Those evil tax cuts for businesses we all heard so much about just set a record for taxes received from businesses. In October, the first month of the new fiscal year, of $252,692,000,000. That’s more than $11.4 billion above revenue for October of last year, which was the previous record tax revenue for an October.
And it did this by collecting more than $3 billion less in personal income taxes, thanks to the tax cuts.
The new revenues were the result of increased business taxes because of increased business. Here’s how much different it was:
Corporation income tax receipts to the U.S. Treasury this year in October were a whopping $8,000,000,000. This compares to the previous October’s $3.8 billion.
Related: Demokrat Dictionary – Tax Cuts
Lower taxes raised revenues by increasing activity. But?
The Democrats have promised to roll back the law that gave us higher business taxes and lower personal taxes. But then, you knew that. But America voted to give Democrats the House, anyway. Well, America, parts of south and central America. Some unknown number of deceased persons. College students paying out-of-state tuition. And a few folks who probably don’t even exist.
Well, we just had an election and “America” (and South America) have spoken.
Thankfully, we have a Republican Senate and Mr. Trump to turn back the Left-wing hate toward prosperity. Someone to defend the real little people and lower taxes for all.
Now if we could just get them to do something about the spending.
Exit question. Will the first bill out of the dock in January be legislation to make those middle-class tax cuts permanent? If they do it can they do it without rolling back job-creating business tax cuts? Can they do it without adding more spending? I don’t think so.