8
0

Tax Cut impact, CBO got it wrong


 invite response                
2018 May 16, 2:03pm   5,388 views  20 comments

by Goran_K   ➕follow (4)   💰tip   ignore  



https://www.marketwatch.com/story/cbo-forecasts-largest-ever-monthly-surplus-as-record-tax-receipts-pour-in-2018-05-08

Record tax receipts will lead to the largest-ever monthly budget surplus for the federal government, congressional analysts said in a new report, as Americans hand over more money to Washington.

The nonpartisan Congressional Budget Office estimates the April surplus will total $218 billion, breaking the prior record of nearly $190 billion notched in April 2001.

Greater-than-expected tax receipts drove the surplus, CBO said, noting the record $515 billion in receipts for the month was as much as $40 billion more than the agency estimated about a month ago.

Comments 1 - 20 of 20        Search these comments

1   CBOEtrader   2018 May 16, 3:30pm  

Those affected w TDS will spin this as bad.
2   Goran_K   2018 May 16, 3:33pm  

CBOEtrader says
Those affected w TDS will spin this as bad.


They're in the other thread predicting a huge recession by next year.
3   MisdemeanorRebel   2018 May 16, 3:35pm  

Pah, Trump will never capture additional taxes when companies bring back money from abroad from tax cuts.

The CBO, Krugman, and Chelsea Handler know this.
4   Goran_K   2018 May 16, 3:36pm  

TwoScoopsOfDragonEnergy says
Krugman


"We don't care about Krugman!" said the same people who go on and on about the supposed Keynesian miracles that Obama somehow pulled off...
5   lostand confused   2018 May 24, 4:15pm  

Didn't CBO underestimate the cost of Obamacare?
6   bob2356   2018 Jun 22, 6:40am  

Goran_K says
https://www.marketwatch.com/story/cbo-forecasts-largest-ever-monthly-surplus-as-record-tax-receipts-pour-in-2018-05-08

Record tax receipts will lead to the largest-ever monthly budget surplus for the federal government, congressional analysts said in a new report, as Americans hand over more money to Washington.

The nonpartisan Congressional Budget Office estimates the April surplus will total $218 billion, breaking the prior record of nearly $190 billion notched in April 2001.

Greater-than-expected tax receipts drove the surplus, CBO said, noting the record $515 billion in receipts for the month was as much as $40 billion more than the agency estimated about a month ago


Looks like someone stopped reading at the first paragraph. Otherwise why leave out this part

Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth for that year.

Economic activity in 2017. Before the tax cut.


Nice attempt at a bit of deceptive demagoguery. Were are Jan, Feb, Mar numbers? Curiously missing.
7   Bd6r   2018 Jun 22, 8:56am  

RafiMaas says
inflation can go through the roof

Unlikely as that money will be spent on executive bonuses and not worker pay. So, Hampton mansions and Bentley prices will increase. Interest on US govt bonds will increase, meaning that deficit will continue increasing, and possible outcome may be deflationary collapse. I like this analysis:

https://www.themaven.net/mishtalk/economics/amidst-inflation-scare-price-war-intensifies-between-costco-target-walmart-TMpngxk3CEiThWEVxRpwNA/
8   Booger   2018 Jun 22, 9:12am  

lostand confused says
Didn't CBO underestimate the cost of Obamacare?
.

Pretty much any new giveaway or military procurement is underestimated.
9   Goran_K   2018 Jun 22, 9:23am  

Feux, cut it out with the personal attacks. Otherwise, your conversation threads are going to look a lot more disjointed.
10   FortWayne   2018 Jun 22, 9:31am  

Lol

#maga
11   Shaman   2018 Jun 22, 11:04am  

Feux Follets says
economists


Definition: a person who has been taught so many incorrect theories that they haven’t a prayer of seeing what is obvious the average man on the street can tell at a glance.
Some related reading:

https://www.intheblack.com/articles/2016/04/01/how-accurate-are-economic-forecasts

https://www.cbsnews.com/news/why-you-should-ignore-economic-forecasts/
12   bob2356   2018 Jun 23, 8:07am  

bob2356 says

Nice attempt at a bit of deceptive demagoguery. Were are Jan, Feb, Mar numbers? Curiously missing.


Did Goran post these numbers yet? Crickets chirping.
13   bob2356   2018 Jun 23, 8:07am  

RafiMaas says
Now how are we going to pay for space Force?


Don't worry the Mexicans will pay for it after they send a check for the wall.
14   Goran_K   2018 Jun 24, 11:55am  

RafiMaas says
@goran_k is pilling on more debt in good times a good idea?


Obama was the biggest debtor in the nations history, was he good or bad?
15   marcus   2018 Jun 24, 12:09pm  

Goran_K says
Obama was the biggest debtor in the nations history


How much of that was totally out of his hands ?

i.e. massive drop in tax revenues due to recession (economic crash) that occurred in late 2008 and early 2009 while spending that was essentially already planned and agreed to before Obama ( basically paying bills). Combine that with off the books stuff such as Medicare part D and off the books IRaq spending that was finally put on the books under Obama, and then also all the bailouts and programs initiated to ease the effects of the housing crash.

His situation was unique and so much of it was in the cards before he started.

Whereas the degree to which the deficit is being exploded now, in growth times is something unprecedented, although Reagan did it too. It's called blindly living WAY beyond your means.

Wheeeeeeeeeeeee !!

Hey there's a big right wing media machine ready to spin this, but everyone paying attention knows that what's going on is unprecedented, and that the lower and middle class are going to pay for it in one way or another. They need to get a democrat back in power before the shit really hits the fan take the blame in the eyes of the gullible right wingers.
18   Goran_K   2018 Jun 24, 1:53pm  

“How much of that was totally out of his hands ?”

Considering Obama’s close ties with Wall Street, he did what he did to save his closest allies.
19   Goran_K   2018 Jun 24, 1:55pm  

RafiMaas says
Goran_K says
RafiMaas says
Do I wish people like you lost all their fucking money in 2008 like capitalism says you should have, yes I do.

Fuck Paulsen and his $700 billion dollar socialist bazooka.


.


Thankfully I wasn’t over leaveraged in real estate. In essence I escaped completely unscathed from 2008 because I made wise decisions. Capitalism doesn’t save those who make bad decisions.
20   MrMagic   2018 Jun 24, 2:01pm  

RafiMaas says
Do I wish people like you lost all their fucking money in 2008 like capitalism says you should have, yes I do.


What was that you said about personal attacks?

RafiMaas says
A good way to avoid this is to not make personal comments. It is quite easy.


Oh, now I remember...

Please register to comment:

api   best comments   contact   latest images   memes   one year ago   random   suggestions