bripat9643
Diamond Member
- Apr 1, 2011
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- #21
The revenue collected in April was paid in April. You really don't know how withholding works, do you?Fuckng moron... most of the revenue collected in April was from last years taxes — before Trump’s tax cut went into effect.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%?
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.
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.
One thing I do know is how to speak English. "Up 13% means" revenues this April were 13% greater than revenues last April. It doesn't mean revenues were greater in April than they were in March.
BTW, I'm a contractor with my own S-corp, so your claims about my ignorance are pure idiocy.