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Tax Cut impact, CBO got it wrong

By Goran_K following x   2018 May 16, 2:03pm 309 views   7 comments   watch   sfw   quote     share    


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.
1   CBOEtrader   ignore (2)   2018 May 16, 3:30pm   ↑ like (3)   ↓ dislike (0)   quote        

Those affected w TDS will spin this as bad.
2   Goran_K   ignore (1)   2018 May 16, 3:33pm   ↑ like (1)   ↓ dislike (0)   quote        

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   TwoScoopsOfDragonEnergy   ignore (1)   2018 May 16, 3:35pm   ↑ like (1)   ↓ dislike (0)   quote        

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   ignore (1)   2018 May 16, 3:36pm   ↑ like (2)   ↓ dislike (0)   quote        

TwoScoopsOfDragonEnergy says

"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   HEYYOU   ignore (13)   2018 May 16, 6:30pm   ↑ like (2)   ↓ dislike (0)   quote        

Glad the CBO proved what we all know about Republicans. They tax Americans.
More tax revenue? Glad no American had to pay any taxes. Mexico must have paid it.
Any tax collected under a Republican Administration is SOCIALISM.
How does it feel to have nothing to argue with,against the truth?
6   Feux Follets   ignore (1)   2018 May 24, 3:49pm   ↑ like (0)   ↓ dislike (1)   quote        

Tax Cut Gains Forecast to Fade Away in 2019

Fannie Mae is backing down slightly on its economic forecast for the remainder of 2018.

The first quarter GDP growth of 2.3 percent was the slowest in a year, down from 2.9 percent a year earlier.

The company's economists, led by vice president and chief economists Doug Duncan, say they expect growth to pick up later in the year but the economic boost from last December's Tax Cuts and Jobs Act and this February's Bipartisan Budget Act of 2018, will fade next year and the labor market will tighten more than previously thought.

The earlier full-year 2018 forecast remains at 2.7 percent, but the company is lowering its projections for 2019 by two-tenths to 2.3 percent.

They see substantial downside risks to their forecast, especially the rising price of oil. Crude prices have risen by about $11 per barrel since December to reach $71.

Rising gasoline prices decrease disposable income and are therefore likely to negate some of the increase in disposable income from the tax cuts.

They also may push inflation higher, leading the Fed to pick up the pace of interest rate hikes.

The administration's protectionist trade policy is also a barrier growth.

The economists call first quarter housing activity "lackluster." Consequently, real residential investment was not a contributor to the GDP. Homebuilding activity was mixed, with multifamily starts posting the largest quarterly increase since the second quarter of 2016, while single-family starts suffered a slight decline. New home sales increased while the sales of existing homes, which make up 90 percent of the total, fell during the quarter.

More including charts, home sales etc. and as per Logan the bar has been set very low.

7   lostand confused   ignore (0)   2018 May 24, 4:15pm   ↑ like (0)   ↓ dislike (0)   quote        

Didn't CBO underestimate the cost of Obamacare?

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