Lock Downs and the $$$Big$$$Beautiful$$$Vacines$$$ Bring In Recording Breaking Revenue For Fiscal Year 2021
I've been asking around if anyone knew what the government was making on these vaccines for the last several weeks. Now it appears we really don't need an exact figure to do some calculations on. The Congressional Budget Office estimated for the first time that government revenues hit four trillion dollars.
Despite a pandemic, a recession and a slew of tax cuts, federal tax receipts are booming.
Revenues jumped 18 percent in the fiscal year that just ended, analysts say — the biggest one-year increase since 1977.
That translates into $627 billion more than in 2020, according to the nonpartisan Congressional Budget Office, which estimates that, for the first time, total government revenues topped $4 trillion.
“They are just booming,” said Mark Booth, a former top revenue forecaster at the agency. “It is very unusual.”
I call it highly unusual given corporations easily rose above what was estimated after the corporate tax cut rate and other tax cuts were initiated by the republicans:
Though Democrats are hammering the rich for not paying their fair share in taxes, the increase is being driven by levies primarily paid by the well-to-do. For example, corporate tax receipts leapt 75 percent, CBO says. At $370 billion, they easily top where they were immediately before Republicans slashed the corporate rate as part of the Tax Cuts and Jobs Act.
The article further goes on to articulate that usually just the opposite occurs when people see a reduction in their incomes.
It is highly unusual, though, for the government to see a big wave of revenue in the wake of an economic downturn. Typically, receipts crash following recessions because, as people’s incomes fall, they owe less to the Treasury.
As the next paragraph indicates the high income earners ended up paying more in taxes which offset the loss from low income earners. Which that shouldn't come to anyone as a shock given they were the only ones capable of staying open during the duration of the lock downs.
The coronavirus downturn was much more bifurcated, however, with higher-income people, who pay most federal taxes, doing far better than low earners.
The article further goes on:
The increases came across all major categories of taxes, according to CBO, with corporate receipts seeing the biggest jump, thanks to better-than-expected profits.
Payments by big companies had plunged in the wake of Republicans’ 2017 tax cuts, falling by almost a third to $205 billion the following year. They didn’t really begin to bounce back until this past fiscal year and then recovered to an extent that surprised analysts.
CBO repeatedly revised upward its estimates, and still came in too low. At $370 billion, the corporate tax haul would be the biggest, at least in nominal terms, since 2007.
Another big increase — 33 percent — came with “non-withheld” receipts, which include a variety of taxes that are not subject to withholding by employers.
CBO did not provide a breakdown of those levies. But big changes there are usually driven by capital gains realizations and payments by unincorporated businesses. And the agency previously upped its estimates of capital gains taxes over the past year.
Individual income taxes were up 27.5 percent, CBO estimates. Those too are disproportionately paid by the well-to-do, with 80 percent coming from the top 10 percent of earners.
The increases came despite lawmakers approving a series of tax cuts in the wake of the pandemic. At the time, they were projected to cost nearly $500 billion in 2021 — which would make them bigger than the first year’s worth of tax cuts included in Republicans’ 2017 legislation.
But some of the pandemic-related tax cuts, such as an employee retention credit meant to help keep workers on the payroll, were less popular than lawmakers anticipated — just because Congress cuts takes doesn’t mean everyone necessarily takes advantage of them.
The overall revenue increase wasn't only an anomaly compared to 2020, when receipts fell by just 1.2 percent to $3.420 trillion. Revenues in 2021 still rose 17 percent even when compared to 2019 levels, before the pandemic hit.
Receipts are volatile, but double-digit annual increases are uncommon — there have only been 11 such instances since 1977.
The last paragraph only comes to fruition if we keep playing pandemic, mandating vaccines and injecting the populace with boosters.
In July, CBO predicted receipts in 2022 would amount to 18.1 percent of GDP, the most in 20 years. Now it seems like the agency will have to revise that too upwards.
He was after all the one quoted saying: "If you’re a businessman, you’ll say, ‘you know what, let’s give them another shot, that’s another $10 billion of money coming in’,” Trump said. Looks like he underestimated the haul himself, let's try six hundred and twenty seven billion. He was brought in for a reason and I hope people wake up and realize it before it's to late. Like Laura Ingraham said tonight on her show to Larry Kudlow, who she mentioned helped advocate for and pushed through the Trump policies, "we know how to grow the economy, we know how to increase wages, keep China back on it's heels and close the border, the Trump policies worked", to which Kudlow responded "did you see those revenues today?, unbelievable revenues." So if revenues fell due to the tax cuts how did the Trump policies work? What they seem to be implying is there was a plan in place that would work, in between, of course, lots of commercials breaks from big pharma. Someone had to fill those pillow commercial spots, Lindell is probably out making sure Sidney Powell has a lot of those absorbent towels. A lot of people being played as pawns in, as I said before, The Longest Running Episode Of The Apprentice. They brought in the right person to run this dog and pony show, in my opinion Trump is the shadow president.
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