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How about that? Revenue stays the same after massive tax cut
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BurfordTJustice
Mar 17, 2018, 3:59:38 PM3/17/18
to
another failed prediction by trader, his little bits and libtards.
How about that? Revenue stays the same after massive tax cut
The latest budget figures from the Treasury Department demonstrate a concept
we already knew but too many politicians continue ignore - we have a
spending problem, not a revenue problem.
One would have expected gross revenue to plummet in February once the new
tax rates were applied to withholdings for this year. My withholdings
dropped already for the last two weeks in January but by February everyone
should have seen the effects of the tax cut and revenue to the Treasury
should have shrunk noticeably. After all, on some measure this was the
largest tax cut in history. Yet compared with February 2017, gross revenue
was nearly unchanged. It actually ticked up very slightly by $1.36 billion.
What gives?
It's called economic growth. With more people working and more economic
growth leading to upward mobility and higher wages, even though the Treasury
lost some cash on withholdings, overall it has not lost revenue.
While withholdings for individual income taxes did decline slightly - from
$116.7 billion to $110.7 billion - that is not nearly as much as one would
have predicted had the Congressional Budget Office's static analysis of
massive revenue loss been actualized. Gross corporate tax revenue was
essentially unchanged and the revenue loss from individual incomes taxes was
made up through.you guessed it: more people having jobs. Payroll taxes as
well as other sundry taxes and fees increased. Which means more people are
working and the economy is growing. We now know that 313,000 jobs were
created in February and 653,000 rejoined the labor force.
And this is built off of a record-high gross revenue baseline because total
receipts are still $50.5 billion higher than at this time last year, which
was higher than the year before.
In January, gross revenue was actually up a whopping $17 billion relative to
January 2017. And while many people didn't see withholdings drop until
February 2018 a number of paychecks already reflected the new tax rates
towards the end of the month. It's still early, but there is no indication
so far that dire predictions of massive revenue loss will come to fruition.
Clearly, if your primary goal is to get more revenue (not mine as a
conservative), the key is to grow the economy. And you don't grow the
economy by raising taxes and increasing regulations. Undoubtedly, the
deregulation agenda by this administration contributed to growing the
economy and mitigating some of the revenue lost as a result of cutting
taxes. Imagine how the economy would do if we fully repealed Obamacare
regulations and market distortions that are crushing businesses? We
rightfully focus a lot on the insanely high premiums in the individual
insurance market but according to the American Action Forum, the higher cost
of premiums for group plans cost employers $19 billion in lost wages, 10,130
fewer business establishments, and nearly 300,000 lost jobs. Imagine if they
repealed the ethanol mandate, CAFE standards, all of Dodd-Frank, and section
404(b) of Sarbanes Oxley? Imagine if they passed the REINS Act?
Obviously it's still way too early to assess the budgetary effects of the
tax cuts as much as we already assessed the economic effects and there is no
doubt that over the course of a full year corporate tax revenue will fall
and individual withholdings will decrease. At the same time, as larger S
Corps transform to C Corps, individual taxes will decrease (S corp. revenue
is included in individual tax revenue); however, that should help pad some
of the losses on the corporate side. But CBO predicted the feds would lose
$144 billion in this fiscal year alone and $271 billion in the next fiscal
year. With just seven months left of the fiscal year and net revenue already
higher than last year, and only diminishing from withholdings at a slow pace
(while growing in other areas), CBO will likely wind up as accurate as they
were on Obamacare premium rates.
The point is that the likely mild loss in revenue is well worth the massive
economic expansion, raises and bonuses and more individual withholdings in
the pockets of tax paying Americans.
Now compare this to the spending side of the ledger and you will see we are
not getting such a good deal. Outlays so far this fiscal year have already
outpaced last year by $70 billion and thanks to the budget betrayal bill in
February, we are just getting started. We are mortgaging our future to pay
for massive health care and education programs that are creating private
monopolies in both those fields and commensurate with the rate of federal
spending is the price inflation for both. We are leaving our rising
generation with government-sponsored health care and education cartels that
destroy innovation, sky-high insurance bills, crushing student debt, and
nothing to show for it but a public debt that will soon force us to pay more
than the cost of the military just on interest payments.
With the latest economic news, now would be the perfect time for Republicans
to pocket the success of the tax cuts, force Democrats to take a vote on
making them permanent and move on to systemically reforming big government
programs to cut spending in the long-run. Yet, they plan to pass a massive
omnibus bill codifying all of the spending increases agreed to in the
February budget cap repeal. The only question then is how many liberal
policy riders are loaded up in it? Furthermore, they plan to scuttle budget
reconciliation this year, which means they will have no means of passing
welfare reform or a single spending cut without the filibuster.
There will come a time very soon when no amount of tax revenue can save us
from the spending crisis. And GOP control of all three branches might not
happen again until we reach the point of no return.
How about that? Revenue stays the same after massive tax cut
The latest budget figures from the Treasury Department demonstrate a concept
we already knew but too many politicians continue ignore - we have a
spending problem, not a revenue problem.
One would have expected gross revenue to plummet in February once the new
tax rates were applied to withholdings for this year. My withholdings
dropped already for the last two weeks in January but by February everyone
should have seen the effects of the tax cut and revenue to the Treasury
should have shrunk noticeably. After all, on some measure this was the
largest tax cut in history. Yet compared with February 2017, gross revenue
was nearly unchanged. It actually ticked up very slightly by $1.36 billion.
What gives?
It's called economic growth. With more people working and more economic
growth leading to upward mobility and higher wages, even though the Treasury
lost some cash on withholdings, overall it has not lost revenue.
While withholdings for individual income taxes did decline slightly - from
$116.7 billion to $110.7 billion - that is not nearly as much as one would
have predicted had the Congressional Budget Office's static analysis of
massive revenue loss been actualized. Gross corporate tax revenue was
essentially unchanged and the revenue loss from individual incomes taxes was
made up through.you guessed it: more people having jobs. Payroll taxes as
well as other sundry taxes and fees increased. Which means more people are
working and the economy is growing. We now know that 313,000 jobs were
created in February and 653,000 rejoined the labor force.
And this is built off of a record-high gross revenue baseline because total
receipts are still $50.5 billion higher than at this time last year, which
was higher than the year before.
In January, gross revenue was actually up a whopping $17 billion relative to
January 2017. And while many people didn't see withholdings drop until
February 2018 a number of paychecks already reflected the new tax rates
towards the end of the month. It's still early, but there is no indication
so far that dire predictions of massive revenue loss will come to fruition.
Clearly, if your primary goal is to get more revenue (not mine as a
conservative), the key is to grow the economy. And you don't grow the
economy by raising taxes and increasing regulations. Undoubtedly, the
deregulation agenda by this administration contributed to growing the
economy and mitigating some of the revenue lost as a result of cutting
taxes. Imagine how the economy would do if we fully repealed Obamacare
regulations and market distortions that are crushing businesses? We
rightfully focus a lot on the insanely high premiums in the individual
insurance market but according to the American Action Forum, the higher cost
of premiums for group plans cost employers $19 billion in lost wages, 10,130
fewer business establishments, and nearly 300,000 lost jobs. Imagine if they
repealed the ethanol mandate, CAFE standards, all of Dodd-Frank, and section
404(b) of Sarbanes Oxley? Imagine if they passed the REINS Act?
Obviously it's still way too early to assess the budgetary effects of the
tax cuts as much as we already assessed the economic effects and there is no
doubt that over the course of a full year corporate tax revenue will fall
and individual withholdings will decrease. At the same time, as larger S
Corps transform to C Corps, individual taxes will decrease (S corp. revenue
is included in individual tax revenue); however, that should help pad some
of the losses on the corporate side. But CBO predicted the feds would lose
$144 billion in this fiscal year alone and $271 billion in the next fiscal
year. With just seven months left of the fiscal year and net revenue already
higher than last year, and only diminishing from withholdings at a slow pace
(while growing in other areas), CBO will likely wind up as accurate as they
were on Obamacare premium rates.
The point is that the likely mild loss in revenue is well worth the massive
economic expansion, raises and bonuses and more individual withholdings in
the pockets of tax paying Americans.
Now compare this to the spending side of the ledger and you will see we are
not getting such a good deal. Outlays so far this fiscal year have already
outpaced last year by $70 billion and thanks to the budget betrayal bill in
February, we are just getting started. We are mortgaging our future to pay
for massive health care and education programs that are creating private
monopolies in both those fields and commensurate with the rate of federal
spending is the price inflation for both. We are leaving our rising
generation with government-sponsored health care and education cartels that
destroy innovation, sky-high insurance bills, crushing student debt, and
nothing to show for it but a public debt that will soon force us to pay more
than the cost of the military just on interest payments.
With the latest economic news, now would be the perfect time for Republicans
to pocket the success of the tax cuts, force Democrats to take a vote on
making them permanent and move on to systemically reforming big government
programs to cut spending in the long-run. Yet, they plan to pass a massive
omnibus bill codifying all of the spending increases agreed to in the
February budget cap repeal. The only question then is how many liberal
policy riders are loaded up in it? Furthermore, they plan to scuttle budget
reconciliation this year, which means they will have no means of passing
welfare reform or a single spending cut without the filibuster.
There will come a time very soon when no amount of tax revenue can save us
from the spending crisis. And GOP control of all three branches might not
happen again until we reach the point of no return.
ZZyXX
Mar 18, 2018, 3:53:09 PM3/18/18
to
On 3/17/18 12:59 PM, BurfordTJustice wrote:
> How about that? Revenue stays the same after massive tax cut
>
> The latest budget figures from the Treasury Department demonstrate a concept
> we already knew but too many politicians continue ignore - we have a
> spending problem, not a revenue problem.
tax cuts should generate more jobs, more jobs should generate more
> How about that? Revenue stays the same after massive tax cut
>
> The latest budget figures from the Treasury Department demonstrate a concept
> we already knew but too many politicians continue ignore - we have a
> spending problem, not a revenue problem.
revenue, why hasn't that happened?
k...@notreal.com
Mar 18, 2018, 10:27:14 PM3/18/18
to
p-0''0-h the cat (coder)
Mar 19, 2018, 6:23:54 AM3/19/18
to
Sent from my iFurryUnderbelly.
--
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k...@notreal.com
Mar 19, 2018, 1:32:58 PM3/19/18
to
On Mon, 19 Mar 2018 10:23:59 +0000, "p-0''0-h the cat (coder)"
<super...@fluffyunderbelly.invalid> wrote:
>On Sun, 18 Mar 2018 22:27:06 -0400, k...@notreal.com wrote:
>
>>On Sun, 18 Mar 2018 12:53:04 -0700, ZZyXX
>><zz...@CampSoda-Restoration-Project.tv> wrote:
>>
>>>On 3/17/18 12:59 PM, BurfordTJustice wrote:
>>>> How about that? Revenue stays the same after massive tax cut
>>>>
>>>> The latest budget figures from the Treasury Department demonstrate a concept
>>>> we already knew but too many politicians continue ignore - we have a
>>>> spending problem, not a revenue problem.
>>>
>>>tax cuts should generate more jobs, more jobs should generate more
>>>revenue, why hasn't that happened?
>>
>>It has. Government spends even more.
>
>Golf carts?
You think the government spends golf carts? You're as stupid as
<super...@fluffyunderbelly.invalid> wrote:
>On Sun, 18 Mar 2018 22:27:06 -0400, k...@notreal.com wrote:
>
>>On Sun, 18 Mar 2018 12:53:04 -0700, ZZyXX
>><zz...@CampSoda-Restoration-Project.tv> wrote:
>>
>>>On 3/17/18 12:59 PM, BurfordTJustice wrote:
>>>> How about that? Revenue stays the same after massive tax cut
>>>>
>>>> The latest budget figures from the Treasury Department demonstrate a concept
>>>> we already knew but too many politicians continue ignore - we have a
>>>> spending problem, not a revenue problem.
>>>
>>>tax cuts should generate more jobs, more jobs should generate more
>>>revenue, why hasn't that happened?
>>
>>It has. Government spends even more.
>
>Golf carts?
Traitor.
>
>Sent from my iFurryUnderbelly.
p-0''0-h the cat (coder)
Mar 19, 2018, 1:56:38 PM3/19/18
to
>>Sent from my iFurryUnderbelly.
trader_4
Mar 19, 2018, 2:34:13 PM3/19/18
to
the deficit. Have you even heard him mention it? Sight the danger
the national debt poses? Last time I heard the orange clown talk
about any of that it was while he was running and he said:
We could just keep borrowing more, then default.
We could negotiate with the creditors to pay less than full value.
And if interest rates went up, we could then refinance the debt!
The last one is my personal favorite. The real estate genius is
so stupid that he thinks when interest rates go up, that's when
you refinance debt. That partly explains why his casinos went
bankrupt many times. And then the trumpets proceeded to elect
this moron anyway.
ZZyXX
Mar 19, 2018, 3:13:09 PM3/19/18
to
BurfordTJustice
Mar 19, 2018, 3:41:05 PM3/19/18
to
To quote trader,"you fucking moron"
"trader_4" <tra...@optonline.net> wrote in message
news:e3b1b022-d0c1-4503...@googlegroups.com...
"trader_4" <tra...@optonline.net> wrote in message
news:e3b1b022-d0c1-4503...@googlegroups.com...
gfre...@aol.com
Mar 19, 2018, 3:44:40 PM3/19/18
to
Everyone else just gave it lip service.
Clinton/Gingrich did have an encouraging minute or to, until we found
out they were counting on the tech bubble to go on forever to get the
numbers to pan out. In the mean time they gutted the banking laws and
caused the next bubble. That one almost crashed the entire world
economy and we gave up on debt control to piss on that fire. We still
have not solved the problem, we just hide it under tens of trillions
of dollars of sovereign debt and printed money.
When the next bubble, the debt bubble, pops, "money" might have come
down to gold, ammo and MREs.
trader_4
Mar 19, 2018, 3:54:59 PM3/19/18
to
just $160 bil and had been declining for several years. And then we
had the big recession. The worst thing about that is that it normalized
$1+ tril deficits. That lying skunk Obama was running $700 bil deficits
seven years later
and proclaiming how great it was compared to the one horrific year with
the $1.5 tril deficit. And as we discussed here many times now, that
$1.5 was not the true deficit, because it included hundreds of millions
in TARP, which was repaid to the govt a few years later. The true
deficit was much less. But that $1.5 tril is now the reference point
for the libs, and apparently for Trump and many GOP too, because now
$600 bil deficits they don't even talk about.
BurfordTJustice
Mar 19, 2018, 3:57:20 PM3/19/18
to
To quote trader, "you fucking moron"
I bet you believe GM paid back the government....
To quote trader "how dense are you?"
news:0b8c4147-98d4-499a...@googlegroups.com...
trader_4
Mar 19, 2018, 4:17:43 PM3/19/18
to
On Monday, March 19, 2018 at 3:57:20 PM UTC-4, BurfordTJustice wrote:
> To quote trader, "you fucking moron"
>
>
> I bet you believe GM paid back the government....
>
> To quote trader "how dense are you?"
>
GM was not required to pay back the govt, because it was an equity
> To quote trader, "you fucking moron"
>
>
> I bet you believe GM paid back the government....
>
> To quote trader "how dense are you?"
>
investment. The govt put in $50 bil and took a 61% equity position
in GM. Over the following years, the govt sold off it's stock,
they wound up with a loss of $11 bil. If they had instead held on
a little longer, they would have had a big profit. But GM is just
one investment. In total, when you add up TARP and the other money,
including the loss at GM, the govt had a profit. Saving the economy
from a depression, saving millions of jobs that generated billions
into the treasury in taxes and actually earning a profit, it was
an extraordinary achievement. It's one of the best examples of
govt success. And if the govt had just held onto those GM shares
a little longer they would have had a profit on that too.
But don't let the facts interfere with your rant. And sadly most
of the trumpets think this was just a bailout, one that cost the
taxpayers a whole lot of money. If there were a way to have them
experience the depression and losses, the suffering that would have
produced, I'd be all for it, as long as the rest of us don't have
to participate.
BurfordTJustice
Mar 19, 2018, 4:34:19 PM3/19/18
to
To quote trader, "you fucking moron"
Wrong again.
news:400e34ab-6353-4674...@googlegroups.com...
:
k...@notreal.com
Mar 19, 2018, 10:26:07 PM3/19/18
to
trader_4
Mar 20, 2018, 1:45:22 AM3/20/18
to
All hail Dear Leader Trump!
Rofl
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