TRUMPONOMICS: Tax Revenues Up Big After GOP Tax Cut

Discussion in 'Current Events' started by Josephwalker, Apr 28, 2018.

  1. Josephwalker

    Josephwalker Well-Known Member

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    Looks like Trump was right. Lower taxes stimulated the economy and actually increased tax revenue.

    "If first quarter tax revenues are any indication, Trumponomics is operating much like Reaganomics and producing the same kind of results: lower taxes and deregulation resulting in more economic growth and, thus, more tax revenues."

    "In the first quarter after the Republican-passed, Donald Trump-signed reform bill — which will save taxpayers and corporations $1.5 trillion in taxes over ten years — tax revenues actually increased by $18 billion (5.2%) over the previous year, resulting in the government running a $51-billion surplus.

    The CBO notes that not all employee tax withholdings have been updated under the new policies; companies have until mid-February to do so. However, as Investors Bureau Daily underscores, the CBO's numbers suggest that gains in wages and salaries are likely to continue and even "accelerate" due to the tax cuts:

    https://www.dailywire.com/news/26928/trumponomics-tax-revenues-big-after-gop-tax-cut-james-barrett
     
    Last edited: Apr 28, 2018
  2. Grokmaster

    Grokmaster Well-Known Member Past Donor

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    SHHHHHH!!! Plus, you invoked "Reagan" !! GASP!! The PF left going apoplectic in 5,4,3,....
     
  3. webrockk

    webrockk Well-Known Member Past Donor

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    Some in government will see increased revenue as a fantastic opportunity to pay down the debt, others will see an opportunity to raise their salaries and bring home more pork.
     
  4. Grokmaster

    Grokmaster Well-Known Member Past Donor

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    Now, if we reel in the runaway spending...
     
  5. JakeStarkey

    JakeStarkey Well-Known Member

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    Josephwalker cannot show the tax cut revenue is reducing the deficit, though.

    Until he can, he cannot defend the tax revenue argument as a good thing.
     
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  6. Grokmaster

    Grokmaster Well-Known Member Past Donor

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    Bullcrap. The spending is why the deficit is not reduced, yet. Giving in to the Spendocrats, who were holding badly needed (thanks to the Obama depletion of our military) military monies hostage, are the reason why.

    Next budget bill had better be a LOT different.

    Tax cuts are producing RECORD revenues. PERIOD.


    Federal Tax Revenues Hit Record Highs — Are Trump's Tax Cuts Paying For Themselves?



    Tax Cuts: The latest monthly Treasury report on taxes and spending shows that gross tax receipts in February were $1.4 billion higher than the year before. Weren't the Republican tax cuts supposed to explode the deficit?
    According to the report, the government took in $238.2 billion in taxes in February. The year before, tax revenues were $236.8 billion.

    For fiscal year 2018, which started last October, taxes are up $50.5 billion compared with the same months last year, and are at a record high level for this five-month span.

    The report does show that net receipts were lower in February compared with last year, but the main reason is that individual income tax refunds jumped $13.3 billion, while corporate tax refunds went up $4 billion, neither of which is the result of the tax cuts that took effect in January.

    Even so, net receipts are up by $29.6 billion for the current fiscal year — a 2.4% increase — compared with the same period last year. That's also a record high. (See nearby chart.)



    https://www.investors.com/politics/...hs-are-trumps-tax-cuts-paying-for-themselves/
     
    Last edited: Apr 28, 2018
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  7. jay runner

    jay runner Well-Known Member

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    I loved the Reagan pay raise when I was a machinist in private industry.
     
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  8. jay runner

    jay runner Well-Known Member

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    Thought Criminal and Grokmaster like this.
  9. Russ103

    Russ103 Well-Known Member Past Donor

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    Do you seriously not understand the difference between revenue/income vs spending?
     
  10. Grokmaster

    Grokmaster Well-Known Member Past Donor

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    jay runner likes this.
  11. JakeStarkey

    JakeStarkey Well-Known Member

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    Josephwalker cannot show the tax cut revenue is reducing the deficit, though.

    Until he can, he cannot defend the tax revenue argument as a good thing.
    You say there is not enough time to show the tax cuts are working, and investors says they are.

    One of you are wrong, and I believe it is investors.

    And I think as long as our GDP remains at Obama levels of his final two years, the tax cut bill with its built in deficit increasers (maybe three million), it is the old discounted Reagan voodoo economics.
     
  12. JakeStarkey

    JakeStarkey Well-Known Member

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    Show me that the tax cut revenue is outgrowing the deficit. You can't. So seriously you don't understand the difference at all.
     
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  13. Ronstar

    Ronstar Well-Known Member Past Donor

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    so why is the deficit also waaaaaay up?
     
  14. Lil Mike

    Lil Mike Well-Known Member

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    That has nothing to do with the effects of tax policy. If tax revenues are up above pre-tax cut projections, the fact that spending also increased has nothing to do with the tax policy. Those are two, unrelated issues.
     
  15. Ronstar

    Ronstar Well-Known Member Past Donor

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    revenue up $18 billion, but deficit is up $500 billion.

    nice job Trump.
     
  16. Russ103

    Russ103 Well-Known Member Past Donor

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    Spending, look it up, learn it.
     
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  17. Russ103

    Russ103 Well-Known Member Past Donor

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    The libs pretend to be the smart and educated ones among us too. We clearly don’t understand such complex stuff.
     
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  18. Louisiana75

    Louisiana75 Well-Known Member Past Donor

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    The dems HATE the tax cut, and vow to repeal it if they win in the fall. Why is that?
     
  19. rahl

    rahl Well-Known Member

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    lol, if taxes weren't cut, we would have had more revenue.

    it's amusing how terrible conservatives are at basic grade school math.
     
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  20. rahl

    rahl Well-Known Member

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    because cutting revenue, when the economy is growing is moronic. Tax cuts and deficit spending are needed to spur short term growth during a recession. To do so during good economic times is irresponsible. But, that's what republicans do, and the democrats always have to clean up the mess.
     
  21. Louisiana75

    Louisiana75 Well-Known Member Past Donor

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    The government would've had more revenue, and the taxpayers would have less of their own money. Dems think that's a good thing.
     
    Last edited: Apr 28, 2018
  22. JakeStarkey

    JakeStarkey Well-Known Member

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    JakeStarkey said:
    Show me that the tax cut revenue is outgrowing the deficit. You can't. So seriously you don't understand the difference at all.
    Your statement, Russ, deflects but does not explain. Show us how tax cut revenues are out growing the deficit.
     
  23. JakeStarkey

    JakeStarkey Well-Known Member

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    No, the amount of revenue the govt has if it does not cut the deficit means the GOP is causing the taxpayers to have less of their own money.
     
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  24. JakeStarkey

    JakeStarkey Well-Known Member

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    To reduce the built in deficit increase kickers.
     
  25. Matt84

    Matt84 Well-Known Member

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    Well someone has to pay for your president Bush's wars.......
     
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