Posted on 02/14/2019 7:47:24 AM PST by BenLurkin
Calendar year 2018 was the first full tax year after President Donald Trump signed the Tax Cuts and Jobs Act on Dec. 22, 2017.
Corporation income tax collections declined significantly from calendar year 2017 to calendar year 2018. In calendar 2017, the Treasury collected $290,978,980,000 in corporation income taxes (in constant December 2018 dollars). In calendar 2018, the Treasury collected $195,790,000,000 in corporation income taxes—a drop of $95,188,980,000.
That was a decline in corporation income tax revenue of 32.7 percent.
The Monthly Treasury Statements report federal tax and spending numbers for each month and cumulatively for the federal fiscal years, which run from Oct. 1 through Sept. 30. In order to derive the federal tax revenues for the calendar years, CNSNews.com used the cumulative tax revenues collected for the months of January through December in each year as reported in the monthly reports.
(Excerpt) Read more at cnsnews.com ...
The endless wars would save $1/2 Trillion annually.
Social Security ty, Medicare and Medicaid, = SUPPOSED to be paid for with payroll taxes and not income taxes. Go back to that system.
Except Pelosi is proposing to spend it all and more in the bill placed before the president camouflaged as a “Wall bill”
Medicaid was never paid for by payroll taxes.
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Social security provided a net surplus to the budget for most of its existence. Medicare, by law, can only collect a third of its operating cost from the tax, the rest has to come from the general funds. Now if your suggesting increasing the Medicare tax to cover the total cost I could get on board with that. If the American people want a service they should pay for it instead of making their children and grandchildren pay for it.
As far as the foreign wars, I agree we are in too many places. Hell, I would have supported dropping a nuclear bomb on Kabul after 9/11 and leaving to at that. Would have sent a much better message than what we did.
The solution could not be any simpler.
1. SS withholding must be applied to EVERY dollar of income (earned income)
2. Everyone...EVERYONE must pay some level of income tax and I mean on any type of income including food stamps housing allowances, in fact any and all welfare income even if that amount is 1%.
If I were President I could balance the budget tomorrow. As far as the entire debt, that is an inter-generational thing. At least we could do is stop increasing it.
I think you mean Emperor, not President.
Exactly. A lot of heroes around here don't seem to understand how the process works between Congress and the President.
No, it would be easy. A 20% import tariff, end the endless wars and you are there - balanced.
Or as democrats call it entitlement money for votes.
Social Security payroll deductions have a cap. MEDICARE payroll deductions used to have a cap, but now have NO CAP AT ALL. That means that every high earner pays Medicare deduction payroll taxes for every penny-—even all the athletes and entertainers.
IF that deduction total equals only 1/3 of Medicare spending, we have a big problem.
You re 100% correct.
Wait until the numbers come out for the decline in Welfare payments, etc. But, of course, there are more ILLEGALS collecting such payments.
I thought you were just arguing against tax increases in this very thread.
Did you forget who pays tariffs?
Guilty. I am against the income tax. So I should be specific. I am all about tariff. Like Republican Party was all about the tariff pre WWII.
A sane conversation with you is never possible.
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