Corporate income tax collection double in a year dispite large tax cut.. Most since 2015

Politics
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Nice article about the record in taxes the federal govt collected last month. We’ve had record income tax collection since the tax cuts, but corporate tax collection were way down. It was not that surprising as corps take longer to make changes than individuals. But now, the fed takes in the largest amount of corp taxes since 2015. Good job Trump and reps!

"Corporation income tax receipts, however, were significantly higher this October than they were in October 2017. This year, the Treasury collected $8,000,000,000 in corporation income taxes in October. Last year, it collected $3,823,060,000 (in constant October 2018 dollars).

The $8 billion in corporation income tax revenues the Treasury collected this October is the largest amount since October 2015, when the Treasury collected $10,893,630,000 (in constant October 2018 dollars) in corporation income taxes."

https://www.cnsnews.com/news/article/terence-p-jeffrey/feds-collect-record-taxes-october-still-run-100b-deficit

2

What happened with the deficit?

3

So spending still outpacing revenue? At a record rate?

4

As predicted for over 3 decades… Boomer retiring and voted for fat benefits dispite their income.

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It got bigger even with record taX collection on income and corporations…

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They voted for benefits and tax cuts. Let the kids pick up the tab.

Such an responsible generation.

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and if the kids can’t pay it all, fill up their country with immigrants to pay the rest. Who cares about lower wages, high rents and tuition for them? … Yes, very greedy of US…

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Now you’ve gone from comparing collections over the whole year to making a spot comparison of one month v the month 12 months previously.

And hoping we wouldn’t notice.

FOR THE YEAR, corporate tax collections are…wait for it…

DOWN 31%!

Do you actually KNOW when you’re being disingenuous, Cratic?

Or are you bamboozled by the right wing spin?

7 Likes
10

“Kids of the baby boom, we had freedom, we had money
Baby boom, here in the land of milk and honey
Counting our chickens way too soon
Kids of the baby boom” - David M. Bellamy

11

If someone is citing Cybercast News Service, they don’t know much or value facts very highly. It’s the same people behind NewsMax but with lots of extra Jesus.

1 Like
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I’m just pointing this out because Cratic kept posting individual income tax collections for months while I was constantly pointing out the bulk of the cuts were to the corporate rates and that corporate tax collections were down for the year…and that revenue decrease was pretty much the driver of increased deficits. Cratic simply kept ignoring that when it was brought up.

My guess is he was so overjoyed when he thought he found a stat that could dispute what I had been saying regarding corporate tax collections that he actually didn’t understand his “stat” did no such thing.

Oh well…he’ll fall back on ignoring, I suppose…

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How can you have any increase in collection when the rate was cut about 15% according to lib tax theory?

…and income taxes have been at record collection for a while now, after a tax cut, so how can this be?

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Because collection fluctuates for various reasons, and you were doing a spot check.

I’ll answer yor question about individual collections when you answer me how corporate receipts are down despite the fact the economy has been growing all year.

If you can figure out the answer to the second question, you’ll know the answer to the first.

1 Like
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I told you the cycle for business adjustment is longer than the individual. Let’s see what happen over the next few months.

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As tariffs drag in the economy… the deficit will grow even larger.

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Few months? Do you seriously believe the corporate tax receipts to going to regain that 31% in the next few months?

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@Cratic3947 This is not what you said.

Your headline read this: “Corporate income tax collections double in a year despite large tax cut”.

This is utterly false. They declined 31% in a year.

2 Likes
19

“Lets wait and see what happens” is the standard Republican dodge for when the numbers aren’t going their way.

It kind of makes you ask, you guys backed legislation when you didn’t know or at least have a pretty good idea what would happen?

Anybody with eyes know what happens when you cut tax rates. Tax revenue goes down. Lowering of tax revenue is the definition of a tax cut.

But, I guess we have to wait and see while they blamestorm up some excuses.

1 Like
20

Tax revenue does go up again when the economy grows, but never to the point where the tax cuts “pay for themselves”.

It has never happened.

It never will happen.

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We have a booming economy with record tax receipts, so the problem is spending as predicted for decades… Tariffs are taxes, so that should make dems happy…