Rigged for Hillary wrote:
Tax revenues for 2018 so far are at RECORD LEVELS. Not a drop, an INCREASE.
True, but definitely out of context. Here are the revenues for the last several years:
•FY 2019 (est.) - $3.42 trillion
•FY 2018 (est.) - $3.34 trillion
•FY 2017 - $3.32 trillion.
•FY 2016 - $3.27 trillion.
•FY 2015 - $3.25 trillion.
•FY 2014 - $3.02 trillion.
•FY 2013 - $2.77 trillion.
•FY 2012 - $2.45 trillion.
•FY 2011 - $2.30 trillion.
•FY 2010 - $2.16 trillion.
NOTE that we're only halfway through fiscal year 2018, so the figures (by the OMB, by the way) for this year and next are of course only estimates.
NOTE that FY 2013, 2014, 2015, and 2016, all under Obama (whom I didn't vote for), also set all-time records.
NOTE ALSO that although the economy has been expanding at a fairly steady rate for several years, FY 2018 projects to be nearly flat in terms of dollar revenues; and a *decrease* in terms of percentage of GDP.
NOTE FINALLY that the OMB's estimates were as of February this year, and did not anticipate any additional cooling of the economy that a trade war would cause. (Trade wars--both in theory and in history--*always* are a drag on participating economies.)
https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762"However, spending 120% of those revenues on entitlements will unfortunately never be addressed- both parties are at fault. " With this I definitely concur!