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Feds Collect Record Individual Income Taxes Through August Rate Topic: -----

#1 User is offline   MTP Reggie 

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Posted 14 September 2018 - 11:40 AM

Feds Collect Record Individual Income Taxes Through August; Still Run $898B Deficit
By Terence P. Jeffrey
September 13, 2018 | 5:06 PM EDT
https://www.cnsnews.com

<More Surprise Here With Charts And Graphs Even>

The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly Treasury Statement released today. However, the federal government also ran a deficit of $898,112,000,000 for those eleven months, according to the statement. Prior to this year, the record federal individual income tax collections for the first eleven months of the fiscal year occurred last year, when the Treasury collected $1,460,379,260,000 in individual income taxes in constant August 2018 dollars (adjusted using the Bureau of Labor Statistics inflation calculator).

https://www.cnsnews.com/s3/files/styles/content_100p/s3/individualchart.jpg


Yet even while the federal government was hauling in a record amount in income taxes from individuals, corporation income tax collections and total federal tax collections were declining.

Real total federal tax collections dropped for the third straight year in the October-August period. In the first eleven months of fiscal 2015, the Treasury hauled in $3,050,571,320,000 in total federal taxes (in constant August 2018 dollars). In the same period in fiscal 2016, it hauled in $3,046,651,360,000 in total federal taxes (in constant August 2018 dollars); in fiscal 2017, it hauled in $3,046,234,320,000 (in constant August 2018 dollars); and in the first eleven months of this fiscal year it hauled in $2,985,186,000,000 in total federal taxes.

https://www.cnsnews.com/s3/files/styles/content_100p/s3/totaltaxeschart.jpg


Corporation income tax collections in the October-August period hit a seven-year low in 2018.

In fiscal 2011, they were $158,245,000,000 (in constant August 2018 dollars). Then, in fiscal 2012, they climbed to $203,871,620,000 (in constant August 2018 dollars). In fiscal 2013, they were $233,260,680,000; in fiscal 2014, they were $262,055,780,000; in fiscal 2015, they were $283,962,090,000; in fiscal 2016, they were $244,011,550,000; in fiscal 2017, they were $239,937,120,000; and this year, they dropped to $162,551,000,000.

https://www.cnsnews.com/s3/files/styles/content_100p/s3/corporateincomechart.jpg


(snip)

<More Surprise Here With Charts And Graphs Even>
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#2 User is offline   Howsithangin 

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Posted 14 September 2018 - 10:54 PM

Contradictory charts in graphs in progress... :eyeroll:
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#3 User is offline   AntonToo 

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Posted 15 September 2018 - 07:34 PM

View PostHowsithangin, on 14 September 2018 - 10:54 PM, said:

Contradictory charts in graphs in progress... :eyeroll:


OP's own article tells you straight up that revenues are down for August. What exactly is there to post?

Oh thats right, we should update the story of the revenue bleed from tax-cuts:


Compared to same period in FY2017:

Oct 18 +$14B
Nov 18 +$8B
Dec 18 +$7B
Jan 18 +$17B

<<<<<TAX-CUTS PHASED IN
Feb 18 -$16B
March 18 -$6B

April 18 +55B (2017 tax settlements)
May 18 -$23B
June 18 -$32B
July 18 -$7B
August 18 -$7B


https://www.fiscal.t...tmt/mts0818.pdf - Page 2

So instead of 11 billion average monthly revenue growth there is 15 billion shortfall.

Total effect is ~26B monthly, $156B YTD, revenue reduction trend so far or ce tax-cuts went into effect.


Deficit YTD stands at 900 billion, $230 billion up from last year.



Here is the obligatory cat pic:

http://cdn2-www.mandatory.com/assets/uploads/2011/11/file_178981_0_7-very-surprised-cats-header.jpg
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#4 User is offline   zurg 

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Posted 15 September 2018 - 11:42 PM

 AntonToo, on 15 September 2018 - 07:34 PM, said:

OP's own article tells you straight up that revenues are down for August. What exactly is there to post?

Oh thats right, we should update the story of the revenue bleed from tax-cuts:


Compared to same period in FY2017:

Oct 18 +$14B
Nov 18 +$8B
Dec 18 +$7B
Jan 18 +$17B

<<<<<TAX-CUTS PHASED IN
Feb 18 -$16B
March 18 -$6B

April 18 +55B (2017 tax settlements)
May 18 -$23B
June 18 -$32B
July 18 -$7B
August 18 -$7B


https://www.fiscal.t...tmt/mts0818.pdf - Page 2

So instead of 11 billion average monthly revenue growth there is 15 billion shortfall.

Total effect is ~26B monthly, $156B YTD, revenue reduction trend so far or ce tax-cuts went into effect.


Deficit YTD stands at 900 billion, $230 billion up from last year.


You really canít do math at all. And you cheat to try to help your argument.

1) You just arenít allowed to ignore April. Every year April has the highest collections and every year itís counted. Of course it must be counted - itís money thatís owed in taxes, many just delay paying because giving it to the government early doesnít gain them anything. So April is part of tax revenues like every other month. In your Obama revenue calculations you counted April every friggin year. Counting April, after tax cuts, gives a revenue reduction (from prior year) of about $5B. This is a 1.8% reduction.

2) If you ignored April (which you cannot do) and averaged the other 6 months, youíd get $13B reduction, not $15B like you claimed. Cheating and lying even more when youíre already cheating and lying. Nice.

3) That $5B reduction is due to money going back to people, who now have jobs and wonít need to collect as much welfare in the future. You never consider this, because in your mind individuals (other than socialist party leaders and members) should not be allowed to have money and own stuff. Anyhow, fortunately this country isnít being run with your economic models, so you just have to realize your BS donít fly around here.

This post has been edited by zurg: 15 September 2018 - 11:44 PM

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#5 User is offline   MontyPython 

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Posted 16 September 2018 - 12:01 AM

View PostAntonToo, on 15 September 2018 - 07:34 PM, said:

http://cdn2-www.mandatory.com/assets/uploads/2011/11/file_178981_0_7-very-surprised-cats-header.jpg


https://postmediaprovince2.files.wordpress.com/2011/06/7127-cat_.jpg
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#6 User is offline   AntonToo 

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Posted 16 September 2018 - 04:03 PM

View Postzurg, on 15 September 2018 - 11:42 PM, said:

You really canít do math at all. And you cheat to try to help your argument.

1) You just arenít allowed to ignore April. Every year April has the highest collections and every year itís counted. Of course it must be counted - itís money thatís owed in taxes, many just delay paying because giving it to the government early doesnít gain them anything. So April is part of tax revenues like every other month. In your Obama revenue calculations you counted April every friggin year. Counting April, after tax cuts, gives a revenue reduction (from prior year) of about $5B. This is a 1.8% reduction.


STRIKE 1

There is absolutely not a single sane reason to conflate 2017 collections, at 2017 tax rates with 2018 tax-rate collections.

"You counted April for Obama's revenues" is a PURE FABRICATION you pulled directly out of your ass - I never calculated year-on-year revenue effects for 2008-2009....why would I?

But no worries, I'm pretty used by now to your intelectually bust posting. It's what I expect.

View Postzurg, on 15 September 2018 - 11:42 PM, said:

2) If you ignored April (which you cannot do) and averaged the other 6 months, youíd get $13B reduction, not $15B like you claimed. Cheating and lying even more when youíre already cheating and lying. Nice.


STRIKE 2

Feb 18 -$16B
March 18 -$6B
May 18 -$23B
June 18 -$32B
July 18 -$7B
August 18 -$7B

-$15.1B AVG

View Postzurg, on 15 September 2018 - 11:42 PM, said:

3) That $5B reduction is due to money going back to people, who now have jobs and wonít need to collect as much welfare in the future. You never consider this, because in your mind individuals (other than socialist party leaders and members) should not be allowed to have money and own stuff. Anyhow, fortunately this country isnít being run with your economic models, so you just have to realize your BS donít fly around here.


STRIKE 3.

Revenue reduction from tax-cutting being good or bad is a separate discussion from one about it HAPPENING AT ALL.

And by the way ignoring NATIONAL DEBT as having something to do with people's money at some point is fundamentally short-sighted.
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#7 User is offline   zurg 

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Posted 16 September 2018 - 04:24 PM

 AntonToo, on 16 September 2018 - 04:03 PM, said:

STRIKE 1

There is absolutely not a single sane reason to conflate 2017 collections, at 2017 tax rates with 2018 tax-rate collections.

"You counted April for Obama's revenues" is a PURE FABRICATION you pulled directly out of your ass - I never calculated year-on-year revenue effects for 2008-2009....why would I?

But no worries, I'm pretty used by now to your intelectually bust posting. It's what I expect.



STRIKE 2

Feb 18 -$16B
March 18 -$6B
May 18 -$23B
June 18 -$32B
July 18 -$7B
August 18 -$7B

-$15.1B AVG



STRIKE 3.

Revenue reduction from tax-cutting being good or bad is a separate discussion from one about it HAPPENING AT ALL.

And by the way ignoring NATIONAL DEBT as having something to do with people's money at some point is fundamentally short-sighted.

LOL.

Like I said, idiot is as idiot does. And the funniest part? NOW suddenly debt and deficit matter!!!

Hahahahahaha. Youíre such a hoot.

(PS, if youíre gonna pretend to zero out April, you still have to divide the total by 7, not 6, so you get $13B.)

This post has been edited by zurg: 16 September 2018 - 04:28 PM

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#8 User is offline   AntonToo 

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Posted 16 September 2018 - 09:47 PM

View Postzurg, on 16 September 2018 - 04:24 PM, said:

LOL.

Like I said, idiot is as idiot does.

And the funniest part? NOW suddenly debt and deficit matter!!!

Hahahahahaha. Youíre such a hoot.


That's a lot of emoting, but no real content.

View Postzurg, on 16 September 2018 - 04:24 PM, said:

(PS, if youíre gonna pretend to zero out April, you still have to divide the total by 7, not 6, so you get $13B.)


More fail from you, I never pretended that. Using $0 value for April without any basis is just another silly straw you are willing to grab as you run out of things to say.

Is there any fundamental difference between revenues down by 13 or 15 billion? Nope, you just want to play gotchas and talk back. It's what you do.
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#9 User is offline   zurg 

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Posted 16 September 2018 - 11:02 PM

 AntonToo, on 16 September 2018 - 09:47 PM, said:

That's a lot of emoting, but no real content.



More fail from you, I never pretended that. Using $0 value for April without any basis is just another silly straw you are willing to grab as you run out of things to say.

Is there any fundamental difference between revenues down by 13 or 15 billion? Nope, you just want to play gotchas and talk back. It's what you do.

You want real discussion? I donít believe you.

But if you do, explain why omitting April from revenues makes sense. Explain in the context of the full tax year.
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#10 User is offline   Rock N' Roll Right Winger 

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Posted 17 September 2018 - 12:24 AM

View PostAntonToo, on 16 September 2018 - 09:47 PM, said:

That's a lot of emoting, but no real content.



More fail from you, I never pretended that. Using $0 value for April without any basis is just another silly straw you are willing to grab as you run out of things to say.

Is there any fundamental difference between revenues down by 13 or 15 billion? Nope, you just want to play gotchas and talk back. It's what you do.

You don't just play stupid.

You ARE stupid! :lol3:
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#11 User is offline   RedSoloCup 

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Posted 17 September 2018 - 05:00 AM

 AntonToo, on 16 September 2018 - 09:47 PM, said:

That's a lot of emoting, but no real content.



More fail from you, I never pretended that. Using $0 value for April without any basis is just another silly straw you are willing to grab as you run out of things to say.

Is there any fundamental difference between revenues down by 13 or 15 billion? Nope, you just want to play gotchas and talk back. It's what you do.


:yawn:
Said the king of failing! Ain't projection grand, Skippy?

 Rock N, on 17 September 2018 - 12:24 AM, said:

You don't just play stupid.

You ARE stupid! :lol3:


:exactly:
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