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The federal government collected record total tax revenues of $470,706,000,000 in October and November, the first two months of fiscal 2020, according to the Monthly Treasury Statement released today.
Corporation income taxes, Social Security payroll taxes, and customs duties were all up in the first two months of this fiscal year compared to last fiscal year, but estate and gift taxes and unemployment insurance taxes were down.
Feds Collect Record Taxes Through November; But Still Run $343.3 Billion Deficit With Second-Highest Spending in Nation's History
hmmm...
Let's see Trump reduced taxes BUT revenue goes up and unemployment taxes go down!
well entitlements are 2/3 the deficit. so that's a tough cut. cut my SS that I've been paying into? no sir. NO SIR. BTW, if the millennials never come out of their safe spaces, the SS will go belly up.or deficitsHere is Deven Nunes, one of Trump's favorite butt boys, explaining that every credit, deduction, and exemption is paid for by raising tax rates on everyone:
No tax reform without border adjustment tax, Rep. Nunes says
"If people wanted to drop the corporate rate from 35 to say 33, 32, maybe 30, we could probably do it. But if you go back to several years that we looked at doing just that, the goal was to get to 25 percent, and by the time every lobbyist, every special interest group in town, representing every major corporation in this country, the tax rate was automatically all the way back above 30 by the time you put everybody's special loophole in."
Read that a hundred times if that is how much it takes for you to comprehend it.
Nunes sits on the House Ways and Means Committee. That's the committee responsible for taxation.
Nunes clearly states that every deduction, exemption, and credit is paid for by raising tax rates on everyone. That's why I call them government gifts, because they are. They are theft from someone else's pocket.
Fortunately there really is just a minority that thinks taxes on capital are too low, and that all our problems can be solved by cutting someone else's govt benefits
nope, no linky.The federal government collected record total tax revenues of $470,706,000,000 in October and November, the first two months of fiscal 2020, according to the Monthly Treasury Statement released today.
Corporation income taxes, Social Security payroll taxes, and customs duties were all up in the first two months of this fiscal year compared to last fiscal year, but estate and gift taxes and unemployment insurance taxes were down.
Feds Collect Record Taxes Through November; But Still Run $343.3 Billion Deficit With Second-Highest Spending in Nation's History
hmmm...
Let's see Trump reduced taxes BUT revenue goes up and unemployment taxes go down!
Time for a lesson on basic budget math:
Nominal revenues grow with or without tax-cuts due to normal inflation (~2%) and economic growth (~2%). With (modest) tax-cuts they simply grow bellow expectations.
As I have been saying since coming to this forum in 2011, we can easily balance the budget, lower tax rates for EVERYONE, and pay down the debt by simply banning all tax expenditures.well entitlements are 2/3 the deficit. so that's a tough cut. cut my SS that I've been paying into? no sir. NO SIR. BTW, if the millennials never come out of their safe spaces, the SS will go belly up.or deficitsHere is Deven Nunes, one of Trump's favorite butt boys, explaining that every credit, deduction, and exemption is paid for by raising tax rates on everyone:
No tax reform without border adjustment tax, Rep. Nunes says
"If people wanted to drop the corporate rate from 35 to say 33, 32, maybe 30, we could probably do it. But if you go back to several years that we looked at doing just that, the goal was to get to 25 percent, and by the time every lobbyist, every special interest group in town, representing every major corporation in this country, the tax rate was automatically all the way back above 30 by the time you put everybody's special loophole in."
Read that a hundred times if that is how much it takes for you to comprehend it.
Nunes sits on the House Ways and Means Committee. That's the committee responsible for taxation.
Nunes clearly states that every deduction, exemption, and credit is paid for by raising tax rates on everyone. That's why I call them government gifts, because they are. They are theft from someone else's pocket.
Fortunately there really is just a minority that thinks taxes on capital are too low, and that all our problems can be solved by cutting someone else's govt benefits
You are such a liar. The top 2 tax brackets were not eliminated. The top rate of 39.6% dropped to 37%, the next rate stayed the same at 35%.Does anyone not recognize we are a consumer driven economy? The Tax Fraud sent to trump for his signature benefits in the first year 2/3 to Corporations and those who make the most taxable income by the elimination of the highest two tax brackets.
The standard deduction benefits the hoi polloi in year one (that means 99.9% of the readers here) and every subsequent year becomes less of a benefit and then sunsets in 2027.
How? That standard deduction remains static, and yet the costs of living, local and state taxes will grow. You have been fucked by Ryan, McConnell and Trump and many of you are still in denial.
How weird...you mean to tell us that the highest earners, you know, those paying all the taxes in this country reap the largest reward from a tax cut?
It has zero to do with the amount of revenue collected by IRS, is it about the revenue not going to IRS by the elimination of the top two tax brackets; and the reduction of the % of profits for corporations; and how much more each year the vast majority of us will pay every year will grow.
How Trump's Tax Reform Plan Affects You
how does one spend deficits?The federal government collected record total tax revenues of $470,706,000,000 in October and November, the first two months of fiscal 2020, according to the Monthly Treasury Statement released today.
Corporation income taxes, Social Security payroll taxes, and customs duties were all up in the first two months of this fiscal year compared to last fiscal year, but estate and gift taxes and unemployment insurance taxes were down.
Feds Collect Record Taxes Through November; But Still Run $343.3 Billion Deficit With Second-Highest Spending in Nation's History
hmmm...
Let's see Trump reduced taxes BUT revenue goes up and unemployment taxes go down!
Wait a minute... that must mean....More people are working paying SS taxes and less people are unemployed meaning lower unemployment taxes....
SOMETHING is truly wrong here! Please correct me if I'm wrong!
Well, could be that the corporations will get their taxes back at annual filing, after all corporations are rich people too. Some of the tariff money is being used to subsidize farmers and the and in larger part, huge agricultural corporations suffering decline in sales due to trade war tariffs. The rest of the subsidies are just further deficit spending, as deficits continue to rise. Think of it as wealth transfer up to the top. The large Agra-corporations are not actually hurting, by the trade policy. Much of their contractual costs are scalable to their projected annual needs on an on-going basis. It is not as if they actually lived on the land and struggle to keep it. Welcome to the supply side corporate economy.
Yeah I didn't go there. Trump campaigned on higher rates for folks like him. Trump's got his weirdness of viewing the world and him as a quid pro, and everything being ultimately about him. But aside from the narcissism, it's probably true that when he just spouts shit off, he sort of actually believes what he's saying, while he's saying it. But there's not principle or anyone who doesn't go under the bus when he perceives a personal interest at issue.Hmmmm...maybe this will work...
Bingo.It's easy to keep them in line when you create your own, closed circuit informational universe.Trump and the Republican party count on the rube herd never catching on. They depend on your stupidity, and you have done a fantastic job of not letting them down!
You have to admit, that's pretty freaking brilliant.
.
The rube herd is trained to only watch their masters' propaganda. All contradictory outside information is "fake news".
It's an amazing racket, and many a doctoral thesis will be written about it.
It really does induce a kind of mental illness.
The federal government collected record total tax revenues of $470,706,000,000 in October and November, the first two months of fiscal 2020, according to the Monthly Treasury Statement released today.
Corporation income taxes, Social Security payroll taxes, and customs duties were all up in the first two months of this fiscal year compared to last fiscal year, but estate and gift taxes and unemployment insurance taxes were down.
Feds Collect Record Taxes Through November; But Still Run $343.3 Billion Deficit With Second-Highest Spending in Nation's History
hmmm...
Let's see Trump reduced taxes BUT revenue goes up and unemployment taxes go down!
Wait a minute... that must mean....More people are working paying SS taxes and less people are unemployed meaning lower unemployment taxes....
SOMETHING is truly wrong here! Please correct me if I'm wrong!
What's the over/under on whether or not our resident fiscal geniuses g5000 Mac1958 and Golfing Gator will participate in this thread?
The federal government collected record total tax revenues of $470,706,000,000 in October and November, the first two months of fiscal 2020, according to the Monthly Treasury Statement released today.
Corporation income taxes, Social Security payroll taxes, and customs duties were all up in the first two months of this fiscal year compared to last fiscal year, but estate and gift taxes and unemployment insurance taxes were down.
Feds Collect Record Taxes Through November; But Still Run $343.3 Billion Deficit With Second-Highest Spending in Nation's History
hmmm...
Let's see Trump reduced taxes BUT revenue goes up and unemployment taxes go down!
Wait a minute... that must mean....More people are working paying SS taxes and less people are unemployed meaning lower unemployment taxes....
SOMETHING is truly wrong here! Please correct me if I'm wrong!
Wow. You've really drunk the Kool-Aid.I absolutely hate this argument...The outcome of me keeping more of what's mine to start with isn't to make sure that politicians and bureaucrats have more money to piss away.
The federal government collected record total tax revenues of $470,706,000,000 in October and November, the first two months of fiscal 2020, according to the Monthly Treasury Statement released today.
Corporation income taxes, Social Security payroll taxes, and customs duties were all up in the first two months of this fiscal year compared to last fiscal year, but estate and gift taxes and unemployment insurance taxes were down.
Feds Collect Record Taxes Through November; But Still Run $343.3 Billion Deficit With Second-Highest Spending in Nation's History
hmmm...
Let's see Trump reduced taxes BUT revenue goes up and unemployment taxes go down!
Wait a minute... that must mean....More people are working paying SS taxes and less people are unemployed meaning lower unemployment taxes....
SOMETHING is truly wrong here! Please correct me if I'm wrong!
The fact that you have to brag about revenue growth finally, 23 months after the tax cuts went into effect should tell you all you need to know.
You are wrong, revenue went up as far slower rate than before the tax cuts...17 times faster in fact.
The federal government collected record total tax revenues of $470,706,000,000 in October and November, the first two months of fiscal 2020, according to the Monthly Treasury Statement released today.
Corporation income taxes, Social Security payroll taxes, and customs duties were all up in the first two months of this fiscal year compared to last fiscal year, but estate and gift taxes and unemployment insurance taxes were down.
Feds Collect Record Taxes Through November; But Still Run $343.3 Billion Deficit With Second-Highest Spending in Nation's History
hmmm...
Let's see Trump reduced taxes BUT revenue goes up and unemployment taxes go down!
Wait a minute... that must mean....More people are working paying SS taxes and less people are unemployed meaning lower unemployment taxes....
SOMETHING is truly wrong here! Please correct me if I'm wrong!
What's the over/under on whether or not our resident fiscal geniuses g5000 Mac1958 and Golfing Gator will participate in this thread?
I hope you bet on me, as you know I will never pass up a chance to school you.
Revenue going up is nothing new, even after tax cuts. Only 7 times since 1960 has the US had less tax revenue year to year, and most of those were during a recession. It is the result of more people in the tax paying pool each and every year.
Now, Trump managed to have less revenue year to year for the first 12 months that the tax cuts were in effect, a unique feat in a booming economy.
What tax cuts do is slow revenue growth, thus adding to the deficit.
For example, the 5 FYs prior to the tax cut, revenue increased at an average rate of 17.4% per year. The first FY of Trump's tax cut revenue increase 1%, and that was only because 3 months were under the old tax rates.
Same thing happened with Bush II...the 5 years prior to his tax cuts revenue grew at an average of 10.8% per year. The 5 years after it grew at 2.4% per year.
Same thing with Reagan...6.02% the 5 year prior and 4.85% the 5 years after.
Tax cuts never increase the growth of revenue...that is why tax cuts should always be accompanied by corresponding spending cuts. But sadly since we have not had a Conservative president in more than 90 years, that has never happened.
