Tax Revenues Jump 13% To Record High In April — When Will Dems Admit They Were Wrong?

[bripat9643]

Some snowflakes in this forum are claiming government revenues are down since the tax cut. Then why does the CBO say they are up 13%?

Trump Tax Cuts: Revenues Hit Record High In April​

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

 

[jknowgood]

The same reason a liberal on here said the other day that BMW was moving the Greer jobs to China. Because of the tariffs. I called him out on it, then I found out they are fixing to hire another 1000 employees. That was the next day, that I found that out. I just hope they keep up this bullshit, They will never be in control again.

 

[Dont Taz Me Bro]

Now when will Republicans actually become fiscally responsible and control spending like they've lying been about for years?

 

[jknowgood]

Now when will Republicans actually become fiscally responsible and control spending like they've lying been about for years?

I agree.

 

[TroglocratsRdumb]

Trickle-Up baaaaby!
It works everytime.

 

[Fueri]

That rattling sound you hear is Pelosi opening her liquor cabinet.....

 

[candycorn]

Too bad the CPI is on the rise (highest gain in 6 years) and it looks like inflation is about to take off once more as the PPI is taking off as well.

 

[Faun]

Some snowflakes in this forum are claiming government revenues are down since the tax cut. Then why does the CBO say they are up 13%?

Trump Tax Cuts: Revenues Hit Record High In April​

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

Fuckng moron... most of the revenue collected in April was from last years taxes — before Trump’s tax cut went into effect.

 

[Doc1]

Some snowflakes in this forum are claiming government revenues are down since the tax cut. Then why does the CBO say they are up 13%?

Trump Tax Cuts: Revenues Hit Record High In April​

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

Until spending is cut it matters not.

 

[Doc1]

Now when will Republicans actually become fiscally responsible and control spending like they've lying been about for years?

Never. The Right and Left wings belong to the same bird.

 

[my2¢]

I can only suppose that's good news not knowing the governments accounting methods and how 2017 income taxes done on calendar year basis jives with 2018 fiscal year reporting.

I judge the government's handling of money on the overall balance of revenues and spending by keeping an eye on the overall debt. Much more easier to understand over a fixed period the difference between what the government took in and how much it spent. From the estimates of 2018 fiscal year ending September 30th, can't say I'm pleased.

 

[Harpy Eagle]

Some snowflakes in this forum are claiming government revenues are down since the tax cut. Then why does the CBO say they are up 13%?

Trump Tax Cuts: Revenues Hit Record High In April​

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

I am not sure where you link got its figures, but they are wrong. According to the Treasury Dept April's tax receipts were 510.5 billion, not 515. That makes the change from 2017 to 1018 12%, which is less than the change from 2014 to 2015, which was 13%.

https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0418.pdf
Monthly Treasury Statement

 

[bripat9643]

The same reason a liberal on here said the other day that BMW was moving the Greer jobs to China. Because of the tariffs. I called him out on it, then I found out they are fixing to hire another 1000 employees. That was the next day, that I found that out. I just hope they keep up this bullshit, They will never be in control again.

Why not? Getting caught telling lies has never been an obstacle to Democrats gaining office in the past.

 

[bripat9643]

Too bad the CPI is on the rise (highest gain in 6 years) and it looks like inflation is about to take off once more as the PPI is taking off as well.

Always looking for the silver lining.

 

[bripat9643]

Some snowflakes in this forum are claiming government revenues are down since the tax cut. Then why does the CBO say they are up 13%?

Trump Tax Cuts: Revenues Hit Record High In April​

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

Fuckng moron... most of the revenue collected in April was from last years taxes — before Trump’s tax cut went into effect.

The revenue collected in April was paid in April. You really don't know how withholding works, do you?

 

[Montrovant]

Some snowflakes in this forum are claiming government revenues are down since the tax cut. Then why does the CBO say they are up 13%?

Trump Tax Cuts: Revenues Hit Record High In April​

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

Fuckng moron... most of the revenue collected in April was from last years taxes — before Trump’s tax cut went into effect.

I'm trying to find the relevant CBO report to find out about this. I've got the monthly budget review for May at the moment, and it indicates that the numbers are CBO estimates for tax revenue for this year, not last year.

Monthly Budget Review for May 2018 | Congressional Budget Office

I could easily be missing something, though. Why do you say most of the revenues were from last year? Is the report referenced in the OP not the CBO budget review? I honestly don't know, I'm not trying to make a point or catch anyone in a 'gotcha' moment or anything like that.

 

[Montrovant]

I can only suppose that's good news not knowing the governments accounting methods and how 2017 income taxes done on calendar year basis jives with 2018 fiscal year reporting.

I judge the government's handling of money on the overall balance of revenues and spending by keeping an eye on the overall debt. Much more easier to understand over a fixed period the difference between what the government took in and how much it spent. From the estimates of 2018 fiscal year ending September 30th, can't say I'm pleased.

Looking at the CBO's May budget review, they estimate that the deficit for the first 8 months of the fiscal year was almost $100 billion more than last year, even with increased revenues.

The government always seems happy to increase spending.

 

[bripat9643]

I can only suppose that's good news not knowing the governments accounting methods and how 2017 income taxes done on calendar year basis jives with 2018 fiscal year reporting.

I judge the government's handling of money on the overall balance of revenues and spending by keeping an eye on the overall debt. Much more easier to understand over a fixed period the difference between what the government took in and how much it spent. From the estimates of 2018 fiscal year ending September 30th, can't say I'm pleased.

Looking at the CBO's May budget review, they estimate that the deficit for the first 8 months of the fiscal year was almost $100 billion more than last year, even with increased revenues.

The government always seems happy to increase spending.

https://www.americanthinker.com/blo...s_biggest_monthly_surplus_ever_in_april_.html​

CBO: Government runs biggest monthly surplus ever in April

The Congressional Budget Office is reporting that the federal government took in $515 billion in April. With outlays only $218 billion, the $190 billion surprlus represents the largest in history.

What's more, the CBO said that the surplus was $40 billion more than expected.​

 

[Harpy Eagle]

Some snowflakes in this forum are claiming government revenues are down since the tax cut. Then why does the CBO say they are up 13%?

Trump Tax Cuts: Revenues Hit Record High In April​

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

Fuckng moron... most of the revenue collected in April was from last years taxes — before Trump’s tax cut went into effect.

The revenue collected in April was paid in April. You really don't know how withholding works, do you?

You probably do not know this since you do not make enough money, but a good number of us do not have enough withheld to satisfy our tax burden and then in April have to send the Govt more money. That is why April is always the largest month for revenue each year.

Perhaps one day you will move past being a fry cook at Wendy's and you will make enough to know what we are talking about.

 

[Montrovant]

I can only suppose that's good news not knowing the governments accounting methods and how 2017 income taxes done on calendar year basis jives with 2018 fiscal year reporting.

I judge the government's handling of money on the overall balance of revenues and spending by keeping an eye on the overall debt. Much more easier to understand over a fixed period the difference between what the government took in and how much it spent. From the estimates of 2018 fiscal year ending September 30th, can't say I'm pleased.

Looking at the CBO's May budget review, they estimate that the deficit for the first 8 months of the fiscal year was almost $100 billion more than last year, even with increased revenues.

The government always seems happy to increase spending.

https://www.americanthinker.com/blo...s_biggest_monthly_surplus_ever_in_april_.html​

CBO: Government runs biggest monthly surplus ever in April

The Congressional Budget Office is reporting that the federal government took in $515 billion in April. With outlays only $218 billion, the $190 billion surprlus represents the largest in history.

What's more, the CBO said that the surplus was $40 billion more than expected.​

That's April. The CBO link I provided says the federal deficit is larger this year, for the first 8 fiscal months, than it was last year.