Despite Trump Tax Cuts Tax Receipts for Income Taxes, Corporate Taxes, and FICA all UP!

[InTheLight]

Despite predictions that the Trump tax cuts would reduce tax revenues, actual tax receipts for fiscal 2019 were up 4% overall. Don't let liberals tell you a tax cut will necessarily increase the budget deficit.

* Receipts from individual income taxes, the largest source of revenues, were up $34 billion, or 2%.

* Receipts from payroll taxes (FICA, Medicare) were up $72 billion, or 6%.

* Receipts from corporate income taxes were up $26 billion, or 12%.

This is what full employment will get the US government--increased tax revenues across the board. And the Trump tax cuts are directly responsible for spurring the economy into action.

Despite this good news on the tax receipt increase, the federal budget deficit increased by about 8% in fiscal 2019. Basically, we have a spending problem, not a tax revenue problem.

https://www.cbo.gov/system/files/2019-11/55824-CBO-MBR-FY19.pdf

 

[church mouse guy]

Wayne Allyn Root says that Larry Kudlow has announced there will be Reagan type personal income tax cut suggested in the summer. He wants an abolition on the tax on Social Security benefits to help the elderly, who already paid tax on the benefits when they earned the money.

We need to start abolishing government jobs in order to reduce spending.

 

[OnlyaSinner]

Despite predictions that the Trump tax cuts would reduce tax revenues, actual tax receipts for fiscal 2019 were up 4% overall. Don't let liberals tell you a tax cut will necessarily increase the budget deficit.

* Receipts from individual income taxes, the largest source of revenues, were up $34 billion, or 2%.

* Receipts from payroll taxes (FICA, Medicare) were up $72 billion, or 6%.

* Receipts from corporate income taxes were up $26 billion, or 12%.

This is what full employment will get the US government--increased tax revenues across the board. And the Trump tax cuts are directly responsible for spurring the economy into action.

Despite this good news on the tax receipt increase, the federal budget deficit increased by about 8% in fiscal 2019. Basically, we have a spending problem, not a tax revenue problem.

https://www.cbo.gov/system/files/2019-11/55824-CBO-MBR-FY19.pdf

But, but, but... Wasn't the tax cut a $100 billion windfall for those big bad corporations? Here in Maine we get treated to that "fact" in dozens of DNC (and others) ads slamming Senator Collins every day.

 

[Agent47]

I think the biggest objection was the cuts benefitting the wealthy more than the poor such as the 2.6% cut for the highest bracket

There is also conflict of interest in Congress. Tax cuts boost share prices and hence net wealth of the congressmen holding these assets.

And finally, the cuts add another $1.9 trillion of debt over 10 years
https://www.cbo.gov/system/files/2019-04/53651-outlook-2.pdf

The touted benefits of higher wages,expansion, additional jobs are yet to materialize. Instead, corporates paid out more dividends and bought back their shares, which pushed up the prices even more, hence more gains for the rich

 

[Revmitchell]

I think the biggest objection was the cuts benefitting the wealthy more than the poor such as the 2.6% cut for the highest bracket

There is also conflict of interest in Congress. Tax cuts boost share prices and hence net wealth of the congressmen holding these assets.

And finally, the cuts add another $1.9 trillion of debt over 10 years
https://www.cbo.gov/system/files/2019-04/53651-outlook-2.pdf

The touted benefits of higher wages,expansion, additional jobs are yet to materialize. Instead, corporates paid out more dividends and bought back their shares, which pushed up the prices even more, hence more gains for the rich

Who is it you are trying to convince?

 

[Earth Wind and Fire]

Despite predictions that the Trump tax cuts would reduce tax revenues, actual tax receipts for fiscal 2019 were up 4% overall. Don't let liberals tell you a tax cut will necessarily increase the budget deficit.

* Receipts from individual income taxes, the largest source of revenues, were up $34 billion, or 2%.

* Receipts from payroll taxes (FICA, Medicare) were up $72 billion, or 6%.

* Receipts from corporate income taxes were up $26 billion, or 12%.

This is what full employment will get the US government--increased tax revenues across the board. And the Trump tax cuts are directly responsible for spurring the economy into action.

Despite this good news on the tax receipt increase, the federal budget deficit increased by about 8% in fiscal 2019. Basically, we have a spending problem, not a tax revenue problem.

https://www.cbo.gov/system/files/2019-11/55824-CBO-MBR-FY19.pdf

Begging your pardon, there weren’t tax cuts in New Jersey. But I do agree that we have a spending problem

 

[Earth Wind and Fire]

Wayne Allyn Root says that Larry Kudlow has announced there will be Reagan type personal income tax cut suggested in the summer. He wants an abolition on the tax on Social Security benefits to help the elderly, who already paid tax on the benefits when they earned the money.

We need to start abolishing government jobs in order to reduce spending.

That would be a good start

 

[Revmitchell]

Begging your pardon, there weren’t tax cuts in New Jersey. But I do agree that we have a spending problem

Of course there wasn't