Tax Revenues Jump 13% To Record High In April — When Will Dems Admit They Were Wrong?

[bripat9643]

Once again, snowflake claims about tax cuts are proven wrong. Everything they know is wrong.

Trump Tax Cuts: Revenues Hit Record High In April

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

 

[blastoff]

Barry set the table for all the good stuff now happening on Trump's watch. We all know it's bullshit but the low info partisan hacks need something, anything, to cling to as butt hurt moves to near critical stage now.

 

[BlindBoo]

I'm sure glad old President Trumpybear finally solved Obama's 2008 economic collapse and depression.

 

[Timmy]

Once again, snowflake claims about tax cuts are proven wrong. Everything they know is wrong.

Trump Tax Cuts: Revenues Hit Record High In April

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

Your own link has a graph showing revenue has been steadily increasing for the last 5 years .

Did Trump go back in time and do that too?

 

[JGalt]

Liberals: "But....but....supply-side economics never works..."

 

[JakeStarkey]

How much did the deficit grow?

 

[busybee01]

Once again, snowflake claims about tax cuts are proven wrong. Everything they know is wrong.

Trump Tax Cuts: Revenues Hit Record High In April

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

The deficit for this year stands at $385.4 billion which is a 12% increase over last year. The tax cuts need to be revisited. The carried interest deduction, pass-through rate and special tax breaks for real estate trusts should be done away with. This income should be taxed at normal rates.

Again the unemployment rate has gone down under Obama as well as Trump.

 

[Siete]

Once again, snowflake claims about tax cuts are proven wrong. Everything they know is wrong.

Trump Tax Cuts: Revenues Hit Record High In April

The federal government collected far more taxes this April than it did a year ago, despite the "budget busting" Trump tax cuts. So, we'll ask again: Are the tax cuts paying for themselves?

According to the latest monthly report from the Congressional Budget Office, revenues in April totaled $515 billion — a 13% increase over last April and an all-time high for the month.

For the current 2018 fiscal year, which started last October, revenues are $83 billion higher than they were the year before — an increase of 4.3%. That's a faster rate of growth than occurred during President Obama's last years in office. (See nearby chart.)

Individual taxes, the CBO report says, are up 11.5% so far this fiscal year, and payroll taxes are up 2.8%. Both are signs of a healthy labor market, which is creating more jobs, higher wages and, as a result, more tax revenues. Those gains, the CBO says, more than offset the 22% decline in corporate income taxes.

In other words, in a fiscal year that's seven months old (four of which were after the tax cuts went into effect), federal revenues are higher than ever.

Or, to put it another way, it looks like those of us who predicted the pro-growth tax cuts would at least partially pay for themselves through increased economic growth were correct.

The CBO admitted as much earlier this year, when it sharply increased its forecast for economic growth this year and next, largely because of Trump's tax cuts. That, in turn, will generate $1 trillion more in revenues than expected.​

For the 2017 tax year, the standard deduction for single taxpayers is $6,350. In other words, you won’t get to use the newly passed $12,000 standard deduction when you file your 2017 taxes in April 2018. Likewise, married couples filing jointly will see a bump from $12,700 to $24,000, but that won’t impact their household finances until they file in April 2019. So, don’t start budgeting around that big tax return, yet.

working like a charm huh ,,,

 

[Siete]

helloooooooooooooo idiots

There were only a couple of provisions in the tax plan that applied retroactively. That means they will affect your 2017 taxes (what you file by April 2018).

One notable change is the expansion of the medical expenses deduction. This deduction allows filers who itemize their deductions to claim medical expenses that exceed a certain percentage of their adjusted gross income (AGI). The deduction amount was scheduled to be 10% for 2017 and 2018. The new tax plan will lower that threshold to 7.5%. The lower threshold will allow more to qualify for the deduction. (Just note that the threshold will go back up to 10% for 2019.)

The majority of the new tax plan took effect on Jan. 1, 2018. These changes will not affect your 2017 taxes that you’ll file by April 17, 2018. Here are some of the big changes that officially became law at the start of 2018 (and will affect the 2018 taxes that you’ll pay in 2019).

Trumps tax cuts are creating revenue BECAUSE THEY AREN'T IN EFFECT YET!!!!!!!

 

[BlindBoo]

How much did the deficit grow?

In April?

 

[Dschrute3]

Never.

 

[Brain357]

The debt keeps increasing....

 

[BlackFlag]

Anybody mentioned the over a trillion dollars in debt added since Trump’s inauguration and that this revenue is under the old tax plan, not the one Trump gave as a gift to all the big multi-nationals?

 

[expat_panama]

...revenue has been steadily increasing for the last 5 years...

Here are the actual Dept. Treas. numbers:

Not exactly what we'd call "steadily" but the fact is that the extreme partisans have been saying from the get-go that the tax cut would lower revenue. Didn't happen.

Over these past 5 years:

• revenue before the tax cut: $266,625,456,140 per month
• revenue after the tax cut: $309,485,000,000 per month
• Revenue increase with the tax cut: $42,859,543,860 per month.

 

[BlackFlag]

Not exactly what we'd call "steadily" but the fact is that the extreme partisans have been saying from the get-go that the tax cut would lower revenue. Didn't happen.

We won’t know until next year because this revenue IS NOT FROM TRUMP’S TAX PLAN.

 

[blastoff]

Anybody mentioned the over a trillion dollars in debt added since Trump’s inauguration and that this revenue is under the old tax plan, not the one Trump gave as a gift to all the big multi-nationals?

April was the 7th month of the fiscal year, meaning 4 months of revenue were after cuts began to kick in January of this year.

 

[expat_panama]

Anybody mentioned the over a trillion dollars in debt added...

Nice to know we care about the federal debt again. OK, here's the record:

--and the two questions we need to answer are

• Do we really want fiscal policy like the '09-'16 era?
• Should we still cut way back on spending even now with revenue rising?

 

[BlackFlag]

Anybody mentioned the over a trillion dollars in debt added since Trump’s inauguration and that this revenue is under the old tax plan, not the one Trump gave as a gift to all the big multi-nationals?

April was the 7th month of the fiscal year, meaning 4 months of revenue were after cuts began to kick in January of this year.

Oooooh so all that tax revenue that from 2017 and the previous tax system was actually people paying 4 months of 2018 taxes?

Fucking hell, at one point one has to wonder if speaking to you Trump sheep kills brain cells.

 

[BlackFlag]

Nice to know we care about the federal debt again.

Nice to know you never cared about the debt?

You must be thrilled about Trump nuking tax revenue while spending at record levels.

 

[NightFox]

Why would anybody celebrate more money that other people earned going to Washington for the professional money wasters there to blow?

Personally I start popping the champagne corks when federal tax revenues go down, the only way to eventually force any sort of fiscal discipline on the elected knuckleheads we send there is to send them WAY less money....