This latest TAX FOUNDATION data will sadden many ''record revenue'' believers

If you just had consumed less and donated the extra money to pay down the deficit, you could still have reached 198 pounds, benefited society, and saved yourself all those extra make-work physical activities.

 

Of course, these types of second grade comparisons omit things like the corporate bailouts in Bush's last year and other anomalies. It's the typical argument for simpleton partisans.

 

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I FAIRLY compared Trump, Bush, Gingrish & Co., Clinton and Reagan's GOOD ECONOMIC TIME'S Receipts as a percent of GDP, and prior to Trump's presidency, we never had a deficit increase DURING Good economic times, and according to Trump, ''This is the greatest economy that we've had in our history"

Thus, let's FAIRLY compare the following TAX CUTS Presidents;

Trump's deficits during the greatest economy that we've had in our history

FY2016; minus 3.11% of GDP..........Obama's deficit, 2016 GDP; $18.74 Trillion X 3.11% = $582 billion
FY2017; minus 3.40% of GDP
FY2018; minus 3.78% of GDP
FY2019; minus 4.59% of GDP...........2019 Nominal GDP; $21.4 Trillion X 4.59% = $975 Billion Deficit

AND Bush's Deficits during good economic times;

FY2004; minus 3.37% of GDP
FY2005; minus 2.44% of GDP
FY2006; minus 1.79% of GDP
FY2007; minus 1.11% of GDP........near a surplus[/QUOTE]

 

Well we now know that our top 25 wealthiest citizens have paid little to no taxes for years the most they ever have ever paid is a max rate of 3.7% and that was in one year only they more frequently paid no taxes what so ever.

 

Easy

Are you going to pass a lot that everyone must have traditional. In and please wealth and income are not the same. Total tax receipts in 2018 were in fact 3.33 trillion. Corporate coffees belched out another 1.63 trillion on top of the indivifual income of 1.7 trillion.

 

Question; Do massive individual tax cuts pay for themselves?

Answer; No one knows, due to the fact both Bush and Trump's good economic times were ''interrupted''

Question; What's the best method of comparing Today's and Yesterday's individual tax receipts?

Answer; For what purpose?

Examples;

1. Trump's Net Calendar Tax Receipts. BEFORE/AFTER his tax cuts is definitely a fair comparison, and to my knowledge, TAX FOUNDATION is the only Think Thank who have published ''Calendar Year'' comparisons, thus, converting the IRS Fiscal Year Tax Data to Calendar Year.

2. Due to the phenominal growth of Flow Thru entities, we can no longer ''fairly'' compare today's and yesterday's good economic time's Individual and Corporate Income tax Receipts, and/or ''Which President collected more?''

This chart is self-explanatory;

 

[/QUOTE]

You also have to consider who's running Congress, since they spend the money.

 

You are aware that record revenue happens 95% of the time right? It was not something new under Trump, it literally happens under every single president.

 

Higher number of people working due to an ever growing population

 

Indeed. On that we agree. There are so many factors that go into revenues and deficits and spending levels and the effects of tax cuts, it's near impossible to give credit or blame to one person.

 

Quoted by Bronco; You also have to consider who's running Congress, since they spend the money.



Of course!

However, here are the main reasons why Bush's and Trump's ''good economic times'' individual tax receipts are FAIRLY comparable;

a. Both implemented massive tax cuts, and Bush's tax cuts were fully implemented and retroactive Jan 1st, 2003, thus, for simplicity sake, Let's compare Bush's FY 2004/05/06/07 tax receipts ''ADJUSTED'' VERSUS Trump's FY2017/18/19, thus;

b. Also, FY2007 and FY2019 have one thing in common; FY 2007 ended Sep 30th, 2007, thus, 2 months prior to a PEAK, and Trump's FY2019 ended Sep 30th, 2019, thus, 4 months prior to a PEAK

According to NBER, Bush's economy PEAKED December 2007. Trump's economy PEAKED, Feb 2020.

c. Both Presidents had Republican majorities.......Bush; Before Jan 03, 2007. and Trump; Before Jan 03, 2019.

NOW, if we were to compare Bush's FY2007 individual tax receipts (ADJUSTED), and Trump's FY2019 individual tax receipts, Bush would WIN due to the fact that Bush's individual marginal tax rates were higher than Trump's individual marginal tax rates.

LAST, here's a controversial BOMBSHELL; Rationally, Bush's and Trump's individual tax receipts, and Corporate income tax receipts ARE NOT COMPARABLE due to the phenomical growth of FLOW THRU ENTITIES, and Trump's Flow Thru's taxation rules have significantly changed.

This chart is self-explanatory;




Mr. Bronco, do you understand my BOMBSHELL?

 

Claim; ''In Nominal Terms'', we had record high revenues

Of course!

HOWEVER......

Definition of ''In Nominal Terms''

Nominal Terms: Definition & Overview | Study.com
study.com › Courses › Business CoursesDefinition. A nominal term is an unadjusted number of something such as wages, stock prices, assets, and interest rates and is generally described in fixed ...

AND for partisan reasons, and/or in an effort to glorify TRUMP, his supporters keep neglecting the following very important word;

''UNADJUSTED''

IMO, an irrational, childish, and deceitful partisan shell game.

 

You’re grasping at straws, CBO data shows increasing tax revenue from 2017 thru 2019. You’re playing word/numbers games.