Welcome to the Hardcore Husky Forums. Folks who are well-known in Cyberland and not that dumb.
So. Fucking. Infuriating.
Comments
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Our corporate client spent over a billion on capital projects in 2019. Got my share
Trump gets my vote
You guys want higher taxes and to pay more for energy vote for the Democrats. They need you
Lying to people who know how much more money they kept and made is a poor strategy but the low info types like hondo will be there for you -
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.RaceBannon said:
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
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. -
Cant wait for 2020 when President Warren introduces a wealth tax, raises income and corporate taxes, bans fossil fuel extraction (day 1), cancels student debt and pushes forward on national healthcare and the green new deal. For some reason I think the HondoBros will be silent on the national debt.RaceBannon said:Our corporate client spent over a billion on capital projects in 2019. Got my share
Trump gets my vote
You guys want higher taxes and to pay more for energy vote for the Democrats. They need you
Lying to people who know how much more money they kept and made is a poor strategy but the low info types like hondo will be there for you -
JFCGDS said:
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.RaceBannon said:
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
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.
Pathological liar -
Dems say they support the middle class and they do – the public sector middle class who votes for them. But the current dem presidential candidates are intent on going after the private sector middle class. Corporate income taxes are a cost of doing business and either result in higher costs to consumers or a loss of sales. Before the Trump corporate tax cut, the US corporate income tax was 35%. The highest tax rate in the first world. Now it’s 21%. The German corporate tax rate is 15% and the Chicoms are nominally at 25%. The only people paying the 25% are those who haven’t bought off the proper chicom communists. High tech is taxed at 15%.
Dems think that taxing the crap out of US corporations is great for the private sector middle class because they have strong feelings about it. The fact that it leads to higher prices for Americans or lost sales to foreign competitors is just a fact and not a feeling and thus can be ignored.
Now the US has very low energy prices which does give it a manufacturing advantage. The dem solution? Raise US energy prices to surpass the Euros. Great for US consumers and manufacturers. This is in spite of the fact that US CO2 production has dropped dramatically while the Chicoms and Euros are increasing CO2 production.
Trump and the republicans spend too much money. Any dem who blames them is a phu*cking hypocrite. -
Jesus. The way people talk in this thread, you'd think the goal of government was to increase taxes every fucking year to prove a point.
The goal is to tax as little as possible and spend as little as possible to provide necessary services.
People forget that. And the gold medal game vs. Finland.
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When they beat Canada? Why should anybody remember that?PurpleThrobber said:Jesus. The way people talk in this thread, you'd think the goal of government was to increase taxes every fucking year to prove a point.
The goal is to tax as little as possible and spend as little as possible to provide necessary services.
People forget that. And the gold medal game vs. Finland. -
JFCHustlinOwl said:
When they beat Canada? Why should anybody remember that?PurpleThrobber said:Jesus. The way people talk in this thread, you'd think the goal of government was to increase taxes every fucking year to prove a point.
The goal is to tax as little as possible and spend as little as possible to provide necessary services.
People forget that. And the gold medal game vs. Finland. -
Why Did the Deficit Just Top $1 Trillion? Here’s Another Clue For You All2001400ex said:Looks like the tax cuts have reduced the deficit as promised.
https://issuesinsights.com/2019/09/12/why-did-the-deficit-just-top-1-trillion-heres-another-clue-for-you-all/ -
And you took offense to a past poster saying if President Trump walked in to your house and raped your daughters you'd be there with a soft warm towel to wash off his privates.DJDuck said:
Why Did the Deficit Just Top $1 Trillion? Here’s Another Clue For You All2001400ex said:Looks like the tax cuts have reduced the deficit as promised.
https://issuesinsights.com/2019/09/12/why-did-the-deficit-just-top-1-trillion-heres-another-clue-for-you-all/
