Debt Climbed $1.5trillion in 2018 Despite "Record" Income Tax Revenue

Looks like debt climbed almost $1.5trillion in 2018. Also, the upward trend for tax revenues continued. Despite being a “record” year, the trend actually looks to have slowed down. The tax cuts more and more look fiscally irresponsible.

As you can see, revenues rose much more quickly under Obama and have slowed since Trump took office:

The Tea Party people will be out in full force!

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Yeah. Where the hell is the Tea Party? What was their real agenda?

What about our grandchildren?

Booo a black man is in office…

Why do you think we are seeing an uptick in racism and harsh words? Tea party was a prequel to this…

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Adjusted for the baseline case (tax laws are unchanged) and inflation, total tax revenues are down anywhere from 5-9% depending on the assumptions used for growth with the old tax structure in place.

Hell…the economy could have CONTRACTED by ~1% and we still would have had bigger tax receipts under the old tax scheme than we got under the new one.

And it’s only going to compound…net loss of ~200 B this year, projected net loss of $263 B next year.

Once again putting to lie the myth that tax cuts pay for themselves

They never have.

They never will.

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Yes… Record income tax collections after the tax cut. Corp income taxes down about 100 billion, but we have record employment to show for it.

I’m happy the American people are prosperous… Seems many worry the beltway is not rich enough, I guess…

Did you look at how massively slow revenue growth is, especially compared to Obama? Why didn’t revenue growth explode upward with the tax cuts?

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We have record tax collections in 2018…

We’ve had record employment since 2014. We added fewer jobs in 2018 than in 2014 or 2015.

You act like Trump has been able to get his policy through… Both sides have fought him. We all know it, and we are still booming. 300k jobs last month

He has cut regulations, renegotiating trade deals, and got a massive tax cut passed. What lack of policies are holding him back? And with what he has accomplished, why can’t he achieve better growth than Obama in 2015?

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Look at the chart in the OP. Tax revenue growth has slowed since the tax cuts.

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So? Obama had years of record tax collection. Whats your point? Obama revenue growth was way more than trumps first 2 years. Also obama created more jobs in his last 2 years

Its always someone else fault, Trump support are biggest babies in the world.

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Good point, that’s very true. Especially in 2016 where there was an actual declined in receipts. Must be over the backlash of fat Donald’s election and the damage he was going to unleash. Lollllls.

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Obama also was creating 300k a month in 2nd half of his presidency…and didnt need $1trillion deficits at full employment to do so

The chart shows individual tax receipts. I wonder what the corporate tax receipts were.

Soon qe will be seeing the oresident doesnt affect the economy