So the CBO released their June 2018 Budget Review [1] and the trend continues - we are pulling in less revenue each month compared to the same month in the previous year. Despite all of the news about the economy booming like never before, we can’t even pull in the FY2017 baseline revenue. Of course, to all of us who understand math, we saw this coming.
In FY2018, which includes 4 months prior to the tax bill going in to effect via new payroll withholding tables, we have only pulled in $30 billion more than the same period in FY2017. If you limit it to the months since the tax bill has gone into effect (Feb 2018 - June 2018), we have collected $15 billion less in receipts than the same period in 2017. That’s including the surge in April receipts due to higher than expected results from CY2017. Seeing how June 2018 showed almost $25 billion less than June 2017, we could very well see FY2018 show a negative delta compared to FY2017 by next month. To keep things in perspective, we haven’t seen a dip in FY revenue since 2008-2009 when we had a global financial meltdown. Trump is accomplishing this with the bigliest economy ever.
Best move is probably to get one of those zero interest credit card offers and do a quick balance transfer. That’ll cut the interest part of the payment for a few months while the President and team shuffle funds around to hit the minimum payment.
Deep state is pushing out fake news to discredit glorious leader’s amazing tax plan to protect the wealthy and the corporations from being victimized by the rest of the masses.
It’s as if you didn’t read a single thing in my OP.
In FY2018, which includes 4 months prior to the tax bill going in to effect via new payroll withholding tables, we have only pulled in $30 billion more than the same period in FY2017. If you limit it to the months since the tax bill has gone into effect (Feb 2018 - June 2018), we have collected $15 billion less in receipts than the same period in 2017. That’s including the surge in April receipts due to higher than expected results from CY2017. Seeing how June 2018 showed almost $25 billion less than June 2017, we could very well see FY2018 show a negative delta compared to FY2017 by next month.
Indeed, every month that the tax law has been in effect with the new withholding tables, we’ve seen a negative delta except for April. The revenue spike we see in April is due to economic activity in 2017 and not a result of the tax bill:
Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year. [1]
I’m showing some months are up and some are below and it appears it’s trending in the right direction. My gosh people…do you really not have a life besides complaining?
Absolutely. I encountered it hardcore with the “crisis actors” meme that was going around where David Hogg was interviewed while on vacation in CA. It took quite a bit of effort to finally convince a couple people on facebook that it was utterly BS. And these are relatively intelligent people that I know in real life. It’s crazy.
