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 ...
I don’t think that the Founding Fathers intended for the Federal government to ever cost this much.
As I have always counseled my sons, “It ain’t how much you make, it’s how much you spend.”
We don’t have a revenue problem in this country, we have a massive SPENDING PROBLEM!!!!!!!!!!!!
Let's not lose track of this part. Reduction in revenues coupled with increases in spending is always a recipe for fiscal disaster.
1.6 trillion in collected revenue and our fearless leaders continue to escalate the national debt?
that comes out to $45,000 per individual of a country of 350 million.
This doesn’t include state and municipal taxes and we still cant drive down debt?
Its amazing what these buffoons in office at every level think can do with OPM (other peoples money).
With every tax bill should come a booklet with every expenditure approved by the government so people become aware of how our elected leaders continue to line the pockets of their donors and how stupid we spend money.
The Free Republic tax raisers are here already.
But wait
Corporation paid less taxes but created millions of jobs and hired a helluva lot more people
Who then became tax payers, not tax eaters
4% unemployment - worth the investment?
If you are reducing government revenue it makes sense to reduce government spending. Or don't you see the logic in that?
Hiring freeze on all departments. In about 30 years, we’ll be down to a reasonable number of government employees.
A nickel went a lot farther back then.
We’ll see. Its only been one year. If GDP takes off then last thing we need is a tax increase. They talk about tax increases at the DU all time so WHY DON’T YOU GO THERE?
Congress has no plan to pay down the debt. Soon the carrying costs will swamp the budgets. Congress is passing this problem on to their children and grandchildren. They should be ashamed of themselves.
Where did I talk about a tax increase? I understand that ever increasing government spending is also popular over at DU. Maybe you belong there more than me?
Pay it down? Congress has no plan to stop running it up even more.
You tie the two together so a sane conversation is not possible. Spending needs to be cut. Hell slash everything just don’t raise taxes!
Yes! I don’t like tax and spend liberals but I really hate cut tax and spend conservatives. I voted for Trump, but was against these tax cuts. We will have to eventually raise revenue(I.e. taxes, tariffs, etc.), cut spending, or a combination of the two.
I’m at the point now where I don’t care how it’s done, just get it done. That’s why I actually would support the democrats new proposal on social security. It is projected to put Social Security back to a surplus again in 2042.
You can say that again.
Proving that tax cuts work, yet again.
So what do you slash that some majority of the American people won’t be up in arms about? And remember that Social Security ty, Medicare and Medicaid, Defense, and interest on the debt make up roughly 72% of the budget. And if we cut spending on everything else but those we still would have to borrow. Though it would be a smaller amount.
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