If the Trump 2017 tax cuts were such a horrible thing...

[LordBrownTrout]

I'm not necessarily arguing, but given Obama's budgetary stance and the Bernank, I'm suprised money supply didn't go up more. Do you have a site that shows money supply by potus?

It's falling now, btw, and fast. And that may be one reason the deficit deal gone done without hyperbole.

I pulled it off FRED. There was no volatility or velocity under O because the banks were hoarding it. That supply didn't take off until trump was in and was exacerbated by the 3 trillion dollar shot directly to the populace.

 

[The5thHorseman]

....why didn't President Biden roll them back when the Democrats had control of the House and Senate for two years? I mean, it's not like they didn't have the opportunity to do that. Pelosi was the House leader and Schumer was the Senate leader then, so they could have easily overturned the Trump tax cuts, but they didn't. In fact, they don't expire until 2025.

Remember all the wailing and gnashing of the teeth from the left, how the tax cuts only benefited the rich? Was that just another Democrat lie? Apparently it was just one more in a long string of Democrat lies.

"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."

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


"The reforms are set to expire – and certain provisions have already expired – in 2025. Unless the Congress moves to make the 2017 tax reforms permanent, Americans will suffer colossal tax increases crushing small businesses and family budgets.

The 2017 tax cuts delivered results for the American people, despite fierce opposition and false predictions of economic ruin. Opposition to the tax cut plan was intense. It was constant and well organized. At the time, many pundits – both on the right and left – predicted that the Republicans in Congress would cower and (former) President Trump would be forced to fold. It didn’t happen.

“We now have incontrovertible evidence that after five years since they took effect, the Trump tax rate cuts of 2017 raised revenues over this time period. The latest Congressional Budget Office report released earlier [in January] calculated that the federal government collected $4.9 trillion of federal revenue last year. This was up — ready for this? — almost $1.5 trillion since 2017, the year before the tax cuts became law. In other words, revenues were up 40% in five years. The evidence through the first three years of the tax cut finds that the share of taxes paid by the wealthiest 1% rose as well. So much for this being a tax giveaway for the rich.

Even with the Covid crisis and the pandemic lockdowns, the American economy experienced a ‘giant Laffer Curve’ effect from the 2017 tax cuts. In other words, Moore explains “we got higher growth and higher tax payments with lower tax rates.” The 2017 Tax Cuts and Jobs Act delivered good results for the American people."

Tax Armageddon Day Is Coming

Stop.

There's a reason this garbage is in a crap blog.

Did anything happen between 2017 and today, that might have caused revenues to exceed the projections, of 2017?

 

[The5thHorseman]

Ah, how soon we forget we qe1,2,3, forever. Not surprised.

Has anyone ever explained to you the difference between fiscal, and monetary, policy?

 

[The5thHorseman]

I pulled it off FRED. There was no volatility or velocity under O because the banks were hoarding it. That supply didn't take off until trump was in and was exacerbated by the 3 trillion dollar shot directly to the populace.

There was no volatility or velocity under O because the banks were hoarding it.

This is partly true..

Without velocity there would have been no GDP growth.

Banks DID "hoard" much of the capacity provided by the Fed, preferring to buy Treasuries and collecting the spread.

My suspicion is that it was part of the scheme to stabilize the banking system at the expense of savers and retirees.

 

[JGalt]

Stop.

There's a reason this garbage is in a crap blog.

Did anything happen between 2017 and today, that might have caused revenues to exceed the projections, of 2017?

Far more more than what the CBO projected, dumbo. Why do you think Biden didn't reverse the Trump Tax Cuts?

Just the News: Federal Revenue Continues to Soar with Trump Tax Cuts, CBO Report Shows​

"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."

Just the News: Federal Revenue Continues to Soar with Trump Tax Cuts, CBO Report Shows

 

[LordBrownTrout]

Has anyone ever explained to you the difference between fiscal, and monetary, policy?

Why don't you direct your question to the federal govt. They're the ones who owe trillions and can't budget incoming trillions.

 

[The5thHorseman]

Far more more than what the CBO projected, dumbo. Why do you think Biden didn't reverse the Trump Tax Cuts?

Just the News: Federal Revenue Continues to Soar with Trump Tax Cuts, CBO Report Shows​

"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."

Just the News: Federal Revenue Continues to Soar with Trump Tax Cuts, CBO Report Shows

Answer the question.

 

[The5thHorseman]

Why don't you direct your question to the federal govt. They're the ones who owe trillions and can't budget incoming trillions.

The federal government doesn't need help distinguishing between the 2...

QE is a monetary policy.

That is the jurisdiction, not of the executive branch, but of the Federal Reserve.

 

[bendog]

I pulled it off FRED. There was no volatility or velocity under O because the banks were hoarding it. That supply didn't take off until trump was in and was exacerbated by the 3 trillion dollar shot directly to the populace.

That's the same chart I looked at. I made it like 5T or a bit more, but who quibbles.

I thought, and still think, that so much money simply disapperated in bad loans, that the govt re-capitalized, and eventually got "money" back that offset govt payments to ... well I guess itself LOL So, M-2 may have been depressed. Holy Bernank

The Trump tax cuts did NOT produce the 3% gnp growth as promised, and if ANYONE ever again considers a gop tax cut proposal without getting budget cuts in blood, they should get something bad.

At least reagan said he was gonna blow the shit outta the debt by buying military shit.

 

[tahuyaman]

Biden and the Democrats did not roll them back for the same reason Obama extended the temporary “ usu tax cuts.”

They created increased revenues.

 

[tahuyaman]

He didn't....

You clearly don't understand anything about inflation either.

Biden economic and mostly energy policies are the reason the inflation rate started to rise the day after he took office.

 

[bendog]

Has anyone ever explained to you the difference between fiscal, and monetary, policy?

That's a bit of a dodge, imo. They do go hand in hand.

 

[JGalt]

Answer the question.

Fuck you, ya cocksucker. I don't have to answer any fucking questions from you.

 

[LordBrownTrout]

The federal government doesn't need help distinguishing between the 2...

QE is a monetary policy.

That is the jurisdiction, not of the executive branch, but of the Federal Reserve.

No, the federal reserve board of governors is directly accountable to congress, which is...................the federal govt.

 

[The5thHorseman]

That's a bit of a dodge, imo. They do go hand in hand.

I take a very strong stand on this.

As a matter of fact, under Obama they diverged because Congress was withholding.

No, the federal reserve board of governors is directly accountable to congress, which is...................the federal govt.

No, it isn't.

 

[The5thHorseman]

Fuck you, ya cocksucker. I don't have to answer any fucking questions from you.

Take the Loss.

 

[bendog]

Biden and the Democrats did not roll them back for the same reason Obama extended the temporary “ usu tax cuts.”

They created increased revenues.

Why would the dems "roll back" a damn thing when they expire without renewal in three years? Meanwhile, of course they'll use the revenues. McCarthy's gonna do that too.

psst, there's gonna be a budget deal

 

[bendog]

I take a very strong stand on this.

As a matter of fact, under Obama they diverged because Congress was withholding.

No, it isn't.

I thought the issue was monetary v. fiscal policy. nevermind

 

[BluesLegend]

I'm still enjoying my Trump tax cut and banking the money. Good job Trump! As for ASSHOLE Dems who constantly bloviate about raising my taxes, FU.

 

[The5thHorseman]

I thought the issue was monetary v. fiscal policy. nevermind

It was.

Monetary policy is the jurisdiction of the Fed.

It is "independent".