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Revenue for 1st Quarter of FY2020 up 5%

Tbird19482 said:
You are 100% correct there.
all some people can do is repeat the right wing talking points ( a lot of them out right lies ) and most of them believe them
and as you can see there are people on here that can't be bothered to do a little research before they run their mouths off and keep making fools of themselves
have a nice day
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PS
the best Republican lie I keep hearing is that Obama doubled the debt
Fact is there have only been two Presidents in the last 50 years that doubled the debt and both of them were Republicans
Reagan almost tripled it and Bush II doubled it
IF Obama did it then we would have had a debt of over 23 Trillion dollars when Trump took over
when Obama took over the debt it was 11.6 Trillion dollars and if he doubled it as I said it would have been 23.2 Trillion and it was in the mid 19 Trillion dollar range when Trump took over
Fact is a lot of them don't bother to do any research into anything and just believe all the right wing lies
have a nice day
 
Tbird19482 said:
and most of the programs they want will never passed because they would cost too much
they may get some smaller programs passed
and a lot of these programs would benefit the American people and not just the rich and large Corps.
Have a nice day
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So, you're saying that I should vote for someone who says up front they want to spend 93 trillion dollars because I should be smart enough to know that it ain't gonna happin anyway? That should be my motivation to vote for someone?
 
Moderate Right said:
So, you're saying that I should vote for someone who says up front they want to spend 93 trillion dollars because I should be smart enough to know that it ain't gonna happin anyway? That should be my motivation to vote for someone?
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Well first of all you don't seem smart enough to know that this probably would not get passed because you aren't smart enough to realize that what you hear on fox news is just right wing trash
Vote for who you want, and I hope you vote for the best person for the job and not strictly by party lines
But I don't think you will
Most brain dead right wingers aren't
have a nice day
 
Tbird19482 said:
Well first of all you don't seem smart enough to know that this probably would not get passed because you aren't smart enough to realize that what you hear on fox news is just right wing trash
Vote for who you want, and I hope you vote for the best person for the job and not strictly by party lines
But I don't think you Most brain dead right wingers aren't
have a nice day
Click to expand...

Brain dead rightwingers?? Name calling is what you liberals do as actual results don't resonate with you. Keep running from reality as obviously nothing changes the mind of a cult follower who are the real brain dead people promoting spending in the name of compassion without getting compassionate results and promoting class envy and jealousy over people keeping more of what they earn. If you are paying withholding you got a take home pay increase due to the President's tax cuts, if you are paying more in FIT it is due to your deduction changes probably resulting in the inability to fully deduct your state and local taxes. Prove me wrong
 
Bullseye said:
. . . And?
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Well, we won't have time before the election to find out if this trajectory is correct.

I'm waiting to hear if they made 3.33 Trillion in 2019.
 
Bullseye said:
Not an unusual situation - the rule rather than the exception. Excess spending is a bipartisan affliction. :cool:
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It's mostly a Democrat affliction: Social Security; Medicare, Medicaid, SSI. Every time Republicans brought up reforming entitlement programs, which is where most of the money goes, Democrats railed about how Republicans were meanies and wanted to beat up on little old ladies and poor people. Obviously, if you want to be reelected you need to be nice to the old folks especially, since they vote. Now Democrats like Uncle Bernie want to spend an additional $60-$90 trillion on Green New Deals, Medicare for All, and the failed socialist model of a government job for anyone who wants one.
 
Exquisitor said:
Well, we won't have time before the election to find out if this trajectory is correct.

I'm waiting to hear if they made 3.33 Trillion in 2019.
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They did, and then some: According to US Treasury revenue was $3.462 Trillion.
 
Tbird19482 said:
and most of the programs they want will never passed because they would cost too much
they may get some smaller programs passed
and a lot of these programs would benefit the American people and not just the rich and large Corps.
Have a nice day
Click to expand...
Fact is... Everything stated after "fact is", is probably made up.
 
The most appropriate test of the revenue impact of TCJA is to compare (a) actual revenues in FY2018 with (b) predicted revenues in FY2018 assuming Congress had not passed the legislation. In fact, the actual amount of revenue collected in FY2018 was significantly lower than the Congressional Budget Office (CBO)’s projection of FY2018 revenue from January 2017—before the tax cuts were signed. The shortfall is $275 billion, or 7.6 percent of revenues that were expected before the tax cuts took place. Given that the economy grew, unless one can find some other change that caused a large revenue loss, the data imply that TCJA reduced revenues (Figure 1) – substantially.
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Did the Tax Cuts and Jobs Act Pay for Itself in 2018? (TPC). This thread was started to try to prove something that wasn't true. The implication is that the TCJA improved our tax revenue situation. It did not.

People (ideologues, partisans) like to post numbers out of context to demonstrate things they don't demonstrate. The economy grew (it almost always does). Inflation grew (it almost always does). Tax revenue went up (it almost always does). In this case, tax revenue went up less than they would have had the tax cuts not occurred. Spending, however, went up faster than revenues (it frequently does). The deficit grew (predictably), and is historically high. Tax revenue of $3.4 trillion cannot keep up with spending of $4.4 trillion. Basic math.
 
Bullseye said:
They did, and then some: According to US Treasury revenue was $3.462 Trillion.
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So I'm going to want a link on that.

Well, so yous can do what you want then.
 
Exquisitor said:
So I'm going to want a link on that.

Well, so yous can do what you want then.
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Mnuchin and Vought Release Joint Statement on Budget Results for Fiscal Year 2019 | U.S. Department of the Treasury

Governmental receipts totaled $3,462 billion in FY 2019. This was $133 billion higher than in FY 2018, an increase of 4.0 percent, above expectations from the Budget, but $10 billion below the MSR estimate. As a percentage of GDP, receipts equaled 16.3 percent, 0.1 percentage point lower than in FY 2018 and 1.1 percentage points below the average over the last 40 years. The nominal increase in receipts for FY 2019 can be attributed primarily to higher social insurance and retirement receipts, net individual income tax receipts, customs duties, net corporation income tax receipts, and excise taxes, partially offset by lower deposits of earnings by the Federal Reserve, and other miscellaneous receipts.

Revenue has never been a problem. We collect more than enough to pay for the mandated responsibilities of govt. But certainly not enough to pay for half the countrys food, housing education, healthcare, and retirement.
 
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MTAtech said:
The details say that most were higher withholding tax for workers. That seems to mean that taxes on workers are higher. Corporate income taxes were higher too, after the sharp drop last year.
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Maybe it means workers are making more and therefore having more withheld. Also remember the first year there was a lot of confusion about withholdings tables. Maybe this just shows that getting squared away.
 
jonny5 said:
Mnuchin and Vought Release Joint Statement on Budget Results for Fiscal Year 2019 | U.S. Department of the Treasury

Governmental receipts totaled $3,462 billion in FY 2019. This was $133 billion higher than in FY 2018, an increase of 4.0 percent, above expectations from the Budget, but $10 billion below the MSR estimate. As a percentage of GDP, receipts equaled 16.3 percent, 0.1 percentage point lower than in FY 2018 and 1.1 percentage points below the average over the last 40 years. The nominal increase in receipts for FY 2019 can be attributed primarily to higher social insurance and retirement receipts, net individual income tax receipts, customs duties, net corporation income tax receipts, and excise taxes, partially offset by lower deposits of earnings by the Federal Reserve, and other miscellaneous receipts.

Revenue has never been a problem. We collect more than enough to pay for the mandated responsibilities of govt. But certainly not enough to pay for half the countrys food, housing education, healthcare, and retirement.
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We're still a Trillion dollars in the black.

Well, good luck guys.
 
Bullseye said:
Maybe it means workers are making more and therefore having more withheld. Also remember the first year there was a lot of confusion about withholdings tables. Maybe this just shows that getting squared away.
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Wages aren’t up 5% except for minimum wage workers, who got a raise because some states raised it Jan 1. But this report is December, so that ain’t it.

More likely, it’s because many workers are paying higher federal taxes because their state and local taxes are capped.
 
MTAtech said:
Wages aren’t up 5% except for minimum wage workers, who got a raise because some states raised it Jan 1. But this report is December, so that ain’t it.

More likely, it’s because many workers are paying higher federal taxes because their state and local taxes are capped.
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That number is in relation to last year's number at this time.
I agree the SALT cap might be involved as well, mostly for higher end earners.
 
Bullseye said:
That number is in relation to last year's number at this time.
I agree the SALT cap might be involved as well, mostly for higher end earners.
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It's hard to find a modest home in the NY suburbs that doesn't have at least a $10K property tax bill.
 
MTAtech said:
It's hard to find a modest home in the NY suburbs that doesn't have at least a $10K property tax bill.
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It is equally hard to find a place to rent for which the rent does not far exceed the property tax bill. There is no reason that "taxation of income from all sources" should have anything to do with how or upon who that income was later spent.
 
Bullseye said:
They did, and then some: According to US Treasury revenue was $3.462 Trillion.
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Terrific. Take out inflation and that's lower than it was in 2015, while spending has increased in real terms since then by about $450 billion. That's what always happens with tax cuts. Sure, over time nominal revenues recover, but inflation keeps spending marching upwards, deficits increase, right wingers pretend tax cuts INCREASE revenues, and we have these kinds of dishonest fiscal policy arguments.

Thanks to tax cuts, we won't collect as much revenue as we did in 2015 until maybe this fiscal year, 2020. So that's five years of stagnant revenue, $600B in real spending increases.
 
Bullseye said:
They did, and then some: According to US Treasury revenue was $3.462 Trillion.
Click to expand...

That's nice, but annual federal revenue is now below annual federal spending by about $1T. The bottom line is that taxing at 17% of GDP while spending at 20% of GDP yields a deficit no matter how much GDP grows.
 
jonny5 said:
Mnuchin and Vought Release Joint Statement on Budget Results for Fiscal Year 2019 | U.S. Department of the Treasury

Governmental receipts totaled $3,462 billion in FY 2019. This was $133 billion higher than in FY 2018, an increase of 4.0 percent, above expectations from the Budget, but $10 billion below the MSR estimate. As a percentage of GDP, receipts equaled 16.3 percent, 0.1 percentage point lower than in FY 2018 and 1.1 percentage points below the average over the last 40 years. The nominal increase in receipts for FY 2019 can be attributed primarily to higher social insurance and retirement receipts, net individual income tax receipts, customs duties, net corporation income tax receipts, and excise taxes, partially offset by lower deposits of earnings by the Federal Reserve, and other miscellaneous receipts.

Revenue has never been a problem. We collect more than enough to pay for the mandated responsibilities of govt. But certainly not enough to pay for half the countrys food, housing education, healthcare, and retirement.
Click to expand...

Sure it's a problem. Revenue - Expenditures = Deficit/Debt. It's math.

Doesn't matter what you think we should spend, we do spend about 21% of GDP, and tax at roughly 16% of GDP, with deficits of roughly 5% of GDP. If you think we should cut a $trillion in spending, fantastic. Vote for those who will tell us how to do it without hitting Medicare, SS and Medicaid or the military. It cannot be done. So then you should vote for someone promising to cut those things, but no one will. So the option is higher taxes....
 
ttwtt78640 said:
That's nice, but annual federal revenue is now below annual federal spending by about $1T. The bottom line is that taxing at 17% of GDP while spending at 20% of GDP yields a deficit no matter how much GDP grows.
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It's actually about 16% and 21%, but otherwise I agree.

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Table 1.3.
 
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