US Sees Biggest Revenue Surge in 44 Years Despite Covid

Trump loosened the jar lid

 

And yet all you have done is try to change the subject.

Hobby of yours?

 

So much winning!

As it were.

 

I just attempted to correct your misinformation. You can call it a hobby if it makes you feel better.

 

You can call it misinformation, but your own post proves you didn't even comprehend the issue (you thought I said inflation produces profits, when I said no such thing).

Go derail someone else's thread.

 

This will change with democrats planned tax hike.

 

The level of irresponsibility and disrespect for the labor that produces the revenue is what is shameful.

 

The tax cut reduced corporate tax revenue by 30%. You think it will fall again if they raise tax? Cuts & raise have same effect?

Not to worry, it doesnt seem like Dems can pass any of their bills.

 

There is nothing "Best" about this economy. The deficit was 2.8 Trillion dollars.. which yes .. when you spend that much extra money .. is going to give you a short term GDP boost -- a very small short term gain .. for a very big long term loss.

 

I wonder if the states saw similar tax revenue increases?

 

It didn't give any boost in 2020 when they inserted more money in to the economy than ever before (and its not even close), and much of the 2021 deficits were inserted in 2020 as well, given the fact that fiscal year started in 2021.

The economy was obviously going to do well after the disaster of 2020, so I don't credit Biden for it either. It was going to happen no matter who was in WH.

Sales tax is collected by States, so they saw increase as well, but not similar to Federal.

 

I came here to post exactly this, and see that you took care of it already.

 

Yes, populist mainstream Republicans abhor paying for what they spend, because they'd rather have someone else pay for it.

Conservatives, in the other hand, believe in balanced budgets.

Huge difference.

 

Some states also collect income taxes, property taxes, estate taxes, capital gains taxes etc.

% wise I'd actually expect some states to show a higher gain than the Federal Government. I've been googling around a little bit but haven't seen any state analysis yet.

 

Of course GDP and Revenue was given boost in 2020 .. 3 Trillion dollars was injected into the Economy in 2020 ? What do you think the numbers would have looked like that massive nitrous oxide injection not been given.

 

Sorry, I wasn't aware this was your thread.

 

Any chance that this increase in revenue was due to the stimulus bills?

 

The biggest stimulus bills were passed in 2020 and revenue plummeted, but now economic activity has increased, and as a results, the revenues did too. People got back to work, which increases income tax revenues, people buy and sell stocks, which increases revenues, people spend more, which increases corporate tax revenues.

 

Should the government spend the extra revenue? Or, should they cut or pause increases in government spending? If there is inflation, then the government will have to pay more to do the same job it did in the past.

 

Yeah, I guess it shows that the government spending on unemployment benefits increases, and the multiple stimulus checks did nothing to help with the job crisis during the COVID pandemic. But, if you know something, I would be willing to change my view of it if the data backs that there was a benefit from those actions.

 

People pay less tax when the collect unemployment than when they work, so when the unemployed go back to work, they pay more tax. Also, when wages go up, the revenues go up too. Stimulus checks were tax free if I'm not mistaken.

 

The checks themselves were tax-free but not the sales tax if the money went towards buying something. But, that's folly. There's no Federal Sales Tax... yet.

 

Right, sales tax is not federal tax revenue.

But spending helps corporate profits, and corporations pay federal tax, so there is that.

 

Figures don't lie, but liars figure! It goes to show how they take facts and misrepresent the truth!