Income Tax Revenues Are Up 9% This Year — Is Trump Tax Cut Paying For Itself?

[Right_in_Virginia]

Income Tax Revenues Are Up 9% This Year — Is Trump Tax Cut Paying For Itself?
Investor's Business Daily, Jul 11, 2018

Supply-Side Economics: Democrats scoffed at Republicans who said the Trump tax cuts would at least partially pay for themselves through higher economic growth. But it looks like the GOP had it right all along, as revenues climb.

The latest monthly budget report from the nonpartisan Congressional Budget Office finds that revenues from federal income taxes were $76 billion higher in the first half of this year, compared with the first half of 2017. That's a 9% jump, even though the lower income tax withholding schedules went into effect in February.

The CBO says the gain "largely reflects increases in wages and salaries."

For the fiscal year as a whole — which started last October — all federal revenues are up by $31 billion. That's a 1.2% in increase over last year, the CBO says.

The Treasury Department, which issues a separate monthly report, says it expects federal revenues will continue to exceed last year's for the rest of the 2018 fiscal year.



More:  https://www.investors.com/politics/editorials/income-tax-revenues-trump-tax-cuts-economic-growth/

[endicom]

That's the 'magic' of an improved economy with increased employment.

[Bigun]

Historically tax cuts have always paid for themselves.

[To-Whose-Benefit?]

Historically tax cuts have always paid for themselves.

Yes, it really IS that simple, that easy to understand.

Shitcan the Class Warfare of Socialism and everything in life gets better.

[Bigun]

Yes, it really IS that simple, that easy to understand.

Shitcan the Class Warfare of Socialism and everything in life gets better.

@To-Whose-Benefit?

You might be interested in reading this:

Taxes for Revenue Are Obsolete (1945)

By Beasrdsly Ruml

Mr. Ruml, a former economic advisor to Franklin Roosevelt and a director of the New York FED, read this paper before the American Bar Association during the last year of the war. It attracted then less attention than it deserved and is even more timely now.

https://www.garynorth.com/public/17569.cfm

For those who don't wish to take the time to read it, the long and the short of it is that they (our current tax system) is for social engineering much more than anything else.

[To-Whose-Benefit?]

@Bigun

Thanks. Against stupidity we can never be too well armed.

[SirLinksALot]

RE: Is Trump Tax Cut Paying For Itself?

NOPE, NOT WHEN HE SIGNS A BUDGET THAT MORE THAN INCREASES SPENDING AND THE DEFICIT WHICH CANNOT BE PAID FOR EVEN WITH INCREASED REVENUE.

SOLUTION: KEEP THE TAX CUTS, SLOW DOWN THE SPENDING INCREASES. <--- This will never happen.

[Bigun]

RE: Is Trump Tax Cut Paying For Itself?

NOPE, NOT WHEN HE SIGNS A BUDGET THAT MORE THAN INCREASES SPENDING AND THE DEFICIT WHICH CANNOT BE PAID FOR EVEN WITH INCREASED REVENUE.

SOLUTION: KEEP THE TAX CUTS, SLOW DOWN THE SPENDING INCREASES.

How about we just shit can the Marxist income tax system entirely and go with the system our founders universally endorsed!  Taxes on articles of consumption at retail only!

http://fairtax.org