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DogMan · 61-69, M
Let's compare these results with Obama's last full fiscal year in office, 2016.
Individual income tax revenues went up by a mere 0.3%, Treasury data show. Fiscal 2016 also saw a 13% drop in corporate income taxes. FICA tax collections climbed by less than 1%. Excise tax collections dropped almost 3%.
Overall revenues increased by 0.5% — about the same as this year. The deficit? It climbed by $148 billion.
So, in other words, the government did better on revenues and deficits in the year after Trump's tax cuts went into effect than it did in Obama's last year in office.
Corporate income taxes went DOWN under Obama.
Individual income tax revenues went up by a mere 0.3%, Treasury data show. Fiscal 2016 also saw a 13% drop in corporate income taxes. FICA tax collections climbed by less than 1%. Excise tax collections dropped almost 3%.
Overall revenues increased by 0.5% — about the same as this year. The deficit? It climbed by $148 billion.
So, in other words, the government did better on revenues and deficits in the year after Trump's tax cuts went into effect than it did in Obama's last year in office.
Corporate income taxes went DOWN under Obama.
Patriot96 · 56-60, C
Eliminate useless bureaucracy
DogMan · 61-69, M
FYI Under the Reagan tax cuts, Tax revenue went from 517 billion, to over 1 Trillion.
and the GDP more than doubled.
and the GDP more than doubled.
Corporalcolleague · 61-69, M
do you really believe this administration will decrease the deficit? Trump 1.0 raised the deficit far greater than than the Biden administration did...you would think decreased spending could do it but when you decrease taxes where's the offset?
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DogMan · 61-69, M
@Corporalcolleague I do agree that there are many unscrupulous business owners, I am not one of them.
I pay my employees very well. Some over 6 figures. During the 2008 recession, and during the pandemic
we lost a lot of business. I went without pay, and the company my wife owns that does our books did not
charge my company. We lost a lot of money, but we did it so that I could keep everyone employed.
All companies are not greedy, many just want to lower their tax burden..
I pay my employees very well. Some over 6 figures. During the 2008 recession, and during the pandemic
we lost a lot of business. I went without pay, and the company my wife owns that does our books did not
charge my company. We lost a lot of money, but we did it so that I could keep everyone employed.
All companies are not greedy, many just want to lower their tax burden..
MasterLee · 56-60, M
Going to be a great 4 years.
DogMan · 61-69, M
Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts
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06:30 PM ET 10/16/2018
Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.
FacebookXLinkedInShare Licensing
06:30 PM ET 10/16/2018
Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected.
DogMan · 61-69, M
Hopefully the DEI office is the first to go. They are useless, and create problems out of nothing.
nudistsueaz · 61-69, F
I wonder, why wouldn't they want to stop the waste of tax dollars? Maybe because it will adversely affect the money they pocket?
nudistsueaz · 61-69, F
@Patriot96 Honestly, it's not all Dems. There RINO's there as well.
@nudistsueaz from how to destroy the west.
nudistsueaz · 61-69, F
@soar2newhighs Well something we don't have to worry about for at least four more years.
Theyitis · 36-40, M
Puhlease, how big were Trump’s deficits in his first term? I assure you we’re not worried about Trump “getting spending under control and decreasing the deficit.” Ain’t gonna happen. Any cuts made to government programs that help people will be more than counterbalanced by further tax cuts for rich guys like Elon and Vivek.
DogMan · 61-69, M
@Theyitis Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts
FacebookXLinkedInShare Licensing
06:30 PM ET 10/16/2018
Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected
FacebookXLinkedInShare Licensing
06:30 PM ET 10/16/2018
Taxes: Critics of the Trump tax cuts said they would blow a hole in the deficit. Yet individual income taxes climbed 6% in the just-ended fiscal year 2018, as the economy grew faster and created more jobs than expected
Theyitis · 36-40, M
@Patriot96 You think rich men create jobs simply out of the goodness of their hearts? Or just because they have some extra cash burning a hole in their pockets? Nope! They have excess cash, they give themselves a bonus and store it away in offshore accounts, permanently removing it from the economy; however, if there’s more demand you can bet they’ll create more jobs to accommodate that. What creates more demand? More money in the hands of people most likely to spend it. That means middle and working classes, especially people that live paycheck-to-paycheck. In that sense, poor people do create jobs!
From
how to destroy the West;
how to destroy the West;
Spotpot · 41-45, M
Keep Trumps tax cuts for billioniers cut spending on programs that helos the poor and the working class to make upp for it thats DOGE.
sunsporter1649 · 70-79, M
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DogMan · 61-69, M
@Carla Initially? Well, at 65 I'm still working. I have to pay for a lot of people that did not work as hard as I, and
did not risk as much as I did. But that's OK, I still donate and give to others. Because that's what compassionate
conservatives do. Your welcome.
P.S. If you had a giant tax burden like I do, you would want them lowered.
did not risk as much as I did. But that's OK, I still donate and give to others. Because that's what compassionate
conservatives do. Your welcome.
P.S. If you had a giant tax burden like I do, you would want them lowered.