When will journalists and other Democrats tell the truth about the tax cuts and the economy as a whole?
While the Congressional Budget Office (CBO) and other experts routinely underestimate the costs of government spending programs by huge amounts, they severely underestimate receipts and economic results when there are across the board tax cuts. The data are readily available, and they show that after the Reagan and Bush major tax cuts, the economy improved rapidly — and tax receipts shot up. Yet in all projections, the CBO assumes that receipts will go down and the economy won't expand much because of the cuts.
The CBO said the Trump tax cuts would cost the government $1.5 trillion over ten years, but revenues are already rising at a decent clip in the second year.
Why do journalists and other Democrats continue to repeat that Trump's tax cuts are costing trillions and helping only the rich when those are obvious lies?
The answer is that they lie about the economy for the same reasons they repeat the lies about Charlottesville. The truth doesn't help their agenda, and the only thing that is important to journalists and other Democrats is that they get their power back.
New data from the CBO:
Total Receipts: Up by 3 Percent in the First Nine Months of Fiscal Year 2019
Receipts totaled $2,609 billion during the first nine months of fiscal year 2019, CBO estimates — $69 billion (or 3 percent) more than during the same period last year. That increase was the result of changes in receipts from the following sources:
- Individual income and payroll (social insurance) taxes together rose by $60 billion (or 3 percent).
- Amounts withheld from workers' paychecks rose by $37 billion (or 2 percent). That change largely reflects increases in wages and salaries that were partly offset by a decline in the share of income withheld for taxes. The Internal Revenue Service issued new withholding tables in January 2018 to reflect changes made by the 2017 tax act (Public Law 115-97). All employers were required to begin using the new tables by February 15, 2018. Those new withholding rates were in effect during the first nine months of this fiscal year but for only four and a half months of the same period last year.
- Nonwithheld payments of income and payroll taxes rose by $7 billion (or 1 percent).
- Income tax refunds were down by $20 billion (or 8 percent), further boosting net receipts.
- Unemployment insurance receipts (one kind of payroll tax) declined by $4 billion (or 10 percent).
- Corporate income taxes increased by less than $1 billion (or less than 1 percent). Payments received in June — the first month in which receipts consisted predominantly of estimated payments for tax year 2019 — were up by $11 billion (or 30 percent).
Maybe the CBO, journalists, and other Democrats should review historical records before they lie to the public about tax cuts costing the government money.
The Trump tax cuts have also helped states by lifting the economy. In Illinois, the state got an extra $1.5 billion in April alone. In Illinois, as in Washington, D.C. and elsewhere, Democrats see that tax cuts and regulation reductions lead to higher growth and more revenues, so their brilliant solution is to raise taxes and increase regulations, and almost all journalists cheer.
Federal tax reform and the economy are boosting state coffers — for now.
A record 41 states collected more revenue last year than they did before the 2008 recession, even when inflation is taken into account. And in many cases, the recovery is significant. In 16 states, tax revenue was at least 15 percent higher in the third quarter of 2018 than their last peaks.
Democrats continually say that only the rich are benefiting from Trump's policies, but that is clearly another lie. Instead of calling out the lies, most of the media just repeat them.
The recent jump in paychecks has come with an unusual characteristic, as workers at the lower end of the pay scale are getting the greater benefit.
Average hourly earnings rose 3.4 percent in February from the same period a year ago, according to a Bureau of Labor Statistics report last week. That's the biggest gain since April 2009 and seventh month in a row that compensation has been 3 percent or better.
What has set this rise apart is that it's the first time during an economic recovery that began in mid-2009 that the bottom half of earners are benefiting more than the top half — in fact, about twice as much, according to calculations by Goldman Sachs. The trend began in 2018 and has continued into this year, and could be signaling a stronger economy than many experts think.
For instance, retail industry employees saw an increase of 5 percent and leisure and hospitality earnings rose 4.6 percent from February 2018. At the same time, professional and business services workers gained 2.8 percent while Wall Street-related positions in finance increased just 2 percent
We were repeatedly told that if Trump was elected the economy and the stock market would collapse and millions of jobs would be lost. The experts were 100% wrong.
We have been told that the tariffs would cause the economy to weaken and inflation to go up rapidly. The experts were 100% wrong.
We were told that when Trump got rid of the Obamacare individual mandate that prices would skyrocket. Instead they stabilized for the first time in years. The predictions were 100% wrong.
We were told that manufacturing jobs were gone for good. The predictions were 100% wrong.
We have been told for decades that we could not drill our way to energy independence and that we would soon be out of oil. The predictions were 100% wrong.
In 1922, we were told by the Washington Post and AP that the coastal cities and the Arctic ice would soon be gone. The predictions were 100% wrong.
We have all seen how our economy under the racist, xenophobe President has lowered the unemployment rates for blacks, Hispanics and Asians to all-time lows.
Under the sexist President women have done very well in the job market. Overall, unemployment rates are at a fifty-year low.
One of the greatest statistics is that the unemployment rate for adults without a high school education is at a record low of 5.1%. The lowest it got during Obama's term was 6.5% and the lowest during Clinton's term was 5.8%. and we are told the lie that the Trump policies only benefit the rich.
With all the good news on the economy, Democrats keep telling the public how bad it is and how it will collapse soon. (they are certainly hoping that it collapses soon because all they care about is getting the power and money to the government from the people) They repeatedly rip the rich while they want to make the richest area in the United States richer. They tell the public, especially the young, that humans are destroying the earth, that there are too many humans and we are all going to die soon if Democrats don't confiscate trillions more from the private sector and go back to a backwards quality of life.
I wonder why so many people get depressed and angry and take it out on other people or themselves.
When will the media ask other Democrats to tell the truth?