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Feds Collect Record Taxes in First Month Under Tax Cut; Run Surplus in January

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  • #16
    Originally posted by Sparko View Post
    Wait. What? You are saying the Government is... wrong?????
    Well, I think they were right once many years ago . . . .
    Micah 6:8 He has told you, O man, what is good; and what does the LORD require of you but to do justice, and to love kindness, and to walk humbly with your God?

    Comment


    • #17
      US Conservatives hating on the CBO is just part of the ongoing US conservative war against facts and truth. The basic aim is to discredit all possible sources of facts as 'unreliable', and in the resulting void conservatives are then able to make up their own imaginary facts based on what 'feels right' to them with zero opposition.

      So they attack educational institutions, scientists, and the mainstream media as 'liberal' and thus untrustworthy, foreigners as not knowing what they're talking about or having solutions that wouldn't work in America, the CBO as unreliable etc. It's all part of their war on facts and goal of ignorance. It's sad to watch. I would pity you guys if you weren't such active and willing agents in the matter.
      "I hate him passionately", he's "a demonic force" - Tucker Carlson, in private, on Donald Trump
      "Every line of serious work that I have written since 1936 has been written, directly or indirectly, against totalitarianism and for democratic socialism" - George Orwell
      "[Capitalism] as it exists today is, in my opinion, the real source of evils. I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy" - Albert Einstein

      Comment


      • #18
        Originally posted by Starlight View Post
        US Conservatives hating on the CBO...
        Providing proof that CBO often gets it way wrong is not "hating" on them. Your posts, on the other hand, is evidence of foreigners hating on US Conservatives.
        The first to state his case seems right until another comes and cross-examines him.

        Comment


        • #19
          Originally posted by Cow Poke View Post
          In addition to not being able to consider the fact that legislating conduct doesn't always produce the result. They accept the premises delivered to them, that - for example - highly taxing luxury boats will produce more revenue, assuming that people are not smart enough to build/buy luxury boats offshore.
          Which was exactly what happened. They virtually obliterated the yacht making business here in the U.S. as the companies went to various countries in the Carribean. So not only did they not get the expected revenue, they lost the tax money already being paid to them by the companies. Further, they lost the taxes being made by all of those who were employed by them and who were now collecting unemployment instead.

          But what do you expect from a bunch of career politicians who have at best the barest minimum experience in working in the private sector? The are utterly oblivious to what ought to be obvious consequences (look at what happened when Obama declared that full time work would be moved back from 40 hrs/week to 30 for another example).

          I'm always still in trouble again

          "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
          "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
          "Of course, human life begins at fertilization that’s not the argument." --Tassman

          Comment


          • #20
            Originally posted by Starlight View Post
            US Conservatives hating on the CBO
            Earth to starlight. Earth to starlight. Conservatives are just as guilty of feeding garbage to the CBO to get the results they want from them. But your all consuming hatred for anyone to the right of Lenin makes you blind to that.

            I'm always still in trouble again

            "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
            "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
            "Of course, human life begins at fertilization that’s not the argument." --Tassman

            Comment


            • #21
              Originally posted by rogue06 View Post
              Conservatives are just as guilty of feeding garbage to the CBO to get the results they want from them.
              Conservatives are vastly more guilty actually. Conservatives have been campaigning to have the CBO score things based on the fictional conservative fantasy of 'dynamic scoring' which is supposedly where the government lowering taxes makes the economy do so amazingly well (this is empirically false) that the government supposedly brings in more tax revenue in total from the lower tax rates. This allows the conservative crazies to get away with passing policies that balloon the debt by ignoring basic math and pretending to themselves and others than their policies that will run up huge debt will actually create a surplus when you factor in their imaginary and insane economic theories. It's just another part of the ongoing US Conservative's war against facts and truth and reality, and decent into fantasy and fake news and propaganda.
              "I hate him passionately", he's "a demonic force" - Tucker Carlson, in private, on Donald Trump
              "Every line of serious work that I have written since 1936 has been written, directly or indirectly, against totalitarianism and for democratic socialism" - George Orwell
              "[Capitalism] as it exists today is, in my opinion, the real source of evils. I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy" - Albert Einstein

              Comment


              • #22
                Originally posted by Starlight View Post
                Conservatives are vastly more guilty actually. Conservatives have been campaigning to have the CBO score things based on the fictional conservative fantasy of 'dynamic scoring' which is supposedly where the government lowering taxes makes the economy do so amazingly well (this is empirically false) that the government supposedly brings in more tax revenue in total from the lower tax rates. This allows the conservative crazies to get away with passing policies that balloon the debt by ignoring basic math and pretending to themselves and others than their policies that will run up huge debt will actually create a surplus when you factor in their imaginary and insane economic theories. It's just another part of the ongoing US Conservative's war against facts and truth and reality, and decent into fantasy and fake news and propaganda.
                CEPG0BtWoAAlovd.jpg
                Enter the Church and wash away your sins. For here there is a hospital and not a court of law. Do not be ashamed to enter the Church; be ashamed when you sin, but not when you repent. – St. John Chrysostom

                Veritas vos Liberabit<>< Learn Greek <>< Look here for an Orthodox Church in America<><Ancient Faith Radio
                sigpic
                I recommend you do not try too hard and ...research as little as possible. Such weighty things give me a headache. - Shunyadragon, Baha'i apologist

                Comment


                • #23
                  Originally posted by One Bad Pig View Post
                  Anti-fact conservative checking in. I am one of many who participate actively in the US Conservative war on facts and evidence and reality. I have my own crazy fake news site I love to follow. And anything that disagrees with my ideology must be fake. I am pretty much always wrong as a result.
                  Fixed it for you.
                  "I hate him passionately", he's "a demonic force" - Tucker Carlson, in private, on Donald Trump
                  "Every line of serious work that I have written since 1936 has been written, directly or indirectly, against totalitarianism and for democratic socialism" - George Orwell
                  "[Capitalism] as it exists today is, in my opinion, the real source of evils. I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy" - Albert Einstein

                  Comment


                  • #24
                    Originally posted by rogue06 View Post
                    Earth to starlight. Earth to starlight. Conservatives are just as guilty of feeding garbage to the CBO to get the results they want from them. But your all consuming hatred for anyone to the right of Lenin makes you blind to that.
                    EGGzackly, which is why I had said...

                    Originally posted by Cow Poke View Post
                    The only time they're "relevant" is when either party thinks their numbers support their own position.
                    The first to state his case seems right until another comes and cross-examines him.

                    Comment


                    • #25
                      Originally posted by Starlight View Post
                      Conservatives are vastly more guilty actually.
                      Obviously

                      I'm always still in trouble again

                      "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                      "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                      "Of course, human life begins at fertilization that’s not the argument." --Tassman

                      Comment


                      • #26
                        Originally posted by Starlight View Post
                        Fixed it for you.
                        Ahh yes, your honesty, respectfulness, and chivalry is a light to us all...
                        I am Punkinhead.

                        "I have missed you, Oh Grand High Priestess of the Order of the Stirring Pot"

                        ~ Cow Poke aka CP aka Creacher aka ke7ejx's apprentice....

                        Comment


                        • #27
                          Originally posted by Starlight View Post
                          Fixed it for you.
                          You're a peach, Starlight.
                          Enter the Church and wash away your sins. For here there is a hospital and not a court of law. Do not be ashamed to enter the Church; be ashamed when you sin, but not when you repent. – St. John Chrysostom

                          Veritas vos Liberabit<>< Learn Greek <>< Look here for an Orthodox Church in America<><Ancient Faith Radio
                          sigpic
                          I recommend you do not try too hard and ...research as little as possible. Such weighty things give me a headache. - Shunyadragon, Baha'i apologist

                          Comment


                          • #28
                            Isn't it about time for Starlight to flounce off again?

                            Or is that just wishful thinking on my part?

                            sigh.

                            Comment


                            • #29
                              Originally posted by Sparko View Post
                              Isn't it about time for Starlight to flounce off again?

                              Or is that just wishful thinking on my part?

                              sigh.
                              He enjoys the attention.
                              The first to state his case seems right until another comes and cross-examines him.

                              Comment


                              • #30
                                Source: April was best month in history for U.S. budget, according to CBO figures


                                The federal government took in a record tax haul in April en route to its biggest-ever monthly budget surplus, the Congressional Budget Office said, as a surging economy left Americans with more money in their paychecks — and this more to pay to Uncle Sam.

                                All told the government collected $515 billion and spent $297 billion, for a total monthly surplus of $218 billion. That swamped the previous monthly record of $190 billion, set in 2001.

                                CBO analysts were surprised by the surplus, which was some $40 billion more than they’d guessed at less than a month ago.

                                Analysts said they’ll have a better idea of what’s behind the surge as more information rolls in, but for now said it looks like individual taxpayers are paying more because they have higher incomes.



                                Source

                                © Copyright Original Source



                                This goes with another news story I recently posted which shows that the tax cuts have been largely paying for themselves via increased revenue, but I can't find where I posted it

                                Found it!
                                Originally posted by rogue06 View Post
                                As anyone with even a basic understanding of economics could have told you...

                                From Investor's Business daily:

                                Source: Trump Tax Cuts Are Boosting Growth And Mostly Paying For Themselves


                                When the Congressional Budget Office released its updated budget forecast, everyone focused on the deficit number. But buried in the report was the CBO's tacit admission that it vastly overestimated the cost of the Trump tax cuts, because it didn't account for the strong economic growth they would generate.

                                Among the many details in the report, the one reporters focused on was the CBO's forecast that the federal deficit would top $1 trillion in 2020, two years earlier than the CBO had previously said.

                                And, naturally, most news accounts blamed the tax cuts. "U.S. budget deficit to balloon on Republican tax cuts" is how Reuters put it in a headline.

                                But there's more to the story that the media overlooked.

                                First, the CBO revised its economic forecast sharply upward this year and next.

                                Last June, the CBO said GDP growth for 2018 would be just 2%. Now it figures growth will be 3.3% — a significant upward revision. It also boosted its forecast for 2019 from a meager 1.5% to a respectable 2.4%.

                                "Underlying economic conditions have improved in some unexpected ways since June," the CBO says. Unexpected to the CBO, perhaps, but not to those of us who understood that Trump's tax cuts and deregulatory efforts would boosts growth.

                                In any case, the CBO now expects GDP to be $6.1 trillion bigger by 2027 than it did before the tax cuts.

                                The CBO report also makes clear that this faster-growing economy will offset most of the costs of the Trump tax cuts.

                                In a table buried in the appendix of the CBO report, it shows that, before accounting for economic growth, the tax cuts Trump signed into law late last year would cut federal revenues by $1.69 trillion from 2018-2027.

                                But it goes on to say that higher rate of GDP growth will produce $1.1 trillion in new revenues. In other words, 65% of the tax cuts are paid for by extra economic growth.

                                [ATTACH=CONFIG]27724[/ATTACH]

                                That faster growth will also reduce federal entitlement spending keyed to the economy — unemployment insurance, food stamps, welfare and the like — by $150 billion, the CBO says.

                                If you subtract that from the cost of the tax cuts, the net cost drops to $440 billion.

                                This is what we and other backers of the tax cuts had insisted all along. Not that tax cuts would entirely pay for themselves. But that the economic growth they generate would offset much of the costs.

                                Looks like we were right.

                                Spending Is the Real Culprit

                                That still leaves the problem of the deficit. By 2022, federal deficits will top 5% of GDP, something that happened only once between World War II and President Obama's spending spree.

                                What's more, national debt is on track to top 91% of GDP by 2025 and reach 96.2% by 2028.

                                Despite what Democrats and the media insist, the culprit here isn't tax cuts. It is out-of-control spending, which will be nearly $1 trillion higher over the next decade thanks to recent spending deals.

                                Even with Trump's tax cuts in place, federal revenues climb every year as a share of GDP, going from 16.6% this year to 17.5% by 2025. (The post-World War II average for revenues is 17.2% of GDP.)

                                Unfortunately, spending is on track to climb even faster — going from 20.6% of GDP this year to 23.6% by 2028. (The highest spending ever got under Obama was 24.4% of GDP, and the post-War average is 19.3%.)

                                This is little short of a disgrace, and shows that Republicans love spending taxpayer money as much as Democrats.

                                In fact, some GOP senators don't even want Trump to use his rescission authority to strip some of the worst spending items out of the bipartisan $1.3 trillion spending monstrosity.

                                Someone needs to remind these alleged fiscal conservatives that if they can't get control of spending today, it's a virtual guarantee they'll end up agreeing to a "deficit cutting" tax hike tomorrow.



                                Source

                                © Copyright Original Source


                                It was in the thread about the drop in crime in NYC
                                Attached Files
                                Last edited by rogue06; 05-08-2018, 06:25 AM.

                                I'm always still in trouble again

                                "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                                "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                                "Of course, human life begins at fertilization that’s not the argument." --Tassman

                                Comment

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