It’s Official: Trump Tax Cuts Didn’t Pay for Themselves in Year One

d_gw

More good news from the Trump administration.


Data released this week by the budget office provides the first complete picture of federal revenues for the 2018 calendar year, when the tax cuts were in full effect. (The government’s 2018 fiscal year included three months from the end of 2017, when most of the tax cuts were not in effect.)

In the inaugural year of the tax cuts — with economic growth accelerating and the jobless rate falling to an 18-year low — federal revenues from corporate, payroll and personal income taxes actually fell.

That’s true whether you adjust revenues and growth for inflation — or not.




https://www.nytimes.com/2019/01/11/business/trump-tax-cuts-revenue.html?smid=fb-nytimes&smtyp=cur&fbclid=IwAR3l3pY2Y-Sy4AcRP_lS7S4yiMt2R0bqbSjtidz7jlR982rNJ9VL8-ZhmGI



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Comments (12)
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chase_gw

Oh my........you mean Trump lied ? Let's wait and see what full year GDP comes in at.....remind me what Trump said it would be?

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sheesh(5b)

What do you write sometime, Chase? Quelle surprise?

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Annie Deighnaugh

I was just thinking "Quelle Suprise!"

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GOD

Another lie, another failure, another round of

1.ignoring this post from the right.

or

2. Obama! HRC!



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llucy

And what happened to that 10% middle class tax cut Trump promised right before the midterms? You remember the one he said would be passed shortly...even though Congress was not in session at the time to pass anything.

Strange we never heard about THAT tax cut ever again.

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vgkg Z-7 Va(Z-7)

3rd time was not the charm, it didn't work with reagan, "w", nor now trump. Repubs buy votes with tax cuts and your kids will pay dearly for them.

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Joaniepoanie

You mean "trickle down" doesn't work? Quelle surprise!

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jillinnj

I'm shocked!!! Oh, wait, no I'm not! The reason - I'm not an idiot! Anyone that believed that lie (which # was it? 7,231?) is not the brightest bulb.

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momj47(7A)

And next year that purple line will be even farther down, off the bottom of the graph

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ingrid_vc so. CA zone 9

I wish I could pay the members of the right/Trump tribe (a very small sum) to respond to this thread. Should be interesting. How far can you twist in the wind to explain the unexplainable and excuse the inexcusable?

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Kathy

It is their plan to raid SS And Medicare.

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marquest(PA zone 6)

Yep after they build the wall waste some more money


Mitch McConnell Calls for Social Security, Medicare, Medicaid Cuts After Passing Tax Cuts, Massive Defense Spending


https://www.newsweek.com/deficit-budget-tax-plan-social-security-medicaid-medicare-entitlement-1172941

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