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

[LoneLaugher]

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....

Yeah. That's the ticket.

 

[mikegriffith1]

any taxes paid after the 1st of the year when Trump's tax cuts went into effect would apply to taxes in 2018, not 2017.

Uh, ummm, I guess you don't know that the government operates on a fiscal year (October to October), not on the calendar year. In any case, the bottom line, which you guys keep ignoring, is that federal revenue has gone UP, whereas you guys promised it would go DOWN.

 

[Mac1958]

Too early to call this stuff (that won't stop the partisans, of course).

If Trump keeps overseeing an exploding budget and deficit while cutting taxes, this is nothing more than Reagan's Conservative Keynesianism, Part Deux.

If the economy responds with massive growth that literally pays down the deficit and death via tax receipt increases, then we'll have something.

The conservatives are doing exactly what they did with Reagan - focusing on one side of the ledger only.

So, we'll see. Too early.
.

 

[sparky]

Taxes are taken from every paycheck, moron. The amount taken out now is determined by Trump's tax cut, unless you're a moron who didn't file a new W4 form.

That you actually think the elites of this country use a W4 is humerous

~S~

 

[sparky]

Wrong. People can adjust the amount witheld immediately by filing a new W4 form. The law took effect on November 2, 2017

Fucking moron ... any taxes paid after the 1st of the year when Trump's tax cuts went into effect would apply to taxes in 2018, not 2017.

Why do I get the feeling you don't like Tax Cuts.................Guess you think they don't work..........

Everyone is gonna die....................Why are the people in California leaving in droves..........Have you checked that lately.

Any correlation................

I've noticed that states that don't provide much for citizens are all federal leeches...

And here goes the Red State Rant..................Revenues are up..........why you bitching,,,,,,,,,,,,

U.S. National Debt Clock : Real Time

~S~

 

[rightwinger]

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.

Wrong. People can adjust the amount witheld immediately by filing a new W4 form. The law took effect on November 2, 2017

Would not be reflected in 2017 tax returns that were due in April

It's reflected in the amount employers withheld for every month since the employee filed a new W4.

That is ridiculous
Wages did not increase that much

 

[eagle1462010]

Wrong. People can adjust the amount witheld immediately by filing a new W4 form. The law took effect on November 2, 2017

Fucking moron ... any taxes paid after the 1st of the year when Trump's tax cuts went into effect would apply to taxes in 2018, not 2017.

Why do I get the feeling you don't like Tax Cuts.................Guess you think they don't work..........

Everyone is gonna die....................Why are the people in California leaving in droves..........Have you checked that lately.

Any correlation................

I've noticed that states that don't provide much for citizens are all federal leeches...

And here goes the Red State Rant..................Revenues are up..........why you bitching,,,,,,,,,,,,

U.S. National Debt Clock : Real Time

I've been using that site and the debt to the penny site forever................Funny now your side is using it to attack Trump.

How much did Obama add to the debt............hmmmm

More than all the other Presidents before him.............hmmmm

And Suddenly you care.

 

[mikegriffith1]

~S~

Another clueless, math-ignorant chart that uses gross dollars as its basis. If Joe A makes $20K and gets a 10% tax cut, and if Joe B makes $60K and get a 4% tax cut, guess whose income will change more in gross dollars! 10% of $20K is $2,000. 4% of 60K is $2,400. And if you multiply those gross numbers by 10 years, you could produce a chart that--to the math-ignorant--would seem to show that Joe B got a much better deal because he got more money back. But, of course, Joe A got the better deal, a much better deal, because he got to keep a much larger SHARE/PERCENTAGE of his income.

Anyone can confirm with their own eyes by looking at the tax tables that the Trump tax cuts gave the biggest rate cuts to the middle class, not to the rich.

Understanding the Liberal Propaganda About the Trump Tax Cuts

 

[eagle1462010]

~S~

Another clueless, math-ignorant chart that uses gross dollars as its basis. If Joe A makes $20K and gets a 10% tax cut, and if Joe B makes $60K and get a 4% tax cut, guess whose income will change more in gross dollars! 10% of $20K is $2,000. 4% of 60K is $2,400. And if you multiply those gross numbers by 10 years, you could produce a chart that--to the math-ignorant--would seem to show that the Joe B. got a much better deal because he got more money back. But, of course, Joe A got the better deal, a much better deal, because he got to keep a much larger SHARE/PERCENTAGE of his income.

Understanding the Liberal Propaganda About the Trump Tax Cuts

They only use data that suits them. The percentages are the same in reality.............but someone making a ton of money gets a lot more back than someone making only a little money.

In regards to Businesses..............they ignore the fact that taxes are passed on to the consumer anyway. They yell TAX THEM.........then go to the store and complain why the price of something goes up.

Clueless being the word for them.

 

[jknowgood]

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.

Trump has made the Obama legacy a bad memory. That's why things are booming now.

 

[sparky]

They only use data that suits them. The percentages are the same in reality.............but someone making a ton of money gets a lot more back than someone making only a little money.

sorry eagle, but i'm not buyin' it.....

I

n July, the nonpartisan Tax Policy Center estimated the impact of a “Trump-like plan.” Howard Gleckman, a senior fellow at the tax center, wrote that middle-income households (those earning between $50,000 and $86,000) would see an average tax cut of about $1,900 or about 3 percent. But the top 1 percent (those earning more than $732,000) would get an average tax cut of $270,000 or nearly 18 percent, and the top 0.1 percent would see a 20 percent tax cut.

“Forty percent of the benefits would go to the top 1 percent,” Gleckman wrote

Trump's Tax Plan and 'the Rich' - FactCheck.org

as to this jem....

“And the rich will not be gaining at all with this plan,” Trump added, promising instead that his plan would benefit the “middle class.”

this is a trickle down economic redux

didn't work 30 yrs ago

won't work now

~S~

.

 

[bripat9643]

Fucking moron ... any taxes paid after the 1st of the year when Trump's tax cuts went into effect would apply to taxes in 2018, not 2017.

Why do I get the feeling you don't like Tax Cuts.................Guess you think they don't work..........

Everyone is gonna die....................Why are the people in California leaving in droves..........Have you checked that lately.

Any correlation................

I've noticed that states that don't provide much for citizens are all federal leeches...

And here goes the Red State Rant..................Revenues are up..........why you bitching,,,,,,,,,,,,

U.S. National Debt Clock : Real Time

~S~

The CBO has never been right about anything, least of all taxes.

 

[eagle1462010]

They only use data that suits them. The percentages are the same in reality.............but someone making a ton of money gets a lot more back than someone making only a little money.

sorry eagle, but i'm not buyin' it.....

I

n July, the nonpartisan Tax Policy Center estimated the impact of a “Trump-like plan.” Howard Gleckman, a senior fellow at the tax center, wrote that middle-income households (those earning between $50,000 and $86,000) would see an average tax cut of about $1,900 or about 3 percent. But the top 1 percent (those earning more than $732,000) would get an average tax cut of $270,000 or nearly 18 percent, and the top 0.1 percent would see a 20 percent tax cut.

“Forty percent of the benefits would go to the top 1 percent,” Gleckman wrote

Trump's Tax Plan and 'the Rich' - FactCheck.org

as to this jem....

“And the rich will not be gaining at all with this plan,” Trump added, promising instead that his plan would benefit the “middle class.”

this is a trickle down economic redux

didn't work 30 yrs ago

won't work now

~S~

.

Reagan had massive success with job creation ............Rebuilt the military...............his fallacy was killing Glass Steagal............

He tried cuts but you can't rebuild the military by spending less money. Presidents after that used that rebuilt military ..........he did a very good job.

And you can't get business to invest when you say I'm gonna Tax the shit out of you. Why businesses are leaving California.

 

[sparky]

his fallacy was killing Glass Steagal..

that was Clinton Eagle , i don't 'hate' many people or politicians , but gotta say he's waaay up in the top 3 deadbeat presidents of all time

and....they said times were GOOd in his administration

legislative time bombs, they never seem to stop

~S~

 

[eagle1462010]

his fallacy was killing Glass Steagal..

that was Clinton Eagle , i don't 'hate' many people or politicians , but gotta say he's waaay up in the top 3 deadbeat presidents of all time

and....they said times were GOOd in his administration

legislative time bombs, they never seem to stop

~S~

Part of the Glass Steagal were taken down by Reagan................Clinton finished them off and created Too Big to Fail.

Not all of the Act went down at one time.

 

[sparky]

And you can't get business to invest when you say I'm gonna Tax the shit out of you. Why businesses are leaving California.

True, and not entirely predicated on taxation , VAT, and similar protectants applly as well , and while i'll give Trump credit for kickin his gloobalist chums in the trade war azz, the devil is in the details there as well

~S~

 

[sparky]

his fallacy was killing Glass Steagal..

that was Clinton Eagle , i don't 'hate' many people or politicians , but gotta say he's waaay up in the top 3 deadbeat presidents of all time

and....they said times were GOOd in his administration

legislative time bombs, they never seem to stop

~S~

Part of the Glass Steagal were taken down by Reagan................Clinton finished them off and created Too Big to Fail.

Not all of the Act went down at one time.

Then i stand corrected & thanks Eagle

~S~

 

[eagle1462010]

And you can't get business to invest when you say I'm gonna Tax the shit out of you. Why businesses are leaving California.

True, and not entirely predicated on taxation , VAT, and similar protectants applly as well , and while i'll give Trump credit for kickin his gloobalist chums in the trade war azz, the devil is in the details there as well

~S~

Trade negotiations or Trade Wars are two edged swords.......They cut both ways...........

But China is making concessions.........we'll see how it goes..............Gotta draw a little blood first......

 

[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.

Wrong. People can adjust the amount witheld immediately by filing a new W4 form. The law took effect on November 2, 2017

Fucking moron ... any taxes paid after the 1st of the year when Trump's tax cuts went into effect would apply to taxes in 2018, not 2017.

Taxes are taken from every paycheck, moron. The amount taken out now is determined by Trump's tax cut, unless you're a moron who didn't file a new W4 form.

Fucking moron, we’re talking about tax revenues that were due in April. You should know this because this is your thread.

Employees who have taxes taken out this year are for taxes due next April.

 

[Dragonlady]

...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.

The tax cut just took effect so of course it hasn’t affected revenues yet. In addition, corporations are paying taxes on repatriated funds which is a one-time punch to the revenue side. Revenue this year should be high.

Gotta fool the rubes in the mid-terms with misleading stats!