I have to say, looking at just individual, payroll and corporate taxes
the '18 and '19 growth is much stronger than I would have expected. Clearly the corporate income cuts took a toll on corp tax revenues with a 31% decline in '18. Even with the +12% growth in 2019, corporate taxes are -11% from '17 to '19. But I'm surprised by the individual tax trend, and with total tax revenues (which have grown since the cuts despite the dip in corporate revenues). With a pre-tax cut revenue growth trend of 1%, 1% going to a post cut growth trend of 0%, 4%, it's a bit hard to argue the tax cuts were a HUGE budget buster.
.................................'13......'14......'15.......'16......'17.......'18.......'19
Individual+Payroll....14%....7%......8%......2%......3%......4%.......4%
Corporate Income....13%...17%....7%....-13%...-1%.....-31%....12%
Total Revenues........13%...9%......8%......1%......1%.......0%.......4%
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In response to this post by Hoodafan)
Posted: 10/10/2019 at 8:45PM