Current U.S. Federal Government Tax Revenue

https://www.thebalance.com/current-u-s-federal-government-tax-revenue-3305762 ^ | September 10, 2018 | KIMBERLY AMADEO

[Albion Wilde]

How will we ever pay off a $20 trillion debt?

[zeestephen]

Re: “Revenues GO UP when rates go down. It's a simple concept(common sense really) that Art Laffer has clearly shown.”

We don't have Trump's September 2018 numbers yet, but it looks like Trump's total tax revenues will beat Obama by about $20 billion - comparing all of FY2017 to FY2018.

That's very disappointing. Just to keep up with inflation, Trump's revenue number needs to be around $65 billion.

Trump's final FY2018 budget deficit will be a catastrophe - close to $900 billion.

Trump's deficit will be at least $200 billion higher than Obama’s FY2017 budget deficit.

Source:

https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0818.pdf

[central_va]

Are you suggesting that we raise marginal tax rates? If so then you are crazier than I thought.

[zeestephen]

Re: “Are you suggesting that we raise marginal tax rates?”

No.

I'm pointing out that when a significant tax cut results in tax revenues that increase less than the inflation rate, we need to start worrying.

However, I am suggesting that when Trump signed a budget that increased spending by 6% ($240 billion), that is also something to worry about.

Re: “If so then you are crazier than I thought.”

Like you, I am a Supply-Sider.

Unlike you, I do not belong to the Donald J. Trump Personality Cult.