Even after the tax cuts we have record income tax collections. Art Laffer is happy. Also the wealthy pay the largest of the income collected. Of course the deficit is still rising as predicted for decades.
“I make more money, but I spend more money” yay!!!
Hey - I made more money last year than a bank president did in 1843. I’m killing it!
If Trump wins the mid terms, corp investment will increase, and so will corp tax collections.
Amazing. Can you share some of that Kool-Aid?
They can’t hardly go down any further.
Corp tax collections declined substantially. In order for Corp tax collections to equal what they were in 2017, revenues would have to increase by at least 50%. That’s just not realistic. In the meantime we have to hope that the individuals make up the difference.
You really should change the title of this thread. As it stands now, the title is false.
Jim Jones was a big time democrat… I’m not one.
Corp tax cuts gave us Jobs jobs jobs… Dems prefer money being spent by govt and a 1% GDP…lol!
Only if you can’t distinguish between income taxes and other taxes. A problem many dems face.
Income taxes were cut, but we have record collections… How can that be in the dem world?
More people entering the workforce and paying taxes?
That’s just laughable.
This is insane. We’re seeing basic economics completely ignored. One number appears improved while overall numbers are worse and that’s a reason to celebrate? Unbelievable.
Is that right? Tell us about the difference in the UE between the tax cut passage and today. We’ll all wait.
As I already explained to you, and as the right wing CNS article that you posted already told you, income tax collections are down when measured in real dollars.
There’s nothing to debate. Further discussion on the subject is a reflection of your willful ignorance.
Did the rate go down, did the collections go up? …
Just to help him out, I’m going to quote his own article.
Despite the record amount collected in individual income taxes in fiscal 2018, overall real federal tax revenues in fiscal 2018 were lower than in any of the previous three years. In fiscal 2018, total tax collections equaled $3,328,745,000,000, according to the Treasury statement. That was less than the $3,446,613,230,000 (in constant September 2018 dollars) that the Treasury collected in fiscal 2015; less than the $3,415,674,450,000 (in constant September 2018 dollars) collected in fiscal 2016; and less than the $3,390,373,210,000 (in constant September 2018 dollars) collected in fiscal 2017.
…Shouldn’t the receipts go down in direct proportion to the cuts? What is the current inflation rate?
Because we cut the corp tax. That’s a longer return cycle than income taxes. But it will happen too…
I already did that. It doesn’t matter.
If he were smart, he’d say something like this:
Maximizing tax revenue is not the goal of fiscal policy. I’d sacrifice 2% collections for 1 extra percent GDP growth all day.
Then I’d say that’s fine, but the extra GDP growth isn’t going to make up for increased short term deficits and resulting interest.
Then he’d say well we need to further spending cuts.
Then I’d say there’s going to be an impact on GDP growth if you splash spending too much and that Reagan era economic gains for example were from a combination of tax cuts and increased spending.
And so on and so on…
Also from your article:
While the federal government was collecting more income taxes from individuals in fiscal 2018, it was collecting less from corporations. Total corporation income tax collections in fiscal 2018 were $204,733,000,000. In fiscal 2017, they were $303,811,700,000 (in constant September 2018 dollars). In fiscal 2016, they were $313,233,700,000 (in constant September 2018 dollars); and in fiscal 2015, they were $364,738,790,000 (in constant September 2018 dollars).
Corporate income tax fell by 1/3rd in the span of a year. If you think that 1/3rd loss will be made up, plus enough extra to cover a meaningful portion of the deficit, I have a bridge I’d like to sell you.