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

[exGOPer]

It’s time to put to rest any notion that Trump’s signature tax cuts are paying for themselves. Anyone who says otherwise is lying with numbers.

A year after the $1.5 trillion tax-cut package took effect, economic growth has accelerated, just as Republicans promised it would when pushing the law through Congress. Growth appears likely to hit 3 percent for 2018, after adjusting for inflation, which is a full percentage point higher than the Congressional Budget Office forecast for the year in 2017. Not all of that increase is attributable to the tax cuts, but some of it is.

That’s good news for Republicans’ longstanding claim that cutting taxes would provide such an economic bump that additional tax revenue would flow in to make up for what was lost through lower tax rates.

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 actuallyfell.


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

 

[TJustice]

I say the NYT is likely fake news... again.

its seems but it is not clear... the The Fiscal year the NYT reported... includes 3 months from 2017 before the tax cuts were in.

I say that because here we see not only was GDP up big, 4.9%... but tax revenues in 2018 were up 5%.

Hence even though you frequently have to wait 2 years to see the revenue increase... we got it in the first year.


https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/

The Treasury Department reported this week that individual income tax collections for FY 2018 totaled $1.7 trillion. That's up $14 billion from fiscal 2017, and an all-time high. And that's despite the fact that individual income tax rates got a significant cut this year as part of President Donald Trump's tax reform plan.

Income Taxes After Trump Tax Cuts
True, the first three months of the fiscal year were before the tax cuts kicked in. But if you limit the accounting to this calendar year, individual income tax revenues are up by 5% through September.

Other major sources of revenue climbed as well, as the overall economy revived. FICA tax collections rose by more than 3%. Excise taxes jumped 13%.

The only category that was down? Corporate income taxes, which dropped by 31%.

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It’s time to put to rest any notion that Trump’s signature tax cuts are paying for themselves. Anyone who says otherwise is lying with numbers.

A year after the $1.5 trillion tax-cut package took effect, economic growth has accelerated, just as Republicans promised it would when pushing the law through Congress. Growth appears likely to hit 3 percent for 2018, after adjusting for inflation, which is a full percentage point higher than the Congressional Budget Office forecast for the year in 2017. Not all of that increase is attributable to the tax cuts, but some of it is.

That’s good news for Republicans’ longstanding claim that cutting taxes would provide such an economic bump that additional tax revenue would flow in to make up for what was lost through lower tax rates.

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 actuallyfell.


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

 

[Spike Trader]

MAGA :


IRS tax refunds are down 8.4 percent under Trump tax plan: ‘There are going to be a lot of unhappy people’


The IRS released statistics that show that tax refunds are down by 8.4 percent after the first full-year under President Donald Trump’s 2017 tax overhaul plan.

“There are going to be a lot of unhappy people over the next month,” Edward Karl, vice president of taxation for the American Institute of CPAs told Politico. “Taxpayers want a large refund.”

Another factor that contributes to the decrease in refunds is the government shutdown. The shutdown lasted five weeks and was the longest shutdown in history.

“Various factors could have played a part in the filing decrease so far, including the federal government shutdown that ended just three days before filing season opened Jan. 28,” the report said.

“The IRS had recalled previously furloughed workers during the closure to prepare, but thousands didn’t return when summoned and a backlog was expected to greet them when they did,” the report said.

The IRS is encouraging people to file early.

“IRS systems are operating smoothly to start the filing season, and refunds are being issued,” a statement said. “The IRS encourages taxpayers to e-file as the quickest way to receive their refunds.”

 

[Cuddles]

MAGA :


IRS tax refunds are down 8.4 percent under Trump tax plan: ‘There are going to be a lot of unhappy people’


The IRS released statistics that show that tax refunds are down by 8.4 percent after the first full-year under President Donald Trump’s 2017 tax overhaul plan.

“There are going to be a lot of unhappy people over the next month,” Edward Karl, vice president of taxation for the American Institute of CPAs told Politico. “Taxpayers want a large refund.”

Another factor that contributes to the decrease in refunds is the government shutdown. The shutdown lasted five weeks and was the longest shutdown in history.

“Various factors could have played a part in the filing decrease so far, including the federal government shutdown that ended just three days before filing season opened Jan. 28,” the report said.

“The IRS had recalled previously furloughed workers during the closure to prepare, but thousands didn’t return when summoned and a backlog was expected to greet them when they did,” the report said.

The IRS is encouraging people to file early.

“IRS systems are operating smoothly to start the filing season, and refunds are being issued,” a statement said. “The IRS encourages taxpayers to e-file as the quickest way to receive their refunds.”

They'll just blame it on the immigrants. It's easier than comparing past tax returns.

 

[CaptainObvious]

Looks like several million people got caught in the IRS shell game. They took less out during the year, but now want it all back. Perhaps people will someday figure out what they give you one day they want twice that back the next. Trump on meaningful tax reform...fail. Business as usual. You didn't really think the government would actually give you something for nothing?

 

[newwurldmn]

Looks like several million people got caught in the IRS shell game. They took less out during the year, but now want it all back. Perhaps people will someday figure out what they give you one day they want twice that back the next. Trump on meaningful tax reform...fail. Business as usual. You didn't really think the government would actually give you something for nothing?

It was meaningful reform. It was meaningful corporate reform.

Here’s how it played out: trump said in the debates he believed in trickle down economics. This tax bill is trickle down economics. Give tax cuts to the corporations and they will invest and they will hire more people at higher wages. That did actually happen a bit.

You all thought you were getting a tax cut because you heard the word “tax cuts” and then immediately were told to focus on black nfl players kneeling for the national anthem. Remember how all that stopped as soon as the nfl playoffs started (in January of 2018, tax reform was passed in December 2017)?

So this was actually a massive trump (and the republicans) victory. He got the bill he wanted and his base was none the wiser. The fail is on you.