April 15, 2018

Sunday Off-Topic (Moderated) Open Thread (041518)

Filed under: Lucid Links — Tom @ 6:00 am

This open thread is meant for commenters to post on items either briefly noted below (if any) or otherwise not covered at this blog. Rules are here.

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2 Comments

  1. The article completely buries the real effect of the Trump Tax Cut:

    Feds Collect Record Individual Income Taxes Through March; Still Run $599.7B Deficit

    https://www.cnsnews.com/news/article/terence-p-jeffrey/feds-collect-record-individual-income-taxes-through-march-still-run

    …The approximately $736,274,000,000 in individual income taxes that the Treasury collected in October through March of this fiscal year was $24,473,780,000 more than the $711,800,220,000 (in constant March 2018 dollars) that the Treasury collected in the first six months of fiscal 2017…

    …In October through March of fiscal 2018, the federal government also collected approximately $78,607,000,000 in corporation income taxes. That was $23,992,230,000 less than the approximately $102,599,230,000 that the federal government collected in corporation income taxes (in constant March 2018 dollars) in October through March of fiscal 2017…

    The real truth overlooked and buried by the whining of a 25% decline in corporate taxes is the REVENUE NEUTRAL effect on tax receipts. I.E. Individuals while getting a tax cut INCREASED their net income and on the aggregate of 2 million extra net taxpayers had MORE income to be taxed thus completely negated the tax cut Lower revenue from the corporations.

    Comment by dscott — April 15, 2018 @ 7:49 am

  2. dscott, CNS does these ice-cold fact recitations every month. They have their purpose, but rarely get into analysis. On one hand, I wish the author would do this, but it’s not his style, and he routinely gets links from Drudge, so he doesn’t have a lot of incentive to do better. OTOH, outfits like AP which should be avoiding analysis won’t, so in a way CNS is a breath of fresh air.

    Comment by Tom — April 15, 2018 @ 1:29 pm

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