Income Tax Revenues Are Up 9% As Trump's Pro-Growth Tax Cuts Kick In


#1

excerpt:

The latest monthly budget report from the nonpartisan Congressional Budget Office finds that revenues from federal income taxes were $76 billion higher in the first half of this year, compared with the first half of 2017.

That’s a 9% jump, even though the lower income tax withholding schedules went into effect in February.

The CBO says the gain “largely reflects increases in wages and salaries.”

For the fiscal year as a whole — which started last October — all federal revenues are up by $31 billion. That’s a 1.2% in increase over last year, the CBO says.

The Treasury Department, which issues a separate monthly report, says it expects federal revenues will continue to exceed last year’s for the rest of the 2018 fiscal year.


#2

My taxes went up substantially under President Trump, but for the very best reason: my income was up as a wave of confidence in the economy drove up stock prices. Fortunately, most of my stocks are in a Roth IRA and are protected from the federal income tax. I don’t like paying more taxes, but I dislike being poor even more.

Now the lefties will have to complain about cuts to welfare and food stamps because so many people are working and no longer qualify for benefits. They can’t recognize a good thing when they see it because of Trump Derangement Syndrome.


#3

Not sure who you mean ™lefties, but why not wait for a fact before talking about what the will do?


#4

:thinking: I think that’s a two way street.


#5

I am not a leftie, but I can provide some data that can help the conversation. According to the same report, welfare spending is about 4% higher for the current fiscal year. Social security spending is 4.4% higher, Medicare is 3.2% higher and medicaid is 3.8% higher. Defense is 5.1% higher and interest on the debt is 16% higher. Spending is going in the wrong direction.


#6

Social Security and Medicare spending increases are pretty much locked in due to demographics. Interest on debt is also guaranteed to go up after years of artificially low interest rates. Defense spending is rebounding from years of neglect, although any soldier, sailor, or marine of the lowest rank could point out wasteful items.

I am not happy about spending increases. Social Security should have been reformed many years ago, at least in the 1960’s, but politicians of both parties are loath to take back a promise of goodies, even when they know the promise was impossible to keep, just like every other Ponzi scheme.

Real reform will require a change in behaviors that cause poverty. These would include poverty caused by drug abuse, crime, lack of self-control in all areas of life. I would still argue that the biggest cause of poverty in the US is the choice to disrespect marriage and deny children their basic human right to a stable, loving, two-parent family. If you do not think that crime causes poverty, I would remind you that non-support of a dependent is a crime, but hardly ever prosecuted compared to the number of times parents could be prosecuted.


#7

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