“But that conveniently overlooks the fact that individual income tax revenues are up by $17 billion, and payroll taxes are up more than $30 billion. Both are signs of a healthy job market that pushed the unemployment rate to 50-year lows and is boosting wages as the labor market tightens.”
Funny how Corporate Income Tax numbers are conveniently not mentioned.... Could it be, that they are DOWN from last year?
If they are, and since this article explicitly leaves them out, then you better believe they are, that, like it or not, falls at the feet of the tax cut put into place. Payroll Taxes are not “REVENUE” per se as they are supposed to be going to Social Security, not fund the government operation, although everyone knows they do... So if personal income increases are not above corporate tax decreases, we are looking at a net negative in revenues that can be laid right at the tax law that was passed.
Like it or not, blaming the new tax law (at least in part) is NOT being dishonest.... Yes spending needs to be reigned in, no doubt, but when your revenues are net down, you can’t blame that on run away spending.
I’ll wait for the production of some data...