Where's Marco Rubio HIDING? WHY Is He Betraying Voters By Supporting GOP's "CEO Welfare Tax SCAM"?
Trump's/GOP's Despicably ABOMINABLE "Corporate Tax Cuts SCAM" will add 1. 5 TRILLION to OUR Deficit, money which Middle Class Workers will need to REPLACE via HIGHER Taxes, it will CUT Medicare/Medicaid & Disrupt OUR HealthCARE System? WHY are Repugnantkins attempting to RAM this ATROCITY thru? So Steve Mnuchin, Apple Computer, Walmart & every other GREED Monger on Wall Street can receive a CHECK for even MORE Billions of OUR Wealth? ~ "UNREAL, Immoral, CRIMINAL & Unacceptable" ~ I thought Mr. Rubio was Voted IN 2 CHAMPION his Constituents, NOT steal their money & give it 2 WEIRDO S. Mnuchin
The U.S. government's total revenue is estimated to be $3.654 trillion for fiscal year 2018. That's the most recent forecast from the Office of Management and Budget for October 1, 2017 through September 30, 2018. (Source: "FY2018 Budget. Table S-4," Office of Management and Budget, May 23, 2018.)
Where does the federal government's revenue come from? Individual taxpayers like you provide most of of it.
Income taxes contribute $1.836 trillion, half of the total. Another third ($1.224 trillion) comes from your payroll taxes. This includes $892 billion for Social Security, $270 billion for Medicare and $50 billion for unemployment insurance.
Corporate taxes add $355 billion, only 10 percent. Customs excise taxes and tariffs on imports contribute $146 billion, just 4 percent
The Federal Reserve's net income adds $70 billion. Its revenue comes from a variety of activities. For example, the Fed is the bank for federal government agencies. It pays interest on the billions of dollars in operating funds deposited by these agencies. In addition, the Fed owns $4.4 trillion in U.S. Treasury securities. It acquired through quantitative easing. It earns interest on those notes and bonds. (Source: "Federal Reserve Board Announces Reserve Bank Income and Expense Data and Transfers to the Treasury for 2016," Board of Governors of the Federal Reserve System, January 10, 2017.)
The remaining $23 billion of federal income comes from estate taxes and miscellaneous receipts. (Source: "FY2018 Budget.Table S-4," Office of Management and Budget, May 23, 2018.)
Why Raising the Corporate Tax Rate Won't Help You
Shouldn't corporations pay more? It wouldn't matter. That's because corporations pass on their tax burden to you.
They will either raise prices or reduce wages. That's because they must maintain their profit margins at a certain level to satisfy stockholders. If taxes are raised, they must pass that on to consumers or workers to keep share prices high. Thats why it doesn't matter what happens with the corporate tax rate. For more, see Why Do We Have to Pay Taxes?
How Does Revenue Relate to the Deficit, Debt and GDP?
The government's annual income will pay for 89 percent of spending, creating a $440 billion deficit. Shouldn't Congress only spend what it earns, just like you and me? It depends. Deficit spending boosts economic growth in a recession. That's when the government steps in to create jobs with stimulus spending.
Once the recession is over, the gov
"BETRAYER" Marco Rubio of Florida & Decrepit "Betrayer" Orrin Hatch, both of whom voted in FAVOR of ENRICHING their Wall Street GREED Mongers are GONE in 2018 ~ Their HOPEs of Re-Election just flew out the proverbial window within seconds of casting a despicable Yes VOTE for "Corporate WELFARE Tax CUTs" ~ They LIED along with soon to be REMOVED "Traitor Trump" who PROMISED American WORKERs a Big PAY Raise, so much for that CON-Job ~
House & SENATE Reconciliation is next for the ABOMINABLE Republican "Tax CUTs & Jobs Act of 2017" which will cut taxes ONLY for the RICH & Create MINIMAL Jobs if any ~ AMERICA is FURIOUS, it's not too late to call your SENATOR and or Congressman to DEMAND a PAY Raise instead of implementing "Delusional Donald's Corporate WELFARE Scam" ~
by Kathryn L Hill 15 minutes ago
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Do you believe that we are better off with Obama or better off without him and why?
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