Corporate tax collections are down by a third from last year

[dherd]

From January to June, corporate tax receipts were nearly $50 billion behind — or down by close to a third — where they were a year ago.

“If we hadn’t changed our tax system,” said Kimberly A. Clausing, an economics professor at Reed College in Portland, Ore., who studies business taxation, “you would be expecting rising revenues.”

Corporate collections are running 20 percent below initial forecasts from the Congressional Budget Office and 10 percent below predictions from the Penn Wharton Budget Model, a nonpartisan research initiative that forecast large deficits as a result of the tax law.

https://www.nytimes.com/2018/07/25/...column-region&region=top-news&WT.nav=top-news

 

[big_country90]

A tax cut resulted in the government getting less money that year. Wow...what insight.

Wait until GDP numbers are released.

 

[countryroads89]

A tax cut resulted in the government getting less money that year. Wow...what insight.

Wait until GDP numbers are released.

You might want to get with your delusional, right-wing buddies so you completely understand their talking points. One of their main talking points is if you reduce taxes on the wealthy, they reinvest and their business expands, yielding an actual increase in tax revenue.

 

[big_country90]

You might want to get with your delusional, right-wing buddies so you completely understand their talking points. One of their main talking points is if you reduce taxes on the wealthy, they reinvest and their business expands, yielding an actual increase in tax revenue.

A: Nobody claims that tax revenues will rise after just a few months.

B: I couldn’t care less if the government gets more or less of our tax dollars as a result. My only concern is individuals and businesses getting to keep more of their own money.

 

[Raoul Duke MU]

Voodoo economics.

 

[GK4Herd]

To be fair, if the tax breaks to corporations are going to expand the economy, it will certainly take longer than 6 months before we see the effects. If a company decides to expand and open a new plant or facility, that's not going to happen over night.

I'm not advocating for either side, but in fairness the juries still out.

 

[countryroads89]

To be fair, if the tax breaks to corporations are going to expand the economy, it will certainly take longer than 6 months before we see the effects. If a company decides to expand and open a new plant or facility, that's not going to happen over night.

I'm not advocating for either side, but in fairness the juries still out.

Agree with your statement in general, however, we know the majority of the tax breaks were used to buy additional stock and executive bonuses, infusing some cash in those corporations but most likely not capital improvements and expansion and additional hiring. They certainly have the ability for expansion at some point in the future with the additional stock purchases, but we already know they have used a lot of the money for executive bonuses. A very small percentage has been passed down to workers' bonuses and pay raises and the result is no increased direct spending from them.

https://www.nbcnews.com/business/ec...erica-do-tax-break-buy-record-amounts-n886621

 

[19MU88]

There should be a rule here that libtards don’t discuss economics

 

[countryroads89]

There should be a rule here that libtards don’t discuss economics

Says the village idiot.

 

[raleighherdfan]

we know the majority of the tax breaks

The problem with this is that big media (like this article) thinks the only business in America is “big corporate America”.

Mid size and smaller “Main Street” type businesses (like GKs and mine) are bigger drivers of economic growth and have generally always paid a larger share of the tax revenue to governments. These tax savings (experienced by all) over time will indeed work back through the economy. The reality is that cash saved by lower tax expenditures eventually has to be put to work. The investment choices will vary based on where the best yields on those investments arise. Investment and economic cycles just don’t happen in 6 months.

Articles like this are myopic and designed to do one thing...increase jealousy, expand economic and financial ignorance.

 

[raleighherdfan]

More news this morning pointing to increased economic growth....

Another month of increased durable orders (surpassing expectations) and previous upward revisions in last months #’s. (I know this is shocking to those who think people and businesses don’t spend the money that they don’t have to send to Govt).

 

[19MU88]

Says the village idiot.

This guy. Tell us more on economics moron