I am saddened by the complete ignorance of those on the left with regards to how the economy works. They use the same tired rhetoric their handlers have beaten into their heads...repeated ad nauseum. The tax cuts were for everyone who was paying taxes. The tax cuts have stimulated economic growth in the way of consumer confidence, higher wages and more jobs. It is amazing that supposedly educated people are unable to se this. It just goes to prove that protecting the liberal ideology, not matter how flawed, is more important than actual results.
If a Socialist/Democrat is elected on 2020, the economy will bust. They will blame it on Trump and the liberal lemmings will believe it.
The tax cuts raised the deficit and will and $1.5 trillion in debt
Working Americans saw token decreases while the wealthy and corporations saw 80 percent of the cut
HEY Dummies like you I guess don't consider the realities of how taxes work!
The latest monthly budget report from the nonpartisan Congressional Budget Office finds that revenues from federal income taxes were
$76 billion higher in the first half of this year, compared with the first half of 2017. That's a 9% jump, even though the lower income tax withholding schedules went into effect in February.
The CBO says the gain "largely reflects increases in wages and salaries."
For the fiscal year as a whole — which started last October — all federal revenues are up by $31 billion. That's a 1.2% in increase over last year, the CBO says.
Income Tax Revenues Are Up 9% As Trump's Pro-Growth Tax Cuts Kick In
NOW Dummy key word..increase in wages and salaries"
But dummies like you don't seem to realize that EMPLOYERS pay the same percentage in payroll taxes as the employee! In other words because you don't understand:
Simple question... do you know how much the employer has to pay for YOUR Medicare/SS payroll tax? I bet you don't know they pay 6.2%... the same as you!
So... NOW how much MORE revenue will the government take in if there are more people working with more employers paying payroll taxes?
It will be and is a FACT... MORE than double what the government will lose in Corporate income taxes. Don't believe me?
Here are the numbers!
As of Aug 2018 161,776,000 compared to Aug 2017 of 153,471,000 or 8,305,000 more people working and paying income and payroll taxes.
https://www.bls.gov/news.release/pdf/empsit.pdf
In Oct 2017 Average hourly wage was $22.18
United States Average Hourly Wages | 1964-2018 | Data | Chart | Calendar
So in August 2018 at average of 40 hours times $22.18 equals $887.20. A total of $7.4 billion a week more in payroll than in 2017.
Employer and employee PAYROLL TAXES paid per week in Aug 2018 =12.4% or on $887.20 $110.01 per employee
means nearly $1 billion MORE per week in payroll taxes or $52 billion more in a year.
Do you comprehend this? The Federal government by having just 8.3 million MORE people working will gain $52 billion just in payroll taxes!
That's why there is MORE federal revenue coming in than anytime in history...and AFTER the tax cuts.
NOW the above details are TOO MUCH for dummies like you to comprehend BUT the facts are:
1) First, the
attacks on 9/11 led to the
War on Terror.
That almost doubled annual
military spending. It rose from $437.4 billion in 2003 to a peak of $855.1 billion in 2011.
That includes the defense department budget and off-budget emergency spending.
It also includes spending for departments that support defense, such as Homeland Security, the Department of Veterans Affairs, and the National Nuclear Security Administration.
2) Second,
mandatory spending has increased.
That means benefit payouts for
Social Security, Medicare, and other mandated programs. It's exceeded $2 trillion a year since FY 2011. These payments consume two-thirds
of the revenue each year. Only an Act of Congress that amends a program's benefits can change them. That would require a majority vote in both houses and is unlikely to happen.
Any reduction in benefits takes money out of the pockets of current beneficiaries. The powerful demographic of seniors would vote lawmakers out of office.
3)Third, the
Trump tax cut will reduce revenue.
It's reducing the personal income tax rate, corporate taxes, and small business taxes.
These cuts total $1.5 trillion over the next 10 years.
But the
Joint Committee on Taxation said the cuts will stimulate growth by 0.7 percent annually.
The increased growth will add revenue, offsetting some of the tax cuts. As a result, the deficit will increase $1 trillion over the next decade.
4 Reasons the U.S. Deficit Is Out of Control
NOW dummy!!!! For you to understand...the key is MORE people are working than ever before.
MEANS more payroll taxes being paid.
Corporate tax cuts MEANS MORE tax revenue because dummies like you didn't seem to realize that
A) Cutting corporate income tax from 35% if you left your profits in the USA ...
therefore there was All told, Fortune 500 corporations are avoiding up to $767 billion in U.S. federal income taxes by holding more than $2.6 trillion of “permanently reinvested”
profits offshore
Fortune 500 Companies Hold a Record $2.6 Trillion Offshore
So how much of that has come back because the cut in corporate taxes to 21%?
All told, the Bureau of Economic Analysis (BEA) reported, some $305.6 billion returned to the U.S. from overseas accounts.
That's a $1.2 trillion annual rate, and far more than the $35 billion one year before.Jun 26, 2018
Thanks To Tax Cuts, Companies' Overseas Profits Flooding Back To U.S.
SO DUMMY... explain to me how the US tax revenue that was being avoided to the tune of over $700 billion annual DUE to being offshore is now being turned around
and these companies are doing:
1) Spending $1.2 trillion annually IN the USA that didn't before!
2) These spending means more construction, more what??? WORKERS paying more payroll taxes AND LESS unemployment benefits going OUT!
BUT all this information means NOTHING to dummies like you that only comprehend headlines and 30 second sound bites!
