Howard Roark
VIP Member
- Aug 8, 2010
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You must be a Fox News major. Stay tuned...the real damage comes next year when tariffs hit 25%Yet Federal Tax Revenue is at an ALL TIME HIGH. You must have been a Gender Studies Major.
Has Revenue Risen in 2018?
Yet even these numbers understate revenue losses between 2017 and 2018, since they count revenue raised in 2018 but under 2017's pre-tax cut laws. Roughly three-quarters of the increase in nominal individual income tax revenue since 2017 is the result of non-withheld tax payments made in April (and March) to cover last year'staxes. Another quarter of the rise is from revenue in October, November, and December of 2017 – months which are part of fiscal year 2018 but were under the old tax code.
Excluding October through December as well as non-withheld tax payments, individual income tax revenue is essentially unchanged from 2017. Under this scenario, total nominal revenue is down 4.3 percent, real revenues are down 6.4 percent, and revenues as a share of the economy have decreased by 8.8 percent. Revenues from May through July have fallen even more steeply.*
In other words, revenue has dropped substantially post-tax reform.