Federal revenue continues to soar with Trump tax cuts, CBO report shows

bripat9643

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Apr 1, 2011
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Democrats - wrong again. Democrats are always wrong.


Tax cuts signed into law in 2017 by then-President Donald Trump have raised revenues for the federal government over the last five years, despite concerns among Democrats and other critics that the cuts would be a fiscal nightmare only benefiting the rich.
The government collected a record $4.9 trillion in revenue last year, according to the latest report from the Congressional Budget Office, a nonpartisan federal agency. That's nearly $500 billion higher than what the CBO had projected.
Receipts from corporate income taxes, meanwhile, were $425 billion, exceeding CBO's projection by 25%, while receipts from individual income taxes were $2.6 trillion, exceeding CBO's projection by 11%.
Federal revenues are now up about $1.5 trillion, or roughly 40%, since the Trump tax cuts went into effect at the beginning of 2018. By comparison, the cuts were initially estimated to cost the government $1 trillion, according to the Joint Committee on Taxation.
"We have higher tax revenue right now than we've ever had in the history of the country," Rep. Austin Scott (R-Ga.) told the John Solomon Reports podcast. "Think about that: Everything we've been through — COVID, inflation, all of the challenges of the last 36 months that our country has had — we have higher tax revenues than we have ever had in the history of the country."
Trump signed the Republican-backed Tax Cuts and Jobs Act into law in December 2017. The legislation simplified tax filing for many families and lowered the tax rates paid by most filers. It also cut business taxes, including lowering the corporate income tax rate from 35% to 21%.
Democrats and experts from left-leaning organizations blasted the tax cuts as a ploy to benefit the rich exclusively in a move that would cause deficits to soar.
"Last time Republicans held the majority, they enacted a $2 trillion tax scam that funneled massive windfalls to the biggest corporations and wealthiest families — which increased the deficit because the GOP did not provide offsets," Rep. Nancy Pelosi (D-Calif.) said Monday in a press release, echoing a common talking point of hers.
President Biden has similarly said "all" of the tax cut benefits "went to folks at the top and corporations," a claim deemed "false" by the Washington Post's fact-checker. Biden's White House has also claimed the Trump tax cuts would add trillions to deficits over the next decade due to less revenue.
However, beyond raising revenues, the Tax Cuts and Jobs Act lowered taxes for all income groups, particularly the middle class, according to studies and government data.
Americans with adjusted gross income (AGI) between $50,000 and $74,999 saw a 15.2% reduction in average tax liabilities between 2017 and 2019, the year of the agency's most recent available data, according to an analysis by Americans for Tax Reform. During that same period, Americans with AGI of between $75,000 and $99,999 saw a 15.6% reduction in average federal tax liability.
In 2018, middle- and working-class Americans received tax cuts of between 11% and 88%, at least double that of wealthier taxpayers, according to an analysis of IRS income tax data by the Heartland Institute. Those earning between $500,000 and $1 million received single-digit cuts, and those reporting an AGI of between $5 million and $10 million paid just 3.5% less in taxes.
"It is the working class who have made the biggest gains under the Tax Cuts and Jobs Act," Rep. Jason Smith (R-Mo.), the new chair of the powerful House Ways and Means Committee, said in December to mark the five-year anniversary of the Trump tax cuts. "Not only did working families get to keep more of their paycheck, but their paychecks grew the fastest compared to every other income group."
Before the economic devastation caused by the COVID-19 pandemic, household incomes were rising at historic rates in the aftermath of the tax cuts.
 
Not true. The article I posted showed that Trump's tax cut lowered the debt.
Tax cuts, by definition don't raise revenue. The "big lie" is that the tax cuts spur economic growth, such as the GDP growing at 5% instead of the normal 2%.

There is no fucking way that you can tie the Trump tax cuts to the GDP growth, especially when the dems are spending $6T a year and the DEBT is at $32T and climbing.
That's just lying thru your ass.
 
Democrats - wrong again. Democrats are always wrong.


Tax cuts signed into law in 2017 by then-President Donald Trump have raised revenues for the federal government over the last five years, despite concerns among Democrats and other critics that the cuts would be a fiscal nightmare only benefiting the rich.
The government collected a record $4.9 trillion in revenue last year, according to the latest report from the Congressional Budget Office, a nonpartisan federal agency. That's nearly $500 billion higher than what the CBO had projected.
Receipts from corporate income taxes, meanwhile, were $425 billion, exceeding CBO's projection by 25%, while receipts from individual income taxes were $2.6 trillion, exceeding CBO's projection by 11%.
Federal revenues are now up about $1.5 trillion, or roughly 40%, since the Trump tax cuts went into effect at the beginning of 2018. By comparison, the cuts were initially estimated to cost the government $1 trillion, according to the Joint Committee on Taxation.
"We have higher tax revenue right now than we've ever had in the history of the country," Rep. Austin Scott (R-Ga.) told the John Solomon Reports podcast. "Think about that: Everything we've been through — COVID, inflation, all of the challenges of the last 36 months that our country has had — we have higher tax revenues than we have ever had in the history of the country."
Trump signed the Republican-backed Tax Cuts and Jobs Act into law in December 2017. The legislation simplified tax filing for many families and lowered the tax rates paid by most filers. It also cut business taxes, including lowering the corporate income tax rate from 35% to 21%.
Democrats and experts from left-leaning organizations blasted the tax cuts as a ploy to benefit the rich exclusively in a move that would cause deficits to soar.
"Last time Republicans held the majority, they enacted a $2 trillion tax scam that funneled massive windfalls to the biggest corporations and wealthiest families — which increased the deficit because the GOP did not provide offsets," Rep. Nancy Pelosi (D-Calif.) said Monday in a press release, echoing a common talking point of hers.
President Biden has similarly said "all" of the tax cut benefits "went to folks at the top and corporations," a claim deemed "false" by the Washington Post's fact-checker. Biden's White House has also claimed the Trump tax cuts would add trillions to deficits over the next decade due to less revenue.
However, beyond raising revenues, the Tax Cuts and Jobs Act lowered taxes for all income groups, particularly the middle class, according to studies and government data.
Americans with adjusted gross income (AGI) between $50,000 and $74,999 saw a 15.2% reduction in average tax liabilities between 2017 and 2019, the year of the agency's most recent available data, according to an analysis by Americans for Tax Reform. During that same period, Americans with AGI of between $75,000 and $99,999 saw a 15.6% reduction in average federal tax liability.
In 2018, middle- and working-class Americans received tax cuts of between 11% and 88%, at least double that of wealthier taxpayers, according to an analysis of IRS income tax data by the Heartland Institute. Those earning between $500,000 and $1 million received single-digit cuts, and those reporting an AGI of between $5 million and $10 million paid just 3.5% less in taxes.
"It is the working class who have made the biggest gains under the Tax Cuts and Jobs Act," Rep. Jason Smith (R-Mo.), the new chair of the powerful House Ways and Means Committee, said in December to mark the five-year anniversary of the Trump tax cuts. "Not only did working families get to keep more of their paycheck, but their paychecks grew the fastest compared to every other income group."
Before the economic devastation caused by the COVID-19 pandemic, household incomes were rising at historic rates in the aftermath of the tax cuts.
What a bunch of total horseshit.


There is the report, I did a Control F search for Trump--not even in the damn document. This was,

This analysis focuses on CBO’s July 2021 baseline projections for 2022 because CBO mostly used the technical assessments (of, for example, how quickly appropriations would be spent) and economic projections underlying that baseline to produce cost estimates for legislation affecting the budget year and beyond.
This was based on the CBO's 2021 projections, not a damn thing to do with way back in 2018. And hell, the report even gives the primary reason for the underestimate.

Tax revenues are sensitive to economic conditions: Typically, as economic activity or prices increase, so do revenues. Differences between actual economic activity in 2022 and CBO’s projections for that year were a significant source of error, as the combined effects of the economic disruption in 2020 and legislation enacted in response continued to affect the economy. The factors influencing those underestimates of revenues will be better understood as more detailed tax data become available over the next two years.

Here, let me translate that for you.

BIDEN KICKED ASS.

Economic activity, as well as prices, increased. So did revenue. But look, "legislation enacted in response". Which means, it wasn't the damn Trump tax cut that resulted in increased revenue. It was the legislation passed by Democrats, WITHOUT A SINGLE REPUBLICAN VOTE, that delivered those results. You people are such fools.
 
The CBO disagrees. See the OP's link.

You could argue that tax cuts do not pay for themselves, but it does raise revenue.
The OP's link is a horseshit site rated bias to the far right and with low creditability, The mistake they made was linking to the CBO report, which I have posted, that clearly doesn't give any credit to the fat orange man or his ill-conceived tax cuts.
 
The CBO disagrees. See the OP's link.

You could argue that tax cuts do not pay for themselves, but it does raise revenue.
If you want a CBO opinion
WASHINGTON (Reuters) - Republican plans to make President Donald Trump’s tax cuts permanent for individuals and many private businesses would worsen an already rising U.S. debt burden, congressional researchers said on Tuesday.
 
If you want a CBO opinion
WASHINGTON (Reuters) - Republican plans to make President Donald Trump’s tax cuts permanent for individuals and many private businesses would worsen an already rising U.S. debt burden, congressional researchers said on Tuesday.
Reuters? You've got to be kidding. That's the most anti-Trump liberal leftist source out there. Not credible at all.
 
Tax cuts, by definition don't raise revenue. The "big lie" is that the tax cuts spur economic growth, such as the GDP growing at 5% instead of the normal 2%.

There is no fucking way that you can tie the Trump tax cuts to the GDP growth, especially when the dems are spending $6T a year and the DEBT is at $32T and climbing.
That's just lying thru your ass.

Tax rate reductions always have increased revenue to the treasury.
Every time that it is tried.
There is no dispute on that.
 
The OP's link is a horseshit site rated bias to the far right and with low creditability, The mistake they made was linking to the CBO report, which I have posted, that clearly doesn't give any credit to the fat orange man or his ill-conceived tax cuts.

Doesn't even matter.
It is undisputed historical fact.
 
Democrats - wrong again. Democrats are always wrong.


Tax cuts signed into law in 2017 by then-President Donald Trump have raised revenues for the federal government over the last five years, despite concerns among Democrats and other critics that the cuts would be a fiscal nightmare only benefiting the rich.
The government collected a record $4.9 trillion in revenue last year, according to the latest report from the Congressional Budget Office, a nonpartisan federal agency. That's nearly $500 billion higher than what the CBO had projected.
Receipts from corporate income taxes, meanwhile, were $425 billion, exceeding CBO's projection by 25%, while receipts from individual income taxes were $2.6 trillion, exceeding CBO's projection by 11%.
Federal revenues are now up about $1.5 trillion, or roughly 40%, since the Trump tax cuts went into effect at the beginning of 2018. By comparison, the cuts were initially estimated to cost the government $1 trillion, according to the Joint Committee on Taxation.
"We have higher tax revenue right now than we've ever had in the history of the country," Rep. Austin Scott (R-Ga.) told the John Solomon Reports podcast. "Think about that: Everything we've been through — COVID, inflation, all of the challenges of the last 36 months that our country has had — we have higher tax revenues than we have ever had in the history of the country."
Trump signed the Republican-backed Tax Cuts and Jobs Act into law in December 2017. The legislation simplified tax filing for many families and lowered the tax rates paid by most filers. It also cut business taxes, including lowering the corporate income tax rate from 35% to 21%.
Democrats and experts from left-leaning organizations blasted the tax cuts as a ploy to benefit the rich exclusively in a move that would cause deficits to soar.
"Last time Republicans held the majority, they enacted a $2 trillion tax scam that funneled massive windfalls to the biggest corporations and wealthiest families — which increased the deficit because the GOP did not provide offsets," Rep. Nancy Pelosi (D-Calif.) said Monday in a press release, echoing a common talking point of hers.
President Biden has similarly said "all" of the tax cut benefits "went to folks at the top and corporations," a claim deemed "false" by the Washington Post's fact-checker. Biden's White House has also claimed the Trump tax cuts would add trillions to deficits over the next decade due to less revenue.
However, beyond raising revenues, the Tax Cuts and Jobs Act lowered taxes for all income groups, particularly the middle class, according to studies and government data.
Americans with adjusted gross income (AGI) between $50,000 and $74,999 saw a 15.2% reduction in average tax liabilities between 2017 and 2019, the year of the agency's most recent available data, according to an analysis by Americans for Tax Reform. During that same period, Americans with AGI of between $75,000 and $99,999 saw a 15.6% reduction in average federal tax liability.
In 2018, middle- and working-class Americans received tax cuts of between 11% and 88%, at least double that of wealthier taxpayers, according to an analysis of IRS income tax data by the Heartland Institute. Those earning between $500,000 and $1 million received single-digit cuts, and those reporting an AGI of between $5 million and $10 million paid just 3.5% less in taxes.
"It is the working class who have made the biggest gains under the Tax Cuts and Jobs Act," Rep. Jason Smith (R-Mo.), the new chair of the powerful House Ways and Means Committee, said in December to mark the five-year anniversary of the Trump tax cuts. "Not only did working families get to keep more of their paycheck, but their paychecks grew the fastest compared to every other income group."
Before the economic devastation caused by the COVID-19 pandemic, household incomes were rising at historic rates in the aftermath of the tax cuts.
It a simple equation. Tax cut equals more jobs, more jobs means more tax payers. Government happy, people happy, everybody happy but Joe and screw him.
 
Not true. The article I posted showed that Trump's tax cut lowered the debt.
Well your article is fake news.

The economy has grown at a rapid rate under Biden, GDP has increased substantially and that is why tax revenue has increased so much. Its pretty simple and not too hard to understand.

If we didn;t have the Trump tax cut hand out to the ultra wealthy we would have even more tax revenue
 
Tax revenues have risen because our economy has come roaring back.

Only an idiot thinks tax rates have much impact on revenues. Clinton and Obama both raised taxes, and tax revenues increased. The tard herd is never informed of this fact by the hacks they follow.

So long as tax rates stay inside a certain margin, tax revenues will not be affected in any significant way.

By far the biggest driver of tax revenues is the health of the economy. The more people who are making money, the more taxes they pay.

DUH!

:You will find tax revenues track exactly with the health of the economy. They do NOT track with rising and dropping tax rates.

The Biden economy is booming, so tax revenues are up.
 
Well your article is fake news.

The economy has grown at a rapid rate under Biden, GDP has increased substantially and that is why tax revenue has increased so much. Its pretty simple and not too hard to understand.

If we didn;t have the Trump tax cut hand out to the ultra wealthy we would have even more tax revenue
You're too stupid to waste time arguing with
 

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