Tax Cuts Working: FedGov Collects Record Taxes in October and November

mikegriffith1

Mike Griffith
Oct 23, 2012
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Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.
 
Please cite your source.

I ask because in one passage, they spoke about 2019 tax revenue. I'd like to see what type of publication makes a dopey mistake like that.
 
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Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.

How much has that tax cut helped YOU?
 
Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.

I strongly agree that too much spending is the problem...not too low taxes. And I agree with cutting corporate taxes - they just pass them on to the consumer/shareholders/employees anyway...they do NOT eat the taxes.

But I also strongly disagree with trickle-down bullshit...it does not work because the rich don't spend tax savings (they already have everything they need). They just save/invest it.

The best way to cut taxes and help the economy is to cut poor/middle class taxes because you KNOW they will spend almost every cent of their tax savings...thus, helping the economy.

So, while I agree with the corporate tax cut Trump implemented, I TOTALLY disagree with the mostly wealthy income tax cut he included.
Plus, the idiot cut taxes without cutting spending to match...using that 'trickle down' bullshit to justify it.
 
The claim, then, is that tax cuts did not change the situation, crushing and increasing debt. Therefore, the tax cuts placed more pressure on the less well-off without solving the major basic problem.
 
Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.

How much has that tax cut helped YOU?

It will help me a ton when I file.

Taxes need to be cut a lot more, as does spending.

We need to cut a trillion off the budget spending.
 
The claim, then, is that tax cuts did not change the situation, crushing and increasing debt. Therefore, the tax cuts placed more pressure on the less well-off without solving the major basic problem.

Yes, spending needs to be cut dramatically.
 
How much it puts back in your pocket depends on income level. Go into a higher bracket pay more. Amazing isn't it.

Those in high property tax states DontD get that deduction any more . Like Cali. In my state property tax is low. Lol. Doesn't affect me much. Haha
 
BTW. Income taxes have increased. Overall revenue hasn't. More working now. But better they don't work huh........Feed the piggy daddy government. Awe. Dems want to tax more. Poor things
 
The claim, then, is that tax cuts did not change the situation, crushing and increasing debt. Therefore, the tax cuts placed more pressure on the less well-off without solving the major basic problem.

Yes, spending needs to be cut dramatically.

Soon you will have what you want if Trump and the GOP keep on,
Water you can't drink, air you can't breathe, the poor seniors , disabled and vets living on the streets with no healthcare, the poor kids starving to death, and the rich and weathly living high off the hog. OH I forgot, backstreet abortions and STDs rampant.

Just can't wait.
 
The claim, then, is that tax cuts did not change the situation, crushing and increasing debt. Therefore, the tax cuts placed more pressure on the less well-off without solving the major basic problem.

Yes, spending needs to be cut dramatically.

Soon you will have what you want if Trump and the GOP keep on,
Water you can't drink, air you can't breathe, the poor seniors , disabled and vets living on the streets with no healthcare, the poor kids starving to death, and the rich and weathly living high off the hog. OH I forgot, backstreet abortions and STDs rampant.

Just can't wait.


Sounds like a rethug utopia!
 
Bringing down the debt isn’t tough math.

Cut spending dramatically.

Continue to cut taxes to spur growth.

More people working and less restrictions on business will lead to more taxes collected and less need for entitlements.

We need to cut the debt by a trillion per year, starting now....or we will be like Greece.
 
Bringing down the debt isn’t tough math.

Cut spending dramatically.

Continue to cut taxes to spur growth.

More people working and less restrictions on business will lead to more taxes collected and less need for entitlements.

We need to cut the debt by a trillion per year, starting now....or we will be like Greece.


........and when that doesn't work, blame the Dems who haven't had power over the purse since 2010.

Trickle down doesn't work.
 
Please cite your source. I ask because in one passage, they spoke about 2019 tax revenue. I'd like to see what type of publication makes a dopey mistake like that.

Uh, ummm, we're in FISCAL YEAR 2019. The federal government's fiscal year runs from October to October. The article says "fiscal year 2019." 2019's fiscal year started on October 1.
 
Please cite your source. I ask because in one passage, they spoke about 2019 tax revenue. I'd like to see what type of publication makes a dopey mistake like that.

Uh, ummm, we're in FISCAL YEAR 2019. The federal government's fiscal year runs from October to October. The article says "fiscal year 2019." 2019's fiscal year started on October 1.

I see that now.

My mistake.

I'd like your source anyway.
 
Please cite your source. I ask because in one passage, they spoke about 2019 tax revenue. I'd like to see what type of publication makes a dopey mistake like that.

Uh, ummm, we're in FISCAL YEAR 2019. The federal government's fiscal year runs from October to October. The article says "fiscal year 2019." 2019's fiscal year started on October 1.

I see that now.

My mistake.

I'd like your source anyway.

The source is linked in the post.
 
Please cite your source. I ask because in one passage, they spoke about 2019 tax revenue. I'd like to see what type of publication makes a dopey mistake like that.

Uh, ummm, we're in FISCAL YEAR 2019. The federal government's fiscal year runs from October to October. The article says "fiscal year 2019." 2019's fiscal year started on October 1.

I see that now.

My mistake.

I'd like your source anyway.

The source is linked in the post.

Yep. It is. In a weird way.

I clicked on the link earlier and was sent to a treasury page. The link you provided is actually two links which are not separated. So, if one clicks on the beginning, it does not go to the CNS site.

One must click on part of the link that is in parentheses to find the article.
 

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