And now from all that increased economic activity, the federal government has just reported historic record tax revenues in October, the first month of the new fiscal year, of $252,692,000,000.
That’s more than $11.4 billion above revenue for October of last year, which was the previous record tax revenue for an October.
The new revenues were the result of increased business taxes because of increased business. Here’s how much different it was:
Corporation income tax receipts to the U.S. Treasury this year in October were a whopping $8,000,000,000. This compares to the previous October’s $3.8 billion.
So to be clear, tax cuts cannot prevent an increase in spending, which has been the culprit in why our deficits have continued to rise (even as revenues are hitting all time highs). So if someone wants to criticize our Federal spending, then have at it!
Just be sure that if you want to complain about deficits (and by proxy spending) then make sure you have a solid plan to reduce both. Realistically, that simply does not happen unless you (gasp) cut into entitlement spending. Of course, cutting into entitlement spending is not happening anytime soon, especially while the Democrats control the house.
The concept that reducing taxes will reduce revenues is a theory that has been proven wrong over and over and over and over and over again, and then disproven once more. Democrats always attempt to link deficits with tax cuts, when one literally has nothing to do with the other 100 times out of a 100.
39 comments:
Lame duck assholes still trying to make something out of nothing....As for record revenues.....BFD....also racking up record debt which is heading towards 1 trillion in the very near future...With latest forecasts of GDP decreasing next year. me thinks at best this great news is another temporary distraction by numb nutz like you....So much for tax breaks paying for themselves..
WASHINGTON, Nov 16 (Reuters) - The outgoing chairman of the U.S. House Judiciary Committee is planning to issue subpoenas compelling former FBI Director James Comey and former U.S. Attorney General Loretta Lynch to be deposed about their decision-making ahead of the 2016 U.S. presidential election, a House Democratic aide told Reuters on Friday.
The plans by Republican Chairman Bob Goodlatte were immediately criticized by ranking Democrat Jerrold Nadler, who is expected to take over as chairman of the panel next year.
Check out the last time there was record revenues.....and who was POTUS????
https://www.forbes.com/sites/kellyphillipserb/2016/09/12/federal-tax-receipts-hit-record-high-2-9-trillion-and-counting/#7d3b3b624352
The U.S. federal budget deficit rose in fiscal 2018 to the highest level in six years as spending climbed, the Trump administration said Monday.
The deficit jumped to $779 billion, $113 billion or 17 percent higher than the previous fiscal period, according to a statement from Treasury Secretary Steven Mnuchin and Office of Management and Budget Director Mick Mulvaney. It was larger than any year since 2012, when it topped $1 trillion. The budget shortfall rose to 3.9 percent of U.S. gross domestic product. Not from Hotair but CSNBC.
just a few weeks, on 30 September 2016.
We can expect a few billion dollars more in the tax coffers before the end of FY2016. If that sounds like good news, don’t get too excited just yet: it likely won’t be enough to outweigh the escalating expenditures. The federal budget deficit was $622 billion for the first 11 months of fiscal year 2016. That figure is higher than the 2015 numbers: about $92 billion more than during the same period.
Attorney George Conway described the Trump administration as a “shitshow in a dumpster fire” as a reason he did not take a post in the Justice Department last year.
Conway, who is married to White House counselor Kellyanne Conway, spoke to Yahoo News podcast Skullduggery in an episode released Friday to discuss his newly formed Checks and Balances, a group of conservative lawyers who came together to defend the Constitution. He also talked about why conservatives have looked the other way regarding some of President Donald Trump’s public statements and why he did not “feel comfortable being a Republican anymore.”
So if someone wants to criticize our Federal spending, then have at it!
Troops to the Mexican border from political reasons.
He won't even go to Arlington because he's afraid his hair color will be washed away.
Anyone think the $21 million we are spending on security for Betsy DeVoss worth it????? Is she in $21 million of danger or is she just another paranoid schitzo who sees dead people?????
Air Force one flying all over the country for political rallies.
Cost Estimates for troops to the border are in the 200 million dollar range...I'm sure our beaner hater will be more than happy to pay his fair share when the bill comes due.......idiots, all of them.!!!
AF 1 costs about $200 k per flight hour....and that does not even include the security details to protect it or the asshole in chief....
What happened to that spectacular 4% gdp that occurred last quarter....seems even 3% will be elusive for the foreseeable future except for dreamers like CH who thinks deficits will pay for themselves...
GDP forecast
Economic Forecast 2018-2020DR. BILL CONERLY
My economic forecast comes out to 2.7% growth in inflation-adjusted GDP for this year and 2.8% for next year, but with a bigger than usual uncertainty: Can we actually produce more stuff with our current labor force and productivity?
https://www.forbes.com/sites/billconerly/2018/06/26/economic-forecast-2018-2019-demand-is-strong-but-supply-is-weak/#75f9af5780e0
cutting into entitlement spending is not happening anytime
Republicans have been trying to eliminate entitlements since FDR created Social Security.
CHT Pure mastery over the liberals.
Triggered beyond belief.
Blogger KD said...
CHT Pure mastery over the liberals.
I guess considering he got his ass kicked til next sunday mastery, your mastery is abject stupidity....especially since you are too poor to heat your home....LOLOLOL
Refresh
Gov. Herbal Tea Brown sips.
71 dead
100's missing.
KD said...
Refresh
Gov. Herbal Tea Brown sips.
71 dead
100's missing.
It is even more refreshing that you bought into trumps stupidity again....Most of the fires are in National Forests....which trump owns.....and again you play with the politics of deaths to make a baseless point...so normal for a jackass like you.....go fuck your goat and get outta here!!!! BTW it's thousands of missing.....why can't you be one of them...
Roger Amick said...
The U.S. federal budget deficit rose in fiscal 2018 to the highest level in six years as spending climbed, the Trump administration said Monday.
and this is why we need to occasionally elect a republican president alky...
so hypocrites like you can gripe about debts and deficits.
Our douche nozzle in chief finding new ways to discriminate against women....Not only are the old white men dying off...he's single handily driving women away....Maybe all the R women should just cut their old men off....maybe they to will get their men like KD and CH to come out of their trump induced coma...
Nov. 17, 2018
WASHINGTON — The Trump administration is making it easier for employers to exclude birth control from health insurance benefits provided under the Affordable Care Act, and it has come up with a new justification, saying that female employees can obtain contraceptives at family planning clinics for low-income people.
That, in turn, could increase demand for clinic services, which are already squeezed. The plan is one of several recent proposals that could affect access to birth control, such as requiring the physical separation of services at clinics and strict new rules about insurance payments.
this is why we need to occasionally elect a republican president alky...
And this is why the R party and conservative causes are dead....idiots like you rectum breath...
Your asshole in chief out to ruin the country with reckless spending and tax cuts...But rectum breath will take 6"'s of trumps dick with glee!!!
Though no one in Washington will admit it, our nation's finances are in deep trouble. Spending is up, revenue is down, and this will only get worse.
It became very clear this month that neither the Trump White House nor its allies on Capitol Hill want you to know that the federal budget is already in very bad shape ... and getting worse.
It happened when the Treasury, the official keeper of Washington’s financial results, issued its monthly statement for the first 10 months of fiscal 2018 about federal revenue, spending and, therefore, the budget deficit.
Treasury showed what no president ever wants to admit: The deficit is spiking. The federal government’s red ink this year is already 21 percent above what it was in 2017, and there are few prospects that the bottom line will improve anytime soon.
Except with infrequent and unsubstantiated platitudes about how the situation is going to get better, the Trump White House and Republicans in Congress have been doing everything possible not to talk about the budget this year. To avoid tough questions and politically embarrassing votes, the House and Senate have even refused to consider a budget even though they are required by law to adopt one.
But this year isn’t the real issue.
Trump's deficits are permanent
Unlike the trillion dollar budget deficits that occurred during the Obama administration that were temporary and largely the result of the Great Recession, the Trump deficits that will soon reach and exceed $1 trillion are permanent and will only get worse in the years ahead.
lo iq commie (unknown, opie etc) posted
that will soon reach and exceed $1 trillion are permanent and will only get worse in the years ahead.
Actually correct, almost entirely fueled by Medicare, Social Security and interest on the national debt (doubled under Obama while interest rates were low). Not addressing those or increasing those as dems propose will only speed up the problem left for our youth.
And with dems always projecting their issues on others I suspect lo iq commie probably has a serious rectum breath problem.
ROFLMFAO !!!
Roger Amick said...
cutting into entitlement spending is not happening anytime
that's right alky. not as long as we keep sending economic idiots like bernie and assholio fucktardio cortez to washington.
as cortez is on the record for saying regarding a $32.4 TRILLION price tag for medicaid for all...
"we just pay for it."
she and bernie could be on south park:
phase 1: medicaid for all
phase 2:
phase 3: we just pay for it.
https://www.youtube.com/watch?v=tO5sxLapAts
Hey ass wipe.....bernie ain't on the ballot nor is cortez in charge of anything...They do have drugs that can treat paranoia, but in your case ir runs very deep and you are always afraid of your own shadow....another example of why you and your side are doomed....what's a few trillion bucks amongst friends especially with the deficit rapidly reaching that magic number....
Our first cunt spending tax payer money like a hooker on vacation....
First lady Melania Trump’s hotel bills for a day trip to Toronto last year added up to an astonishing $174,000, according to federal expense documents reported by Quartz. She did not spend the night.
The startling expenditures dwarfed the $95,000 cost of Trump’s stop at the InterContinental Cairo Semiramis, where she stayed for less than half a day at the end of her tour of Africa last month.
Trump’s spokeswoman Stephanie Grisham implied in an email to Quartz that the first lady’s “advance team” was responsible for some of the costs. The team ensures “safety measures, medical care, communications, motorcade needs and logistics are all in place,” she wrote. They’re all “legally required for official travel,” she added.
But federal expense documents reported separate, additional costs for the advance team that added up to $18,000, according to Quartz.
ounty, California, long one of the biggest Republican strongholds in the country, is expected to have zero Republicans representing it in Congress next year.
Democrat Katie Porter officially defeated incumbent Republican Rep. Mimi Walters in California's 45th congressional district on Thursday, and Democrat Gil Cisneros has taken nearly a 1,000-vote lead over Republican Young Kim in the last uncalled California race, in the state's 39th district. If Cisneros' lead holds – and most observers expect it to grow – Orange County will have zero Republican representatives. Before this year's midterms, the GOP held four of the six House seats that are entirely or partly in the county.
Porter was declared the winner over Walters after taking a 6,000-vote lead. Earlier, Democrat Harley Rouda ousted 15-term incumbent Republican Dana Rohrabacher in the state's 48th district and Democrat Mike Levin defeated Republican Diane Harkey to win the seat vacated by retiring Rep. Darrell Issa, who had been in Congress since 2001.
Republicans had carried Orange County in every presidential race going back to 1936 until the district backed Hillary Clinton by 8 percentage points in 2016. Weeks before the midterms, Orange County Republican Party chair Fred Whitaker boldly declared to the Toronto Star that Democrats were “not going to win a single one” of the county's seats.
The Cook Political Report's Dave Wasserman projected that Cisneros is “on track to complete the Dems' wipeout of GOP in Orange County,” adding that it now seemed "virtually certain" that the county long known as the birthplace of the modern conservative movement and Richard Nixon's political base "will be represented by zero Republicans in Congress in 2019.”
Many have pointed to the Republican tax bill, which hit Orange County hard by limiting state and local tax deductions, as a key reason for the Republican wipeout. According to the Orange County Register, the average taxpayer saw a 45 percent tax increase as a result of the cap.
According to the Orange County Register, the average taxpayer saw a 45 percent tax increase as a result of the cap.
i've always said the democrat party was the party for protecting the rich. the same is true here in NY. my, how the rich are squealing now that they can no longer take their precious SALT deduction. using the federal government to subsidize your egregiously high state taxes is really dishonest. so is giving multi-BILLION $$$ tax deductions to one of the richest companies in the world run by the richest man in the world.
thanks for confirming what i already knew alky.
“on track to complete the Dems' wipeout of GOP in Orange County,”
this is fucking awesome, alky.
how long do you think it will take the democrats to completely ruin orange county like they ruin everything else they touch?
i mean, you guys already have the worst public education system in the country, and the highest level of people in poverty in the nation.
it won't be long before orange county is slathered in human shit and used heroin needles.
YAY!
“This freaks me out. I moved to O.C. because I thought it would be a safe place. Now it’s getting more and more like L.A.,” said one longtime Irvine resident, reflecting the sentiment of many.
http://www.latimes.com/projects/la-me-oc-homeless-couple/
A remarkably low 13 percent are calling President Trump’s economy a problem as confidence is hitting a 14-year high, and seven in 10 said 2018 is a good time to find a quality job.
The key points from Gallup’s just-published economic survey:
Economic Confidence Index at +31 in November, remaining at its highest since 2004.
55 percent rate current economic conditions positively.
Record-tying 68 percent say it is a good time to find a quality job.
“It has been nearly two decades since Americans have been as positive about the U.S. economy as they are now,” Gallup said.
https://www.washingtonexaminer.com/washington-secrets/on-top-best-economy-in-19-years-highest-confidence-in-14
nancy palsi and her merry band of asshats will be happy to fuck this all up, no problem.
The federal budget deficit rose 17 percent in fiscal 2018, according to the Trump administration.
Spending jumped, and revenue only increased slightly following the GOP tax cuts.
https://www.google.com/amp/s/www.cnbc.com/amp/2018/10/15/us-budget-deficit-expands-to-779-billion-in-fiscal-2018-as-spending-surges.html
Roger Amick said...
The federal budget deficit rose 17 percent in fiscal 2018, according to the Trump administration.
that's nice.
i'm old enough to remember when 0linsky fucking DOUBLED the national debt.
it's the spending that's the problem alky. not letting hard working americans keep more of what they earn.
as long as you assholes keep using federal spending to purchase the parasite vote this will continue to be a problem.
The largest mandatory programs are Social Security ($984 billion in 2018), Medicare ($707 billion), and Medicaid ($383 billion). But mandatory spending also includes ObamaCare subsidies, the Children's Health Insurance Program, the Supplemental Nutrition Assistance Program, federal pensions, and veterans programs.
Add in interest on debt, which will skyrocket with higher rates and continued deficits.
It is clear that mandatory spending and interest on the national debt will quickly diminish the size of discretionary spending relative to the rest of the federal budget over the next ten years alone.
in 1968 only three years after Medicare and Medicaid were established, discretionary spending and mandatory spending consumed 66.3 percent and 27.3 percent of the federal budget, respectively.
In 2018, the discretionary and mandatory percentages have almost entirely flipped from 1968 percentages, now at 30.9 percent and 61.5 percent, respectively.
So programs consuming 27% in 1968 now consume 61% and are skyrocketing. And dems want to increase that. What a mess we are leaving to the "children" who apparently will be freezing and broke after the next climate change.
statistics and content largely taken from:
http://www.freedomworks.org/content/almost-62-percent-federal-spending-2018-baked-budgetary-cake
"Specific taxes targeted to health care" Roger
As in a payroll tax?
Mr. Roger you girl, like Hillary would have Won, IF not for (fill in blank).
"“Concession means to acknowledge an act is right, true or proper…I cannot concede that,” So ads loser bitch Abrams
i'm old enough to remember when 0linsky fucking DOUBLED the national debt.
With great thanx to the Busch recession which cut tax receipts to below 2007 values until 2012 which you are old enough to forget...
Record setting deficits, along with cuts in government services. What great "winning", and you maroons celebrate.
Keep it up, this nation-wide rejection of Trumpism is just the beginning.
Specific taxes targeted to health care"
As in a payroll tax?
Come on Roger.
Blogger KD said...
Specific taxes targeted to health care"
Fuck health care since you claim to be a super human with no known defects except your ability to think....
Good morning Dennis. Hope al is well.
How are those frequent night time bathroom trips?
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