May deficit hit $208B- 42% over last year

[Peter1469]

May deficit hit $208B- 42% over last year (https://thehill.com/policy/finance/448220-may-deficit-surges-to-208b-42-percent-higher-than-last-year)

This is simply inexcusable. Congress needs to stop spending money that we don't have.


The federal deficit in May reached $208 billion, surging 42 percent over last May’s monthly deficit figure, according to new Treasury Department data (https://www.fiscal.treasury.gov/files/reports-statements/mts/mts0519.pdf) released Wednesday.

The figure put the cumulative deficit for the eight months of fiscal 2019 at $739 billion, within range of the full 2018 deficit, which amounted to $779 billion, according to the Treasury figures. Treasury estimates that the full deficit will exceed $1 trillion by the time the fiscal year wraps up at the end of September.

Read the rest at the link.

[alexa]

I thought lowering taxes always increased revenue.


Actually, I knew that was bullshit. This was completely predictable.

[Peter1469]

I thought lowering taxes always increased revenue.


Actually, I knew that was bullshit. This was completely predictable.
The US did increase revenue from personal income taxes from the tax cut.

The US lost revenue from the corporate income tax rate cut. Which is good for customers and employees since they are the ones that pay the tax.

[DGUtley]

I thought lowering taxes always increased revenue. Actually, I knew that was bullshit. This was completely predictable.



Not b.s.: https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762

[alexa]

The US did increase revenue from personal income taxes from the tax cut.

The US lost revenue from the corporate income tax rate cut. Which is good for customers and employees since they are the ones that pay the tax.

Tax revenues are down.

Corporate tax revenues are down and personal tax revenues are flat.

Tax cuts don't increase tax revenues and they never have.

[Peter1469]

Tax revenues are down.

Corporate tax revenues are down and personal tax revenues are flat.

Tax cuts don't increase tax revenues and they never have.
It is demonstrably incorrect to say that tax cuts do not increase tax revenues. It is also incorrect to say that all tax cuts increase revenue. JFK, Reagan, Bush the Younger, and now Trump has seen tax revenue raise due to tax cuts (for Trump, only personal income tax). Here is a chart from Bush the Younger's tax cuts.26160

[alexa]

It is demonstrably incorrect to say that tax cuts do not increase tax revenues. It is also incorrect to say that all tax cuts increase revenue. JFK, Reagan, Bush the Younger, and now Trump has seen tax revenue raise due to tax cuts (for Trump, only personal income tax). Here is a chart from Bush the Younger's tax cuts.26160

WASHINGTON—Federal tax revenue declined 0.4% in 2018, the first full calendar year under the new tax law, despite robust economic growth and the lowest unemployment rate in nearly five decades.

https://www.wsj.com/articles/u-s-tax-revenue-declined-0-4-in-2018-11550084426

[Peter1469]

[/FONT][/COLOR]https://www.wsj.com/articles/u-s-tax-revenue-declined-0-4-in-2018-11550084426

Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts (https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/)

Yet individual income taxes climbed 6% in the just-ended fiscal year 2018,

[alexa]

Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts (https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/)


Except they didn't


Total federal tax revenues in the first eight months of fiscal 2019 hit $2,274,902,000,000, which fell $5,612,990,000 short of the record $2,280,514,990,000 (in constant May 2019 dollars) that the Treasury collected in total tax revenues in the first eight months of fiscal 2016.

https://www.cnsnews.com/news/article/terence-p-jeffrey/federal-spending-tops-3-trillion-through-may-first-time-deficit-hits

[Peter1469]

Except they didn't



[/FONT][/COLOR]https://www.cnsnews.com/news/article/terence-p-jeffrey/federal-spending-tops-3-trillion-through-may-first-time-deficit-hits

You are pointing to different fiscal years.

[Hoosier8]

I thought lowering taxes always increased revenue.


Actually, I knew that was bull$#@!. This was completely predictable.

It did, record Federal revenues but tax cuts are not the issue, spending is, and the elephant in the room is mandatory spending (freebies) which is the majority of Federal Spending and growing. When republicans try to address it they get pilloried. Democrats have promised not to address it.

[alexa]

Go Figure: Federal Revenues Hit All-Time Highs Under Trump Tax Cuts (https://www.investors.com/politics/editorials/trump-tax-cuts-federal-revenues-deficits/)




You are pointing to different fiscal years.


What part of all-time confuses you?

[Peter1469]

What part of all-time confuses you?
I am not confused about anything when it comes to tax revenue and spending.