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

[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)
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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.

LOL...this coming from the guy who posted 'Most liberals believe Trump to be far WORSE than Adolf Hitler...' .

BTW, the proper term here is macroeconomics...not 'economics'.

But okay, I'll play...show me links to unbiased sources that factually proves (not with theories but unbiased, statistical proof) that 'trickle-down economics' works, that the corporate tax cut was wrong, that the best way to reduce a deficit is with spending cuts and not tax hikes, that the tax cuts that help the economy the most are those to the poor/middle classes, that the rich spend ALL of their tax cuts immediately and that it was wise of Trump to not cut spending along with his tax cuts?

I guarantee that you cannot...which means your statement means absolutely nothing.

After all, I am still waiting for you to back up your 'Hitler' statement with links to respected polling services...and you went silent on that one. So my expectations of you answering the above are not high.
I am guessing you are little more than a troll.


Have a nice day.

 

[LoneLaugher]

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?

Ooooh! So clever! You must be a nutbag!