It's Official: The Trump Tax Cuts Didn't Pay for Themselves in Year One

[applegrove]

It’s Official: The Trump Tax Cuts Didn’t Pay for Themselves in Year One

https://www.nytimes.com/2019/01/11/business/trump-tax-cuts-revenue.html

By Jim Tankersley at the New York Times

"SNIP.....


But the bad news is that hasn’t happened. The additional tax revenue has yet to show up, even with stronger growth.

Data released this week by the budget office provides the first complete picture of federal revenues for the 2018 calendar year, when the tax cuts were in full effect. (The government’s 2018 fiscal year included three months from the end of 2017, when most of the tax cuts were not in effect.)

In the inaugural year of the tax cuts — with economic growth accelerating and the jobless rate falling to an 18-year low — federal revenues from corporate, payroll and personal income taxes actually fell.

That’s true whether you adjust revenues and growth for inflation — or not.


.....SNIP"

[applegrove]

1. Keyneseyan spending under Obama would have increased growth too.

The difference is who sees the money. The rich or the poor. Wages have not gone up.

[FakeNoose]

2. The good news is that "trickle up" theory works great

... Just like it was supposed to.

[applegrove]

3. I changed the out takes. Yes with tax revenues not going up that implies

incomes are not going up...at least not for those who pay taxes and don't have their own hedge fund.

[cstanleytech]

4. What our guys need to do to get taxes raised is propose a spending bill that guts military spending

like a fish in red states.
You will then suddenly see alot of crying and perhaps some Repugnants more willing to raise the taxes on the ultra wealthy and corporations to a level where they are actually paying their fair share.

[oasis]

5. Bamboozled his flock of deplorables.

[smirkymonkey]

6. What a surprise!

Who ever would have guessed.