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Thread: CBO: Individual, corporate income tax revenue down

  1. #121
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    Re: CBO: Individual, corporate income tax revenue down

    Quote Originally Posted by Vadinho View Post
    The only way tax cuts for the very top would increase revenues is if they were the result of high earners realizing capital gains because their tax rates dropped. Its a short term thing and does not result in long term revenue growth, it is merely a way for those with huge untaxed gains to realize them at lower tax rates. Recent reports show that most of all the tax savings created by Trump for corporations went to stock buybacks not salaries.
    Tax cuts is a form of fiscal simiulus that specifically targets disposible income, not salaries. There is evidence of disposable income increasing.



    Taxes are what corporations pay AFTER all other expenses are paid, which would include wages. The savings from tax changes cannot be used to increase salaries, by definition.
    Last edited by Hedgology; 02-05-19 at 02:18 AM.
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    Re: CBO: Individual, corporate income tax revenue down

    Quote Originally Posted by Hedgology View Post
    Tax cuts is a form of fiscal simiulus that specifically targets disposible income, not salaries. There is evidence of disposable income increasing.



    Taxes are what corporations pay AFTER all other expenses are paid, which would include wages. The savings from tax changes cannot be used to increase salaries, by definition.
    What the left doesn't seem to understand is the benefits corporations provide to the community in terms of employment, social spending, wages, bonuses, pensions. Corporations aren't people so the indirect benefits aren't as easily measured but the reality is millions of Americans received bonuses, wage increases, benefit enhancements, pension boosts all benefiting the state and local consumers thus the state and local revenue coffers

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    Re: CBO: Individual, corporate income tax revenue down

    Quote Originally Posted by Hedgology View Post
    Tax cuts is a form of fiscal simiulus that specifically targets disposible income, not salaries. There is evidence of disposable income increasing.



    Taxes are what corporations pay AFTER all other expenses are paid, which would include wages. The savings from tax changes cannot be used to increase salaries, by definition.
    I hope you also agree that corporations have tax accountants that anticipate future tax liabilities and can make recommendations on how to use that information long before one does an actual return. It's called planning. Here is the thing though because you make a great point, the tax cuts from the right are always sold in the same way. Less taxes for Corp A, more wages for their employees. Its all bull but it sells.
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    Re: CBO: Individual, corporate income tax revenue down

    Quote Originally Posted by Lakryte View Post
    Because the tax cuts were to a subset of revenue. Without the tax cuts, corporate revenue would be higher, and the deficit would not have increased by the same amount. Do you deny the fact that corporate tax revenue is lower because of the tax cuts? Or are you trying to claim that corporate tax revenue would have decreased even without the tax cuts?
    Its irrelevant. Without SPENDING more, the deficit would not have increased.

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    Re: CBO: Individual, corporate income tax revenue down

    Quote Originally Posted by Conservative View Post
    What Trump did the last two years is drowned out by investigation after investigation and 24/7 Trump bashing. The economic results are there for all to see but you choose to ignore them and buy what you are told. In two years Trump has added 2 trillion to GDP, 4.7 million NEW jobs both records that haven't been matched by any other President. State and local tax revenue has set records, S&P companies have paid out record dividends, charitable giving is setting records so why aren't these being addressed nor the 50% of income earners not paying any FIT?
    Are the economic results worth an additional 2 trillion in debt? Why are YOU, a conservative, trying to defend this debt?

  6. #126
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    Re: CBO: Individual, corporate income tax revenue down

    Quote Originally Posted by jonny5 View Post
    Are the economic results worth an additional 2 trillion in debt? Why are YOU, a conservative, trying to defend this debt?
    What 2 trillion?

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    Re: CBO: Individual, corporate income tax revenue down

    Quote Originally Posted by Conservative View Post
    the Obama statement, "If you like your doctor and your plan you can keep it"

    I lost my doctor and lost my plan and that lie actually cost me money
    First, what does this have to do with the title of your OP? This is the type of incoherent rambling I expect from a bad bot.

    Second, do you not know how grandfathering works? The ACA did, in fact, allow you to keep your plan and your doctor so long as your coverage didn't change after the signing of the ACA. However, if you or your insurance company decided to change your plan for whatever reason after the ACA went into effect then it would obviously need to follow the ACA guidelines going forwards. That's just basic grandfathering. For example when a lot of the laws protecting the disabled went into effect... They didn't go around and force everyone to remodel their bathroom, or build a wheelchair ramp, or put a new elevator in. However, if a business decided to do any type of significant remodeling they would be required to bring themselves up to code. If you didn't understand that it's your own dumb fault.

    Quote Originally Posted by Conservative View Post
    name for us all any lie that Trump made that cost you and your family any money?
    The title of this very thread holds that answer. Republicans told us that their tax cuts would generate so much revenue that there would be no deficit. Wrong! Our deficits are growing for no good reason and that is going to cost us all more money down the road.

    Second, "We're going to build a wall, and Mexico is going to pay for it!" Remember that one? Turns out Mexico isn't paying for ****, and now Trump is demanding we fund his stupid wall even though nobody actually wants the dumb thing.
    Obstruction of Justice also applies to overt coercion of court or government officials via the means of threats or actual physical harm and also applying to deliberate sedition against a court official to undermine the appearance of legitimate authority.

  8. #128
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    Re: CBO: Individual, corporate income tax revenue down

    Quote Originally Posted by MrWonka View Post
    First, what does this have to do with the title of your OP? This is the type of incoherent rambling I expect from a bad bot.

    Second, do you not know how grandfathering works? The ACA did, in fact, allow you to keep your plan and your doctor so long as your coverage didn't change after the signing of the ACA. However, if you or your insurance company decided to change your plan for whatever reason after the ACA went into effect then it would obviously need to follow the ACA guidelines going forwards. That's just basic grandfathering. For example when a lot of the laws protecting the disabled went into effect... They didn't go around and force everyone to remodel their bathroom, or build a wheelchair ramp, or put a new elevator in. However, if a business decided to do any type of significant remodeling they would be required to bring themselves up to code. If you didn't understand that it's your own dumb fault.



    The title of this very thread holds that answer. Republicans told us that their tax cuts would generate so much revenue that there would be no deficit. Wrong! Our deficits are growing for no good reason and that is going to cost us all more money down the road.

    Second, "We're going to build a wall, and Mexico is going to pay for it!" Remember that one? Turns out Mexico isn't paying for ****, and now Trump is demanding we fund his stupid wall even though nobody actually wants the dumb thing.
    The title of the thread is making a mountain out of a mole hill as the benefits corporations provide to the community, their employees, and the state is always underwhelming to a liberal who simply looks at numbers. What benefit do you think the 3 million Americans who got bonuses, pay raised, pending enhancements, benefit increases got out of those corporate tax cuts? Or how about the record dividends being paid to S&P 500 shareholders? Keep ignoring that taxable income is affected by those increases in pay and benefits but don't let that reality get in the way of your lack of understanding of our economy and the true role of the federal govt. which isn't to increase gov't revenue every year

  9. #129
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    Re: CBO: Individual, corporate income tax revenue down

    Quote Originally Posted by jonny5 View Post
    Its irrelevant. Without SPENDING more, the deficit would not have increased.
    False. If spending is constant, and revenue declines, that makes the deficit higher than it would otherwise be. Had corporate revenue not declined as a result of the tax cuts, the deficit would have actually decreased compared to the prior year (as is normal under a growing economy). That's simply a mathematical fact.
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  10. #130
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    Re: CBO: Individual, corporate income tax revenue down

    Quote Originally Posted by Conservative View Post
    Your thread topic is misleading, total tax revenue is UP in the first qtr. of 2019 and set records for calendar year 2018 and that defies liberal logic that tax cuts reduce federal revenue. The point remains however tax cuts increase economic activities and since Trump took office 4.7 million new jobs have been created thus new taxpayers and htat has boosted all revenue streams and in particular state and local revenues giving the states more opportunity to take over the social responsibilities delegated to the federal bureaucrats
    From the first page of the report:

    "Individual income and payroll (social insurance) taxes together fell by $1 billion (or less than 1 percent)."

    From page 2:

    "Corporate income taxes declined by $9 billion (or 15 percent). That decline largely reflects changes made by the 2017 tax act, which lowered the income tax rate for most corporations to 21 percent from the prior top statutory rate of 35 percent."

    Those falling revenues from corporations are permanent, while the tiny, paltry tax reduction for us serfs is temporary. And those corporations are not spending that $9 billion on hiring or raising salaries, they are using it to buy back stock and create dividends for their shareholders.

    Gee, thanks, Trump and the GOP. What a great accomplishment.

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