Tax cuts work

[buckeye45_73]

Who knew?
you cut taxes, create jobs and economic growth and MORE revenue comes in.....man everytime we have to teach you lefties truth........it's so sad, you're so dumb.

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.

 

[task0778]

From your link:

Trump Tax Cuts To Blame For Deficit?
To this, critics say, yes, but revenues would have climbed faster had it not been for the tax cuts, because the economy was booming in 2018, unlike in 2016.

Not necessarily.

Yes, the economy was booming in fiscal 2018. But it probably wouldn't have been booming without the tax cuts. Had Trump not succeeded in getting his pro-growth tax cuts across the finish line, it's possible we'd have seen a year like Obama's last one. A sluggish economy, barely increasing federal revenues, and a large increase in deficits.

Does that mean Trump's tax cuts are fully "paying for themselves"? We wouldn't make that argument. But the faster economic growth is clearly offsetting at least some of their costs — which is precisely what backers said would happen.

What is unmistakable from the data, however, is that the Trump tax cuts are not entirely, or even mostly, responsible for the increase in the deficit. Blame for that rests squarely with spendthrifts in Congress — on both sides of the aisle — who refuse to bring federal spending under control.

So, the question is: Would it have been better to have kept taxes high, and sacrificed economic, job and wage gains we've been enjoying, so that the government could have collected a little bit more in taxes?


And more:

Spending, on the other hand, was $127 billion higher in fiscal 2018. As a result, deficits for 2018 climbed $113 billion.

Let's compare these results with Obama's last full fiscal year in office, 2016.

Individual income tax revenues went up by a mere 0.3%, Treasury data show. Fiscal 2016 also saw a 13% drop in corporate income taxes. FICA tax collections climbed by less than 1%. Excise tax collections dropped almost 3%.

Overall revenues increased by 0.5% — about the same as this year. The deficit? It climbed by $148 billion.

So, in other words, the government did better on revenues and deficits in the year after Trump's tax cuts went into effect than it did in Obama's last year in office.

 

[BluesLegend]

Fact, if we increase taxes Washington would spend every last cent and go right on borrowing more to spend. This notion that the money would reduce the deficit is pure fantasy.

 

[Penelope]

Who knew?
you cut taxes, create jobs and economic growth and MORE revenue comes in.....man everytime we have to teach you lefties truth........it's so sad, you're so dumb.

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.

Sure they have put us further and further in debt to where McConnel says we need to have cuts in SS and Medicare. Take away from the poor and give to the rich has always been the GOP motto.

 

[Claudette]

Who knew?
you cut taxes, create jobs and economic growth and MORE revenue comes in.....man everytime we have to teach you lefties truth........it's so sad, you're so dumb.

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.

Of course they work. JFK and Reagan proved that.

All the Dems want to do is raise taxes but you get much more by cutting them.

 

[buckeye45_73]

Who knew?
you cut taxes, create jobs and economic growth and MORE revenue comes in.....man everytime we have to teach you lefties truth........it's so sad, you're so dumb.

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.

Sure they have put us further and further in debt to where McConnel says we need to have cuts in SS and Medicare. Take away from the poor and give to the rich has always been the GOP motto.

Learn to read...revenues are up......are you just stupid or are you a NPC?

 

[Harpy Eagle]

Who knew?
you cut taxes, create jobs and economic growth and MORE revenue comes in.....man everytime we have to teach you lefties truth........it's so sad, you're so dumb.

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.

We have a record revenue because the FY included 3 months before the tax cut kicked in.

Since the tax cut started Fed Revenues are down over the same time period in 2017.


Sent from my iPhone using USMessageBoard.com

 

[Oddball]

Fact, if we increase taxes Washington would spend every last cent and go right on borrowing more to spend. This notion that the money would reduce the deficit is pure fantasy.

Which is also why the republican notion of increased revenue from tax cuts, as a method of paying down the debt or reducing deficits, is equally fanciful...They just piss it away.

 

[Oddball]

Learn to read...revenues are up......are you just stupid or are you a NPC?

Yeah, they're up...And republicans will find a way to piss the money away.

 

[dave p]

Who knew?
you cut taxes, create jobs and economic growth and MORE revenue comes in.....man everytime we have to teach you lefties truth........it's so sad, you're so dumb.

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.

Sure they have put us further and further in debt to where McConnel says we need to have cuts in SS and Medicare. Take away from the poor and give to the rich has always been the GOP motto.

You have absolutely no clue what you are talking about. That’s not unusual though.

 

[buckeye45_73]

Who knew?
you cut taxes, create jobs and economic growth and MORE revenue comes in.....man everytime we have to teach you lefties truth........it's so sad, you're so dumb.

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.

We have a record revenue because the FY included 3 months before the tax cut kicked in.

Since the tax cut started Fed Revenues are down over the same time period in 2017.


Sent from my iPhone using USMessageBoard.com

No look again, even if you exclude that, it's still higher........can't use that excuse.

True, the first three months of the fiscal year were before the tax cuts kicked in. But if you limit the accounting to this calendar year, individual income tax revenues are up by 5% through September.

 

[buckeye45_73]

Fact, if we increase taxes Washington would spend every last cent and go right on borrowing more to spend. This notion that the money would reduce the deficit is pure fantasy.

Which is also why the republican notion of increased revenue from tax cuts, as a method of paying down the debt or reducing deficits, is equally fanciful...They just piss it away.

True, but Trump is requesting a plan for a 5% cut from every department and agency, so he'll get that going......The man has done a ton, he's getting to it!

 

[Harpy Eagle]

Who knew?
you cut taxes, create jobs and economic growth and MORE revenue comes in.....man everytime we have to teach you lefties truth........it's so sad, you're so dumb.

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.

We have a record revenue because the FY included 3 months before the tax cut kicked in.

Since the tax cut started Fed Revenues are down over the same time period in 2017.


Sent from my iPhone using USMessageBoard.com

No look again, even if you exclude that, it's still higher........can't use that excuse.

True, the first three months of the fiscal year were before the tax cuts kicked in. But if you limit the accounting to this calendar year, individual income tax revenues are up by 5% through September.

And tax revenue over all is down since Jan.

Monthly Treasury Statement

Jan - Sept of 2017 total tax revenue was $2,574,122,000,000
Jan - Sept of 2018 total tax revenue was $2,559,233,000,000
That comes out to $ 14,889,000,000 less over those 9 months.

And the only reason it is even that close is because April was a record breaking month, and it was the big because of people like me have to send the Govt a check in April to cover what payroll deduction did not for the previous year.

 

[Harpy Eagle]

True, but Trump is requesting a plan for a 5% cut from every department and agency, so he'll get that going......The man has done a ton, he's getting to it!

 

[buckeye45_73]

True, but Trump is requesting a plan for a 5% cut from every department and agency, so he'll get that going......The man has done a ton, he's getting to it!

I have a whole thread on it....the 5 percent plan. It has a video with him talking about it....he said some departments can cut much more than 5%. If he can pull this off, put the guy on Mt Rushmore........holy shit he's exceeded all of my expectations.

 

[Harpy Eagle]

True, but Trump is requesting a plan for a 5% cut from every department and agency, so he'll get that going......The man has done a ton, he's getting to it!

I have a whole thread on it....the 5 percent plan. It has a video with him talking about it....he said some departments can cut much more than 5%. If he can pull this off, put the guy on Mt Rushmore........holy shit he's exceeded all of my expectations.

Does the 5% include the DOD and DHS?

 

[task0778]

True, but Trump is requesting a plan for a 5% cut from every department and agency, so he'll get that going......The man has done a ton, he's getting to it!

I have a whole thread on it....the 5 percent plan. It has a video with him talking about it....he said some departments can cut much more than 5%. If he can pull this off, put the guy on Mt Rushmore........holy shit he's exceeded all of my expectations.

There's no getting around the fact that the entitlement programs must be reformed some way and somehow to make them sustainable, only a fool or an ideologue would disagree with that. I love the 5% plan but it won't be enough, but I think we've got to cap all gov't spending to whatever the GDP growth number is, and if Congress can't work it out then gov't spending would remain what it was in the prior year. If the Dems win the House or Senate then I hope the lameduck Congress passes such a bill before they leave office, cuz I highly doubt the Dems will do it.

 

[BluesLegend]

Fact, if we increase taxes Washington would spend every last cent and go right on borrowing more to spend. This notion that the money would reduce the deficit is pure fantasy.

Which is also why the republican notion of increased revenue from tax cuts, as a method of paying down the debt or reducing deficits, is equally fanciful...They just piss it away.

Yep those morons in DC will say, oh look more money lets spend it.

 

[BluesLegend]

Fact, if we increase taxes Washington would spend every last cent and go right on borrowing more to spend. This notion that the money would reduce the deficit is pure fantasy.

Which is also why the republican notion of increased revenue from tax cuts, as a method of paying down the debt or reducing deficits, is equally fanciful...They just piss it away.

True, but Trump is requesting a plan for a 5% cut from every department and agency, so he'll get that going......The man has done a ton, he's getting to it!

DC will squeal like a stuck pig.

 

[kyzr]

Still say that we need to implement the Simpson-Bowles plan to address the Budget Deficit before the interest on the Debt crowds out all spending.