So. Fucking. Infuriating.
And save the claim that Democrats would do any-fucking-thing different. They all should get fucked.
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Looks like the tax cuts have reduced the deficit as promised.
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In fact, corporations paid $8 billion more in the 11 months of this fiscal year than they did in the same period of fiscal year 2018. That increase alone is enough to fully fund the Environmental Protection Agency for an entire year.
What’s more, the CBO notes that corporate income tax payments through May were on 2018 activities. When you compare corporate taxes from June through August to same months last year, they are already up $18 billion – a 48% increase!
Meanwhile, individual income and payroll taxes are up $82 billion – a 3% increase over the prior year. Payroll taxes alone, which are a good indication of how well the job market is because they are automatically deducted from every worker’s wages, are up 6.4%.
Now look at the spending side of the equation.
The CBO report shows that while revenues have climbed by $102 billion, spending shot up by $271 billion.
The entire increase in the deficit over last year is due to rampant spending increases, not the Trump tax cuts.
Spending increases were across the board.
Social Security costs climbed 5.7%; Medicare, 6.5%; Medicaid, 4.6%. -
When your outflow exceeds your inflow, your upkeep will be your downfall.
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Hondo fucking stupid and his rage at people keeping more of their money doesn't care about factsSFGbob said:In fact, corporations paid $8 billion more in the 11 months of this fiscal year than they did in the same period of fiscal year 2018. That increase alone is enough to fully fund the Environmental Protection Agency for an entire year.
What’s more, the CBO notes that corporate income tax payments through May were on 2018 activities. When you compare corporate taxes from June through August to same months last year, they are already up $18 billion – a 48% increase!
Meanwhile, individual income and payroll taxes are up $82 billion – a 3% increase over the prior year. Payroll taxes alone, which are a good indication of how well the job market is because they are automatically deducted from every worker’s wages, are up 6.4%.
Now look at the spending side of the equation.
The CBO report shows that while revenues have climbed by $102 billion, spending shot up by $271 billion.
The entire increase in the deficit over last year is due to rampant spending increases, not the Trump tax cuts.
Spending increases were across the board.
Social Security costs climbed 5.7%; Medicare, 6.5%; Medicaid, 4.6%.
Pathological liars got to lie -
Corporate tax revenue fell off a cliff in 2018 because of the tax cuts. Wasn't it down 100 billion?
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Bob only cares about that type of common sense analysis when it comes to spending under Obama.GDS said:Corporate tax revenue fell off a cliff in 2018 because of the tax cuts. Wasn't it down 100 billion?
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Hondo likes to pull claims out of his ass after he has been exposed as a lying dumbfuck.2001400ex said:
Bob only cares about that type of common sense analysis when it comes to spending under Obama.GDS said:Corporate tax revenue fell off a cliff in 2018 because of the tax cuts. Wasn't it down 100 billion?
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Jim Rohn, RIP.PurpleThrobber said:When your outflow exceeds your inflow, your upkeep will be your downfall.
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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.GDS said:Corporate tax revenue fell off a cliff in 2018 because of the tax cuts. Wasn't it down 100 billion?
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
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Not surprising, the fake accountant doesn't know the difference between revenues and spending.2001400ex said:Looks like the tax cuts have reduced the deficit as promised.
Go flip my burger, bitch.
