Define fair share

[durangodawood]

Oh, is that what

1000

Meant?

Yes. With a $ sign.

Flat figure. The only fair tax.

 

[iluvatar5150]

I thought the economy was growing the same if not slower than the previous administration?

So? Slow growth is still growth, which means increased tax revenue.

But regarding the growth rate, AFAIK, the long term average (i.e. excluding the temporary spike from the tax cuts) is about in line with where it was in the later Obama years. Some folks are seeing impending doom on the horizon, but I’m not so pessimistic.

 

[whatbogsends]

Here is another question:

If raising the taxes on the rich produces more revenue, why did revenues rise after the tax cuts?

They didn't.

"Federal tax revenues were lower in 2018 than in 2017, reversing a trend of rising revenues seen in recent years, according to U.S. Treasury data tracked by District Economics Group.

DEG’s Diane Lim said that “2018 was an unusual year for tax revenue. Not just because revenue levels dropped so much but because they dropped so much as the economy was growing so strongly.”


Here’s how the two largest categories of tax revenues fared in 2018:

• Individual tax receipts totaled $2.593 trillion in the 2018 calendar year, one percent higher than 2017 in nominal terms but about half a percentage point lower on an inflation-adjusted basis.
• Corporate tax receipts were lower in both nominal and inflation-adjusted terms, coming in at $233 billion in 2018, down from $316 billion in 2017. That represents a 26 percent drop in revenues on a nominal basis and a 28 percent drop in inflation-adjusted terms."

Why 2018 Was an ‘Unusual Year’ for US Tax Revenues

Do you have a source indicating that revenues increased for FY 2018? I saw sources projecting an increase in 2018 from 2017 (albeit at a smaller rate than what revenues had increased in the past), but every article I've seen says that they've decreased for the first time in a long time.

Federal revenue fell in first year after U.S. tax overhaul

U.S. Tax Revenues Fall, Deficit Widens in Wake of New Tax Law

 

[iluvatar5150]

They didn't.

"Federal tax revenues were lower in 2018 than in 2017, reversing a trend of rising revenues seen in recent years, according to U.S. Treasury data tracked by District Economics Group.

DEG’s Diane Lim said that “2018 was an unusual year for tax revenue. Not just because revenue levels dropped so much but because they dropped so much as the economy was growing so strongly.”


Here’s how the two largest categories of tax revenues fared in 2018:

• Individual tax receipts totaled $2.593 trillion in the 2018 calendar year, one percent higher than 2017 in nominal terms but about half a percentage point lower on an inflation-adjusted basis.
• Corporate tax receipts were lower in both nominal and inflation-adjusted terms, coming in at $233 billion in 2018, down from $316 billion in 2017. That represents a 26 percent drop in revenues on a nominal basis and a 28 percent drop in inflation-adjusted terms."

Why 2018 Was an ‘Unusual Year’ for US Tax Revenues

Do you have a source indicating that revenues increased for FY 2018? I saw sources projecting an increase in 2018 from 2017 (albeit at a smaller rate than what revenues had increased in the past), but every article I've seen says that they've decreased for the first time in a long time.

Federal revenue fell in first year after U.S. tax overhaul

U.S. Tax Revenues Fall, Deficit Widens in Wake of New Tax Law

lolol I just took him at his word.

 

[whatbogsends]

lolol I just took him at his word.

I started to write a post assuming that what he said was true (how foolish!), assuming that I was going to show him that a larger economy with a smaller tax rate could still produce an increased revenue, even if that increase was at a smaller rate than what we had seen. The articles which talked about predictions for 2018 tax revenues suggested this would be the case. However, articles talking about actual 2018 tax revenues were all in agreement that they had gone down.

 

[Always in His Presence]

Yes. With a $ sign.

Flat figure. The only fair tax.

With a three trillion dollar budget what would that make everyone’s tax?

 

[Always in His Presence]

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

 

[iluvatar5150]

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

From the article:

Overall, federal revenues came in slightly higher in FY 2018 — up 0.5%.

So, growth in revenues was lower than inflation or gdp growth. In real dollars, that’s a reduction.

The only way to use those numbers to claim that the cuts boosted revenue is to argue that we would have been in a recession without the cuts. Not only is that absurd, but it would also make the TrumpEconomy look a lot worse than it is.

 

[durangodawood]

With a three trillion dollar budget what would that make everyone’s tax?

Whatever it has to be.

You asked for a definition of "fair". Not of some other word like "practical" or "feasible".

 

[Always in His Presence]

Feds Collect Record Individual Income Taxes in FY 2018; Still Run $779B Deficit

 

[whatbogsends]

Trump Tax-Cut Results: Federal Revenues Hit All-Time Highs | Investor's Business Daily

I'm glad you posted your source. It's not the most recent information, as FY 2018 hadn't closed when the article was posted. I posted 3 articles from 2019, all showing that revenues for 2018 were down.

Your other source posted in post #90 was also from October 2018.

 

[iluvatar5150]

Feds Collect Record Individual Income Taxes in FY 2018; Still Run $779B Deficit

This article doesn’t help your case any more than the last one:

Despite the record amount collected in individual income taxes in fiscal 2018, overall real federal tax revenues in fiscal 2018 were lower than in any of the previous three years.

 

[KCfromNC]

Here is another question:

If raising the taxes on the rich produces more revenue, why did revenues rise after the tax cuts?

Which tax cuts, specifically?

Edit, nevermind, should have known...

 

[KCfromNC]

And what is the rationale for making the more successful pay more of a percentage and not just more in taxes for being more successful?

I don't know of any income tax laws which are based on "success". They're based on income. It's right there in the name.

 

[KCfromNC]

I thought the economy was growing the same if not slower than the previous administration?

Looks like a bit of confusion between velocity and acceleration here. Faster growth and slower growth are still growth.

 

[Always in His Presence]

This article doesn’t help your case any more than the last one:

Topic of the question is individual taxes. Taxing the rich. Not the companies. The individual rich.

The top 1%

 

[durangodawood]

Topic of the question is individual taxes. Taxing the rich. Not the companies. The individual rich.

The top 1%

I proposed "fair".

I guess youre not looking for "fair", but something else instead?

 

[whatbogsends]

Topic of the question is individual taxes. Taxing the rich. Not the companies. The individual rich.

The top 1%

And in inflation adjusted dollars, individual income taxes were down for FY 2018.

In nominal terms, they individual tax receipts increased from FY 2017, but they increased at the smallest rate in well over a decade.

The Trump tax cuts are not having the results you are suggesting.