Remember when Democrats mocked last year’s tax-cut legislation? And Nancy Pelosi called the tax breaks for Americans “crumbs”?
But President Trump and congressional Republicans said they would ignite a booming economy and actually increase federal tax collections from greater economic activity including more consumer spending, business investments, higher wages and even employee bonuses.
Well, guess what? Just 47 weeks after Trump put his flamboyant signature on the bill, it’s all happening.
Unemployment is at an historic low. Employment is at an all-time high. Wagers are growing after years of stagnation.
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.
And it did this by collecting more than $3 billion less in personal income taxes, thanks to the tax cuts.
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.
@Deplorable Me: The GOP is effectively knee capping Trump from stopping the other countries from making the US the whipping boy and purse of the world. For one I am tired of paying for Chinas massive military and technology build up.
I have a choice if I dont want to buy their crap for a higher price, the left loves taxation and yes we understand the tarriffs are a taxation, but its a choice taxation they hate choice.
@kitt: I also noticed how hard Schumer worked to make sure tariffs against Mexico get imposed. He said on the Senate floor that Trump was bluffing, which may be enough for the Mexicans to believe him (if they don’t already know what a liar he is) and wait to see if Trump imposes the tariffs. Trump called him a creep; that was far too generous.
He most certainly will, if the Mexicans do not start respecting our sovereignty. Turds like Schumer do all they can to create crises in order to exploit them.
Over 144,000 illegals flooded our borders last month and Democrats ignore the crisis.
@Deplorable Me: They did not ignore it the voted to make the DACA persons citizens that 88,000 less illegals. To bad that door was closed by their resistance foolishness.
https://www.breitbart.com/politics/2019/06/04/hous…
They’re flooding across our borders on Trump’s watch more rapidly that at any other time in recent history, and he’s spreading them out across the country at taxpayer expense. I can see why you like this guy’s policies.
And the Grand Jackpot Winner is…*drum roll* …TEXAS!
June 5, 2019 — A map of all U.S. states — Which States Will Be Hit Hardest by Trump’s Tariffs on Mexico
Bear in mind that imports includes components manufactured in Mexico that are then assembled into finished products by U.S. workers in U.S. factories. We’re not just talking about Mexican fruits and vegetables, or only about Mexican jobs.
@Greg:
It’s not his policy NOT to build a wall. It’s not his policy to only hold detainees for 21 days. It’s not his policy to take anyone that says they want asylum in, automatically.
That’s Democrat nonsense.
The prime reason illegal immigrants are flooding our borders IN LARGE GROUPS OF 100 OR MORE is because leftists are promoting it, aiding and abetting the groups. Leftist groups advertise the words to say once they cross the border to assure they get full government assistance.
That’s Democrat nonsense.
And why are Democrats blocking every effort to stop illegal immigration and promoting exploitation of every loophole available? Solely so people like yourself can promote stupid remarks like you’ve made above. That’s how much Democrats care about the US citizens, their country and their safety.
Texas already bears maximum cost for illegal immigration. No Democrats care about that; why would they suddenly worry about the cost of tariffs? Try again.
A nickel a burrito. That’s the cost of the tariffs. Regardless, all the cost is the fault of Democrats and their greater concern for drawing in as many illegal immigrants as possible than for the safety of the American citizen.
Looks like Mexico wants to avoid tariffs they have detained organizers. More willing to enforce their southern border. With 25% tarrffs businesses might just move back to the states.
@kitt: You mean those organizers that don’t exist?
Government To Borrow ONE TRILLION Dollars To Pay For Tax Cuts
Budget Deficit Hits Highest Level In 6 Years After Tax Cuts
@Greg: Then why don’t House Democrats present a budget that cuts the deficit? It’s THEIR responsibility, but Democrats are running up the debt just like they did under Obama.
@Deplorable Me, #60:
Federal budget proposals are prepared by the president with the assistance of the Office of Budget and Management and then sent to the House for discussion and revision. They can’t be finalized after passage without the signature of the president.
We’re presently adding a trillion dollars per year to the national debt, with a fully recovered economy booming as a result of the continuous application unsustainable stimulus measures. What do you think will happen when an economic downturn comes, and there are no emergency measures left to apply?
The high end tax cuts and irresponsible stimulation are part of another epic cash grab. The scam is a setup for economic catastrophe. People like the President and his family are the chief beneficiaries. Everybody else will be left holding an empty bag.
@Greg:
So those running hotels are the main or chief beneficaries? All those now employed full time with rising wages will be shocked!
Unless it is because people now can travel a little and spend time in these hotels not empty out the old 401 k to make bills.
The common denominator is billionaire or multi-millionaire, not hotel or casino operator.
Are the hearts and minds of the middle class really for sale for a little bit of extra cash up front, when the eventual consequences could sweep everything they have away?
I object to several Democratic Party candidates’ Medicare for All schemes for the same reason. Their intentions are good, but there’s really no quick and easy fix. That such doesn’t exist is what accounts for the complexity of the Affordable Care Act, which we could have spent the past few years improving.
@Greg: How do you fix something designed to fail, manufacture a crises for politicians to fix what they broke, and bring on the medicare for all.? Are the Dem candidates jumping the gun?
The GOP no better at all promising to kill it, then stabbing the voters, not unrolling all the great plans they said they had for 8 fuggin years.
I simply save the excessive premiums and pay cash. Screw all of them I am a free citizen not dependent on the government titty. There are many like me, the Democrats want to bring under their ugly gnarled thumb and tax into the poor house redistributing what I earned for a shitty heath insurance scam.