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

[mikegriffith1]

History shows the fallacy of the liberals...............Tax cuts have historically seen rises in tax revenues...........which the liberals say can't happen.................but under Kennedy and Reagan they did as well.

Tax cuts and less regulations are stirring the economy of the United States. Something that the left never recognizes

And there has always been huge increases in spending and deficits. That revenue is from spending.

Bzzzt. Sorry. Wrong. Harding cut spending and slashed taxes, and revenue went up. Kennedy cut taxes and held spending to barely the rate of inflation, and revenue went up. Clinton cut taxes and held spending to the second-lowest growth rate in the modern era, and the economy boomed.

Plus, most of the spending approved in the budget deal has not even been implemented yet. You do realize that that money doesn't get spent all at once but in months/fiscal quarters, right? Right? At this point, only a small fraction of the spending approved in the budget deal has been spent.

 

[Brain357]

History shows the fallacy of the liberals...............Tax cuts have historically seen rises in tax revenues...........which the liberals say can't happen.................but under Kennedy and Reagan they did as well.

Tax cuts and less regulations are stirring the economy of the United States. Something that the left never recognizes

And there has always been huge increases in spending and deficits. That revenue is from spending.

Bzzzt. Sorry. Wrong. Harding cut spending and slashed taxes, and revenue went up. Kennedy cut taxes and held spending to barely the rate of inflation, and revenue went up. Clinton cut taxes and held spending to the second-lowest growth rate in the modern era, and the economy boomed.

Plus, most of the spending approved in the budget deal has not even been implemented yet. You do realize that that money doesn't get spent all at once but in months/fiscal quarters, right? Right? At this point, only a small fraction of the spending approved in the budget deal has been spent.

Reagan tripled the debt. Bush ruined a balanced budget... trump has turned around decreasing deficits...

 

[mikegriffith1]

History shows the fallacy of the liberals...............Tax cuts have historically seen rises in tax revenues...........which the liberals say can't happen.................but under Kennedy and Reagan they did as well.

Tax cuts and less regulations are stirring the economy of the United States. Something that the left never recognizes

And there has always been huge increases in spending and deficits. That revenue is from spending.

Bzzzt. Sorry. Wrong. Harding cut spending and slashed taxes, and revenue went up. Kennedy cut taxes and held spending to barely the rate of inflation, and revenue went up. Clinton cut taxes and held spending to the second-lowest growth rate in the modern era, and the economy boomed.

Plus, most of the spending approved in the budget deal has not even been implemented yet. You do realize that that money doesn't get spent all at once but in months/fiscal quarters, right? Right? At this point, only a small fraction of the spending approved in the budget deal has been spent.

Reagan tripled the debt. Bush ruined a balanced budget... trump has turned around decreasing deficits...

Uh, no Reagan did not triple the debt. Bush had the deficit down to below $300 billion before the Great Recession started. And the current deficit is below $400 billion. Meanwhile, the U-6 is at a 17-year low. The U-3 is at an 18-year low. Manufacturing jobs have set records for one-month increases three times under Trump already. Hundreds of billions of dollars in American money parked overseas have already started flowing back to the U.S. Etc., etc., etc.

Your refusal to accept good news is nothing short of amazing.

 

[Brain357]

History shows the fallacy of the liberals...............Tax cuts have historically seen rises in tax revenues...........which the liberals say can't happen.................but under Kennedy and Reagan they did as well.

Tax cuts and less regulations are stirring the economy of the United States. Something that the left never recognizes

And there has always been huge increases in spending and deficits. That revenue is from spending.

Bzzzt. Sorry. Wrong. Harding cut spending and slashed taxes, and revenue went up. Kennedy cut taxes and held spending to barely the rate of inflation, and revenue went up. Clinton cut taxes and held spending to the second-lowest growth rate in the modern era, and the economy boomed.

Plus, most of the spending approved in the budget deal has not even been implemented yet. You do realize that that money doesn't get spent all at once but in months/fiscal quarters, right? Right? At this point, only a small fraction of the spending approved in the budget deal has been spent.

Reagan tripled the debt. Bush ruined a balanced budget... trump has turned around decreasing deficits...

Uh, no Reagan did not triple the debt. Bush had the deficit down to below $300 billion before the Great Recession started. And the current deficit is below $400 billion. Meanwhile, the U-6 is at a 17-year low. The U-3 is at an 18-year low. Manufacturing jobs have set records for one-month increases three times under Trump already. Hundreds of billions of dollars in American money parked overseas have already started flowing back to the U.S. Etc., etc., etc.

Your refusal to accept good news is nothing short of amazing.

Sorry, recent tax cuts have all added to the debt. You can’t change the facts.

 

[JGalt]

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?

All you Trump hating douchebags claimed the tax cut would be a fiscal disaster. Now it's just part of Barry's economic program.

Do you have any shame at all?

Poor Bripat... Are you getting picked on again... you know they are cheating, they are using facts....

The facts show that you're a numskull.

"Do you have a link to substantiate that?"

 

[Faun]

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.​

Fucking moron.... the tax cuts weren’t in effect for the first three months of FY2018 ... and much of the revenue collected in April are from folks who file annually, which is based off of 2017 income — also not affected by the tax cuts which didn’t go into effect until 2018.

 

[g5000]

As Deficit Soars Toward $1 Trillion, Congress Shrugs and Keeps Spending

 

[g5000]

The US needs to borrow almost $300 billion this week

 

[Billy000]

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 one thing, tax revenue must he computed as a percentage of GDP rather than in raw dollars. An increase in raw dollars means nothing if it can’t keep up with the rate of inflation.

 

[Moonglow]

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.​

Hey, there is always a surplus in April, duh, it's tax season...How about the eleven months of red ink, do you do anything with the cheer squad, pyramid maybe?

 

[g5000]

It didn’t take long for the U.S. to rack up another trillion dollars of debt

Last week, the debt hit $21 trillion for the first time, rising from the $20 trillion mark it notched on Sept. 8. The debt is guaranteed to go higher, with President Donald Trump having signed a debt-limit suspension in February, allowing unlimited borrowing through March 1, 2019.

 

[Moonglow]

The US needs to borrow almost $300 billion this week

Kaint be true since Trump has a world recorerd breaking slurplus.

 

[g5000]

Trillion-dollar deficits will hit sooner than expected

 

[Moonglow]

It didn’t take long for the U.S. to rack up another trillion dollars of debt

Last week, the debt hit $21 trillion for the first time, rising from the $20 trillion mark it notched on Sept. 8. The debt is guaranteed to go higher, with President Donald Trump having signed a debt-limit suspension in February, allowing unlimited borrowing through March 1, 2019.

MAGA

 

[Mac1958]

Reaganesque Keynesian economics at work.

 

[g5000]

Did Fox News tell the parroting rubes that Trump had to borrow $300 billion in one week?

Nope!

SHHHHHHH!

 

[Faun]

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?

All you Trump hating douchebags claimed the tax cut would be a fiscal disaster. Now it's just part of Barry's economic program.

Do you have any shame at all?

It is a disaster. For the first three months of FY2018, the debt was on pace to increase about $1 trillion. Since the tax cuts, it’s now on pace to increase about $1.5 trillion. The tax cuts alone will produce a 1/2 trillion dollar deficit for this fiscal year.

 

[g5000]

Reaganesque Keynesian economics at work.

Yeah, I've been telling the rubes Trump has succeeded in turning them into Keynesians for some time.

They actually bragged that a $1.5 trillion expense was an economic stimulus!

Priceless.

 

[g5000]

Trump's fake tax cut will mostly benefit foreigners:

https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/53651-outlook.pdf

Projections of federal revenues depend on aggregate income—the total amount of income in the economy— and on the way it is distributed among various categories, such as labor income, domestic corporate profits, proprietors’ income, and interest and dividend income. CBO therefore projects income in those categories over the next 11 years, estimating each category’s share of GDP. The categories that affect revenues most strongly are labor income (especially wage and salary payments) and domestic corporate profits. Increases in U.S. borrowing from abroad imply that a greater share of domestically generated income will flow to foreign investors.

<snip>

Domestic Income Earned by Foreign Investors
Over the next 11 years, U.S. national income (the income that accrues to U.S. residents as measured by GNP) is projected to grow at a slightly slower pace than income from U.S. domestic production (as measured by GDP). GNP is a better measure of the income available to U.S. residents because it includes net international income flows—the income that U.S. residents earn from working and investing abroad minus the income that nonresidents earn from working and investing in the United States. From 2018 to 2028, net international income is projected to fall from 0.9 percent of GDP to roughly 0.4 percent. As a result, in CBO’s projections, GNP grows about 0.1 percentage point less per year than GDP grows over the 2018–2028 period.

Net international income is expected to fall over the next 11 years for two reasons. First, under current law, in CBO’s projections, the amount of net borrowing from foreigners to finance domestic investment increases, as do federal budget deficits. For all but one of the past 35 years, the United States has been a net borrower on world capital markets and thus its net international lending (national saving minus domestic investment) has been negative, on average.10 In CBO’s forecast, net international lending declines from –2.5 percent of GDP in the 2015–2017 period to an average of –3.5 percent from 2018 to 2028. The second reason is that U.S. borrowing from abroad becomes more expensive as interest rates rise in the United States.

 

[g5000]

https://www.cbo.gov/system/files/115th-congress-2017-2018/reports/53651-outlook.pdf

In CBO’s projections, the private domestic saving rate initially rises in response to the higher after-tax rates of return on U.S. investment resulting from the tax act. In addition, because the act boosts U.S. economic output, national income rises, and total private domestic saving grows. (However, some portion of the increased private domestic saving is used to finance increased federal borrowing, reducing the amount of saving available for private investment.) Earnings subject to deemed repatriation are expected to be used primarily to reduce corporate debt and thus to contribute only slightly to financing the increase in private investment (see Box B-1 on page 109). Meanwhile, increases in the rate of return on investment in the United States in relation to the rate in other countries will attract additional inflows of foreign saving. CBO estimates, therefore, that a substantial portion of the increase in private investment will be financed through those inflows.

The CBO does not give an 80 percent figure here, but they clearly state a "substantial portion" of the tax cut benefits will be reaped by foreign investors.

They again state foreign investors will reap the most benefit here:

The act is expected to increase GNP less than it increases GDP because it shrinks U.S. net international income (see Table B-2 on page 115).

There are two reasons for that decline in net income flows to the United States. First, the increase in foreign investment in the United States that is associated with greater private investment and increased government borrowing generates a fall in net international lending, which is national saving minus domestic investment.29 In CBO’s projections, the act decreases net international lending over the next 11 years by an average of 0.4 percent of GDP (see Figure B-5). The additional income generated by the foreign investment in the United States accrues to foreign investors.