Office with the one from June 2017, before the tax cuts passed, and we discover some very good news. The much higher than expected economic growth in the wake of the Trump tax cut means that U.S. gross domestic product will be higher than expected every year over the next decade.

Even if we assume a reversion to the pre-Trump 1.9% growth path, the ratchet up in GDP this year translates into $179 billion in unexpected output this year, $465 billion next year, $654 billion in 2020, and so on. This magic of compounding yields more than $6 trillion additional GDP over the decade thanks to the faster growth already achieved.

The federal government is expected to capture a bit more than 18% of that extra output in tax revenue—about $1.1 trillion over the 10-year window. That’s well above the $400 billion to $500 billion expected revenue loss from the corporate tax-rate cut.

Much more @ Federal revenues jump from faster growth…more than twice what the tax cut was supposed to ‘cost’

 

[Roudy]

And here we were told by the fake news media that Trump was going to make us go broke. The Left is disappointed that we have such a good economy under Trump.

 

[Rambunctious]

Of course more tax payers more businesses opening means more dollars for the treasury....I've never understood why the rank and file left refuses to except that.....are they that stupid or just gullible to their leaders lies....

 

[Roudy]

Because the left are socialists, who have finally come out of the closet.

 

[blastoff]

Thank God Barry did all the hard groundwork to make this economic boom and resulting surge in tax revenues possible.

 

[Claudette]

One has to wonder before they instituted the income tax what the hell the Govt. did for money??

 

[longknife]

One has to wonder before they instituted the income tax what the hell the Govt. did for money??

It wasn’t always so. Prior to ratification of the 16th (income tax) Amendment in February 1913, the federal government managed its few constitutional responsibilities without an income tax, except during the Civil War period. During peacetime, it did so largely — or even entirely — on import taxes called “tariffs.” Congress could afford to run the federal government on tariffs alone because federal responsibilities did not include welfare programs, agricultural subsidies, or social insurance programs like Social Security or Medicare. After the Civil War, tariff revenues sometimes suffered under a protectionist policy ushered in by the Republican Party that supplemented federal income via excises on alcohol, tobacco, and inheritances. But before the war, the need for tariff revenue to finance the federal government generally kept the tariff at reasonable levels. During wartime throughout early American history, the Founding Fathers were able to raise additional revenue employing a different method of direct taxation authorized by the U.S. Constitution prior to the 16th Amendment. These alternative taxing methods gave the young American nation embarrassing peacetime budget surpluses that several times came close to paying off the national debt.

Much more @ Before the Income Tax

 

[Claudette]

One has to wonder before they instituted the income tax what the hell the Govt. did for money??

It wasn’t always so. Prior to ratification of the 16th (income tax) Amendment in February 1913, the federal government managed its few constitutional responsibilities without an income tax, except during the Civil War period. During peacetime, it did so largely — or even entirely — on import taxes called “tariffs.” Congress could afford to run the federal government on tariffs alone because federal responsibilities did not include welfare programs, agricultural subsidies, or social insurance programs like Social Security or Medicare. After the Civil War, tariff revenues sometimes suffered under a protectionist policy ushered in by the Republican Party that supplemented federal income via excises on alcohol, tobacco, and inheritances. But before the war, the need for tariff revenue to finance the federal government generally kept the tariff at reasonable levels. During wartime throughout early American history, the Founding Fathers were able to raise additional revenue employing a different method of direct taxation authorized by the U.S. Constitution prior to the 16th Amendment. These alternative taxing methods gave the young American nation embarrassing peacetime budget surpluses that several times came close to paying off the national debt.

Much more @ Before the Income Tax

The Govt. should be doing that now instead of taking our hard earned money.

 

[longknife]

One has to wonder before they instituted the income tax what the hell the Govt. did for money??

It wasn’t always so. Prior to ratification of the 16th (income tax) Amendment in February 1913, the federal government managed its few constitutional responsibilities without an income tax, except during the Civil War period. During peacetime, it did so largely — or even entirely — on import taxes called “tariffs.” Congress could afford to run the federal government on tariffs alone because federal responsibilities did not include welfare programs, agricultural subsidies, or social insurance programs like Social Security or Medicare. After the Civil War, tariff revenues sometimes suffered under a protectionist policy ushered in by the Republican Party that supplemented federal income via excises on alcohol, tobacco, and inheritances. But before the war, the need for tariff revenue to finance the federal government generally kept the tariff at reasonable levels. During wartime throughout early American history, the Founding Fathers were able to raise additional revenue employing a different method of direct taxation authorized by the U.S. Constitution prior to the 16th Amendment. These alternative taxing methods gave the young American nation embarrassing peacetime budget surpluses that several times came close to paying off the national debt.

Much more @ Before the Income Tax

The Govt. should be doing that now instead of taking our hard earned money.

There are too many government programs that must be funded in spite of government revenue to revert to tariffs only.

 

[Claudette]

One has to wonder before they instituted the income tax what the hell the Govt. did for money??

It wasn’t always so. Prior to ratification of the 16th (income tax) Amendment in February 1913, the federal government managed its few constitutional responsibilities without an income tax, except during the Civil War period. During peacetime, it did so largely — or even entirely — on import taxes called “tariffs.” Congress could afford to run the federal government on tariffs alone because federal responsibilities did not include welfare programs, agricultural subsidies, or social insurance programs like Social Security or Medicare. After the Civil War, tariff revenues sometimes suffered under a protectionist policy ushered in by the Republican Party that supplemented federal income via excises on alcohol, tobacco, and inheritances. But before the war, the need for tariff revenue to finance the federal government generally kept the tariff at reasonable levels. During wartime throughout early American history, the Founding Fathers were able to raise additional revenue employing a different method of direct taxation authorized by the U.S. Constitution prior to the 16th Amendment. These alternative taxing methods gave the young American nation embarrassing peacetime budget surpluses that several times came close to paying off the national debt.

Much more @ Before the Income Tax

The Govt. should be doing that now instead of taking our hard earned money.

There are too many government programs that must be funded in spite of government revenue to revert to tariffs only.

Yeah all that social bullshit the Dems instituted when they had control of Congress for forty years.

I don't include SS or Medicare because we all fund those programs.

Welfare, Medicaid and a multitude of other social bullshit sure wasn't there in 1913. Now we are stuck with it.