Corporate tax revenue fell off a cliff in 2018 because of the tax cuts. Wasn't it down 100 billion?
Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.
The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That's up $14 billion from fiscal 2017, and an all-time high. And that's despite the fact that individual income tax rates got a significant cut this year as part of President Donald Trump's tax reform plan.
Income Taxes After Trump Tax Cuts True, the first three months of the fiscal year were before the tax cuts kicked in. But if you limit the accounting to this calendar year, individual income tax revenues are up by 5% through September.
Other major sources of revenue climbed as well, as the overall economy revived. FICA tax collections rose by more than 3%. Excise taxes jumped 13%.
The only category that was down? Corporate income taxes, which dropped by 31%.
Yes corporate tax revenue was down. Revenues overall were at a record.
Corporate tax cuts have fueled the individual growth.
Kind of odd for a guy who cries all the time about tariffs being a tax caring if taxes got cut
It all worked together
And spending climbed faster
Its not a revenue problem
Tax revenue as a % of GDP dropped substantially in 2018 to 16.4% vs 17.2% in 2017 and 18.0% in 2015. Since 1980 tax revenue has averaged 17.4% of GDP.
While individual income tax receipts have increased in nominal dollars since last fiscal year, this statistic paints a misleading picture in a number of ways. Specifically, it ignores reductions in other sources of revenue, doesn't account for inflation, and relies in part on revenue raised by last year's tax code. Considering the entire tax code and focusing specifically on this tax year shows that total revenue has declined between 4 and 9 percent.
Excluding October through December as well as non-withheld tax payments, individual income tax revenue is essentially unchanged from 2017. Under this scenario, total nominal revenue is down 4.3 percent, real revenues are down 6.4 percent, and revenues as a share of the economy have decreased by 8.8 percent. Revenues from May through July have fallen even more steeply.*
In other words, revenue has dropped substantially post-tax reform.
Trump, the treasury secretary, many Republicans in Congress and half the shitdicks here, including Houston, said the tax cuts would reduce the deficit. That hasn't happened and tax revenue as a percent of GDP has dropped along with marginal growth (growth was promised to take off like a rocketship). So you can keep whining about exploding spending while running shade for Trump, you are ignoring the other half of the equation like an idiot.
Trump, the treasury secretary, many Republicans in Congress and half the shitdicks here, including Houston, said the tax cuts would reduce the deficit. That hasn't happened and tax revenue as a percent of GDP has dropped along with marginal growth (growth was promised to take off like a rocketship). So you can keep whining about exploding spending while running shade for Trump, you are ignoring the other half of the equation like an idiot.
Imagine being angry that people are allowed to keep their own money. HondoBros thinks people’s assets belong to the government and we have to beg for permission to keep it.
Spend less. Problem solved. Hondo thinks tax cuts have to “pay for themselves”. Fuck off. Spend less.
“I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible.”
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Quit dropping "JFC". You're starting to sound like the Chubby Chaser!
Got it.
Spend less. Problem solved. Hondo thinks tax cuts have to “pay for themselves”. Fuck off. Spend less.
“I am favor of cutting taxes under any circumstances and for any excuse, for any reason, whenever it's possible.”