Now even the WSJ is trying to sell us the idea that tax cuts are bad

On October 16, the WSJ ran a front-page article titled "Deficit swells as tax cuts takes bite."

Last fiscal year, income taxes withheld for individuals rose 1% but corporate tax receipts fell 31% – both reflecting the broad tax overhaul enacted in December.  Individual rates were reduced by varying amounts across income thresholds while the corporate tax rate was slashed to 21% from 35%.

In the article, the business newspaper of record stated that individual income taxes withheld from individuals rose 1%, (probably from salary rises, because tax rates went down) as if to emphasize percents over the more important picture, which is absolute numbers.

The truth is, individual income tax collected went up $93 billion or just short of 6%, not 1%.  The 1% is just withholding; the 6% represents income from all kinds of sources, including investments, signaling that shareholdings and other earnings are growing more important than just salaries in the economy, and that this bigger picture shows why the tax cuts are working.

The tax cuts, along with a rapid cut in regulations, have yielded rapid economic growth and will pay for themselves as they always have.  It is truly a shame that the WSJ, like almost all media outlets, intentionally misleads the public and owes them a front--page apology and correction.

Here is what the headline should have been: "Individual tax receipts rise rapidly because of rapidly improving economy due to tax rate cuts."

Here is how the information should have been presented, along with articles giving actual accurate numbers:

Individual tax revenues went up $93 billion (about 6%) between FY 2017 and FY 2018.  They did not fall as predicted.  As always, tax cuts yield more economic growth and more revenue to government entities throughout the U.S.  Over the next several years, this economic improvement will yield an even greater amount of revenue.  It is a simple concept that if individuals and businesses are allowed to keep more of their own money, the economy will improve, yet journalists and Democrats seem unable to grasp these simple economic principles.

Here is what should have really been emphasized:

The federal government collected a record $1,683,537,000,000 in individual income taxes in fiscal 2018 (October 2017 through September 2018)[.]

...and...

Individual income taxes totaled up to 1.59 trillion U.S. dollars in 2017[.]

The news pages on the WSJ are no better than CNN, ABC, the AP, the NYT, the WaPo, and USA Today as they mislead the public.  It is no wonder that the public doesn't have a more positive view of the tax cuts when they are fed such inaccurate information.

Jack Hellner is a tax professional in Illinois.

On October 16, the WSJ ran a front-page article titled "Deficit swells as tax cuts takes bite."

Last fiscal year, income taxes withheld for individuals rose 1% but corporate tax receipts fell 31% – both reflecting the broad tax overhaul enacted in December.  Individual rates were reduced by varying amounts across income thresholds while the corporate tax rate was slashed to 21% from 35%.

In the article, the business newspaper of record stated that individual income taxes withheld from individuals rose 1%, (probably from salary rises, because tax rates went down) as if to emphasize percents over the more important picture, which is absolute numbers.

The truth is, individual income tax collected went up $93 billion or just short of 6%, not 1%.  The 1% is just withholding; the 6% represents income from all kinds of sources, including investments, signaling that shareholdings and other earnings are growing more important than just salaries in the economy, and that this bigger picture shows why the tax cuts are working.

The tax cuts, along with a rapid cut in regulations, have yielded rapid economic growth and will pay for themselves as they always have.  It is truly a shame that the WSJ, like almost all media outlets, intentionally misleads the public and owes them a front--page apology and correction.

Here is what the headline should have been: "Individual tax receipts rise rapidly because of rapidly improving economy due to tax rate cuts."

Here is how the information should have been presented, along with articles giving actual accurate numbers:

Individual tax revenues went up $93 billion (about 6%) between FY 2017 and FY 2018.  They did not fall as predicted.  As always, tax cuts yield more economic growth and more revenue to government entities throughout the U.S.  Over the next several years, this economic improvement will yield an even greater amount of revenue.  It is a simple concept that if individuals and businesses are allowed to keep more of their own money, the economy will improve, yet journalists and Democrats seem unable to grasp these simple economic principles.

Here is what should have really been emphasized:

The federal government collected a record $1,683,537,000,000 in individual income taxes in fiscal 2018 (October 2017 through September 2018)[.]

...and...

Individual income taxes totaled up to 1.59 trillion U.S. dollars in 2017[.]

The news pages on the WSJ are no better than CNN, ABC, the AP, the NYT, the WaPo, and USA Today as they mislead the public.  It is no wonder that the public doesn't have a more positive view of the tax cuts when they are fed such inaccurate information.

Jack Hellner is a tax professional in Illinois.