Tax Cuts Working: FedGov Collects Record Taxes in October and November

[Moonglow]

Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
​

If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.

They should what with the spike in tariff taxes US consumers have been screwed for..

 

[danielpalos]

Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
​

If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.

Tax cut economics are Worthless if they don't cover Spending.
U.S. National Debt Clock : Real Time

 

[McRocket]

Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
​

If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.

The thread title is VERY misleading.

According to the source of the article: https://www.fiscal.treasury.gov/files/reports-statements/mts/mts.pdf

In the last 6 months, only one month has seen a rise in tax revenues (October).

EVERY, OTHER MONTH saw a reduction of revenues over last year...including last month, November.

The title should be, tax revenues over the last six months are down over the corresponding months of 2017.

That would be far more comprehensive.

 

[eagle1462010]

Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
​

If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.

How much has that tax cut helped YOU?

It will help me a ton when I file.

Taxes need to be cut a lot more, as does spending.

We need to cut a trillion off the budget spending.

Liberals never want to discuss cuts in spending. Cuts in taxes before cuts in spending it is with these people.

Liberals spend less. Check the data.

Check Obama out. Lol

 

[deanrd]

And yet the deficit skyrockets.

Amazing what Republicans are able to do with the economy.

The rising economy they got from Obama.

 

[sartre play]

Some one explain this to me,
the Republican tax bill permits US corporations to expense there capital investment.
so before if they bought a robot they would have to take deductions over the life of the robot.
now they can buy the robot and deduct the whole amount at purchase.
that lets them buy more robots and replace humans faster. this can't be helpful to the worker?

 

[danielpalos]

Some one explain this to me,
the Republican tax bill permits US corporations to expense there capital investment.
so before if they bought a robot they would have to take deductions over the life of the robot.
now they can buy the robot and deduct the whole amount at purchase.
that lets them buy more robots and replace humans faster. this can't be helpful to the worker?

a national fifteen dollar an hour minimum wage and unemployment compensation for simply being unemployed.

 

[Mr Natural]

Time for another tax cut!

 

[danielpalos]

Time for another tax cut!

let's abolish the Discretionary spending of our alleged wars on crime, drugs, and terror.

 

[LoneLaugher]

It will help me a ton when I file.

Taxes need to be cut a lot more, as does spending.

We need to cut a trillion off the budget spending.

Liberals never want to discuss cuts in spending. Cuts in taxes before cuts in spending it is with these people.

Liberals spend less. Check the data.

LOL. Obama QUADRUPLED Bush's stimulus.

You need to do some research.

Democrats are more fiscally responsible than Republicans. Been that way for a long time.

under Obama the national debt was almost doubled. you call that fiscally responsible?

Why?

 

[LoneLaugher]

It will help me a ton when I file.

Taxes need to be cut a lot more, as does spending.

We need to cut a trillion off the budget spending.

Liberals never want to discuss cuts in spending. Cuts in taxes before cuts in spending it is with these people.

Liberals spend less. Check the data.

LOL. Obama QUADRUPLED Bush's stimulus.

You need to do some research.

Democrats are more fiscally responsible than Republicans. Been that way for a long time.

Whatever you need to tell yourself. They ALL spend like drunken sailor's.

Dems spend less. Elect Dems if you want to be ore fiscally responsible.

 

[Ambivalent1]

Liberals never want to discuss cuts in spending. Cuts in taxes before cuts in spending it is with these people.

Liberals spend less. Check the data.

LOL. Obama QUADRUPLED Bush's stimulus.

You need to do some research.

Democrats are more fiscally responsible than Republicans. Been that way for a long time.

Whatever you need to tell yourself. They ALL spend like drunken sailor's.

Dems spend less. Elect Dems if you want to be ore fiscally responsible.

So you keep telling me.

 

[JWBooth]

until there are significant cuts in spending, its all fiscal masterbation

You know what will help! Building a giant wall in the middle of nowhere !

That stupid damn wall is insignificant in the grand scheme of things. Kill it, sure. Kill also Medicare Part D (Bush), Affordable Care Act (Obama), F35, (Trump,Obama,Bush), USS Gerald Ford (Trump,Obama,Bush), Littoral Shi(p)t program (Clinton,Bush,Obama,Trump), Occupation of 1/3 of Syria (Trump,Obama), US troops in Africa, Iraq, and Afghanistan (Clinton,Bush,Obama,Trump) then piss and moan about a wall that will never be built.

 

[Sandy Shanks]

Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
​

If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.

Although Trump predicted that the U.S. would win any trade war with China hands down, he has managed to prove just the opposite ... the maxim that no one wins a trade war has become true once again.

That is why Trump's party is the free trade party, but, just like everything else Trump does, the Republican Congress did nothing to rein him in. As a consequence, the result of Trump's trade wars and his harsh protectionist tariffs has been serious damage to the two largest economies in the world.

Trump lauded praises upon himself when China purchased another 300,000 metric tons of U.S. soybeans on the heels of another sale of 1.13 million tons of soybeans to China earlier this week. This was China's first major purchase of U.S. soybeans since Trump began imposing duties on Chinese goods to pressure Beijing to change its trade and intellectual property rights practices.

For the year, sale of soybeans to China after these purchases is a minus 90%.

In slightly positive news for trade tensions, the Chinese government also announced that it was lowering its tariff on U.S. autos to the pre-trade war level of 15 percent, from 40 percent currently. However, the reduction is only for three months, beginning on Jan. 1, reflecting the uncertain prospects for the two countries to reach a long-term deal.

As part of the 90-day cease-fire, Trump agreed not to raise tariffs to 25 percent on $200 billion worth of Chinese goods, from 10 percent currently.

This is a sign that a trade war cease-fire between the two countries is returning commerce somewhat to normal, at least temporarily, but what exactly happened? We are right back to square one, temporarily, back where we started before Trump began the trade war.

Both economies lost. The Dow lost another 497 points today. Every bit of the gains in the stock market since the beginning of the year have been wiped out. Every American who has an IRA or a mutual fund has lost money. Yes, there are other factors, but trade jitters ranks right up there as a cause of the decline. Why? Tariffs causes prices to rise, ergo, inflation. Inflation causes recession. Recession causes job loss. That's Economics 101.

New Chinese economic data released on Friday indicated the bilateral trade war is causing the Chinese economy to slow from the 6.5 percent annual growth rate posted in the third quarter. Although 6.5 percent is high by U.S. standards, it's significantly slower than rates China enjoyed earlier in the decade. The slower growth report was partly responsible for the drop in the U.S. markets.

No one wins a trade war, Economics 101.

Our President didn't know what a college freshman knows.

Once again, thank you, Mr. President.

 

[Dont Taz Me Bro]

Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected

And the Republicans spent it away faster than they could receive it and then some. MAGA!!

 

[LoneLaugher]

Has the fact that the YOY increase in revenue pretty much mirrors the TAX INCREASE levied by Tarriff Man (customs duties) dawned on the OP yet?

 

[Dirk the Daring]

Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
​

If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.

I strongly agree that too much spending is the problem...not too low taxes. And I agree with cutting corporate taxes - they just pass them on to the consumer/shareholders/employees anyway...they do NOT eat the taxes.

But I also strongly disagree with trickle-down bullshit...it does not work because the rich don't spend tax savings (they already have everything they need). They just save/invest it.

The best way to cut taxes and help the economy is to cut poor/middle class taxes because you KNOW they will spend almost every cent of their tax savings...thus, helping the economy.

So, while I agree with the corporate tax cut Trump implemented, I TOTALLY disagree with the mostly wealthy income tax cut he included.
Plus, the idiot cut taxes without cutting spending to match...using that 'trickle down' bullshit to justify it.

You know absolutely nothing about economics. Thank you for announcing that fact to the entire board.

 

[Dirk the Daring]

Bringing down the debt isn’t tough math.

Cut spending dramatically.

Continue to cut taxes to spur growth.

More people working and less restrictions on business will lead to more taxes collected and less need for entitlements.

We need to cut the debt by a trillion per year, starting now....or we will be like Greece.

Worse yet, Venezuela...

 

[Dirk the Daring]

Bringing down the debt isn’t tough math.

Cut spending dramatically.

Continue to cut taxes to spur growth.

More people working and less restrictions on business will lead to more taxes collected and less need for entitlements.

We need to cut the debt by a trillion per year, starting now....or we will be like Greece.

........and when that doesn't work, blame the Dems who haven't had power over the purse since 2010.

Trickle down doesn't work.

Supply-side however, absolutely does. How do you get your Xmas trees in December without banks lending in January? And where does that lending come from?

 

[Dirk the Daring]

Do you remember all the liberal predictions that the Trump tax cuts would lead to a massive loss of revenue? Well, so far this hasn't happened. In fact, over the last two months (October and November), the FedGov set another record for taxes collected:

The federal government collected record total tax revenues of $458,653,000,000 in October and November, the first two months of fiscal 2019, according to the Monthly Treasury Statement released today. (Feds Collect Record Taxes Through November; Still Run $305.4B Deficit)
​

If we delve more deeply into the numbers, we find that there was a slight drop in individual income tax revenue but that there was a huge hike in corporate income tax revenue! This is revealing because corporate income tax rates were cut by a larger percentage than were individual income tax rates.

Although the total federal taxes collected in October and November set a record, individual income tax collections did not set a record. In October and November of last year, the federal government collected $231,465,760,000 in individual income taxes (in constant November 2018 dollars). In October and November of this year, the federal government collected $222,237,000,000 in individual income taxes—a decline of $9,228,760,000 from the same period last year. . . .

In October and November of fiscal 2019, the Treasury collected $6,354,000,000 in corporation income taxes compared to $1,456,200,000 (in constant November 2018 dollars) collected in October and November of fiscal 2018. That is an increase of $4,897,800,000.​

And once again we see that tax cuts do not cause deficits: overspending causes deficits:

Even with these record tax collections, however, the government still ran a deficit of $305,394,000,000 for the first two months of the fiscal year. That is because while collecting a record $458,653,000,000 in taxes, the government spent $764,046,000,000.​

So if we were not spending so much money than we were four years ago, much less 10 years ago, we would have a surplus and would be paying down the debt.

Yet deficits have increased significantly

SMH. Yes, because of increased spending, obviously not because of a drop in revenue. Revenue has gone up, but spending has been jacked up so much that it is outpacing the revenue hike.

So the republican house, senate, and president are spending like drunken sailors, right?

That's not wrong...