Trend Continues: Less Revenue From Tax Bill

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.

Here are the figures:

FY 2017 [2] .
October 221692
November 199875
December 319204
January 344069
February 171713
March 216584
April 455605
May 240418
June 338660
July 232040
August 226311
September 348722

FY 2018 .
October 235341
November 208374
December 325797
January 361038
February 155623
March 210832
April 510447
May 217075
June 314000
  1. https://www.cbo.gov/publication/54156
  2. https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/current.htm

Fake news. Democrat obstruction. Deep State sabotage.

Or: Good. Starve the beast. You know, we really need to cut Medicare and Social Security for the benefit of future generations!

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Well, this was completely unpredictable.

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.

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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.

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New season of The Walking dead?

FY 2017 October to June was 2,507,820. FY 2018 October to June is 2,539,527. By my calculation, tax revenue is up 31,707 from last year at this time. :+1:

Wait a second if I cut my revenue streams I take in less money?

That almost seems like common sense. But I guess common sense is now a liberal plot.

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You can’t make this ■■■■ up. Lol!

https://www.teapartypatriots.org/news/six-months-later-tax-reform-is-still-working/

The effects of the tax cut are just now being seen. Since April, almost all revenues are due to current tax law and are down for May and June.

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.

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Who could forget this recent gem?

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]

  1. https://www.cbo.gov/publication/53821

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?

I wouldn’t worry about having to repeat this much more. I think we are unlikely to see that particular poster or any conservatives in this thread.

Read
The
OP

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I assume this was taken today, on the National Mall? These principled Tea Partiers care deeply about this issue.

Trending in the right direction? Math is hard.

Ideological Truth is fascinating to behold in action, isn’t it?

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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.