Federal revenue falls $416 billion from
this time last year despite passage of IRA
Just the News,
by
Nicholas Ballasy
Original Article
Posted By: Beardo,
8/29/2023 12:58:13 PM
Federal revenue dropped $416 billion compared to this time last year, according to recently released U.S. Treasury Department data, despite the Democrats’ passage of their $780 billion Inflation Reduction Act last year.
The legislation, which President Biden signed in August 2022, contained a 15% minimum corporate income tax, which still hasn't been fully implemented by the IRS.
Experts at the Committee for a Responsible Federal Budget and the Tax Foundation told Just the News that most of the revenue raising provisions in the IRA have not taken effect yet but they likely won't raise much revenue given the price-tag of the energy-related tax credits in the bill.
Reply 1 - Posted by:
stablemoney 8/29/2023 1:01:06 PM (No. 1545220)
Under Bideneconomics, there is no income to tax. Biden takes 100% of all income, and the Rino's help him.
27 people like this.
Reply 2 - Posted by:
Ditto1958 8/29/2023 1:11:49 PM (No. 1545231)
Hey, all you communists put there: the Laffer Curve is actually real. Want more revenue? Cut taxes. Yes, cut taxes.
41 people like this.
Reply 3 - Posted by:
planetgeo 8/29/2023 1:25:54 PM (No. 1545238)
Ummmm...maybe it's because the "Inflation Reduction Act" isn't really reducing inflation, ya think?!
47 people like this.
Reply 4 - Posted by:
smokincol 8/29/2023 1:53:50 PM (No. 1545256)
and the demcommie solution is:
1.) raise more taxes and
2.) tax everything that isn't already taxed
25 people like this.
Reply 5 - Posted by:
reefdiver 8/29/2023 2:02:07 PM (No. 1545260)
What we really need is a GRA, Government Reduction Act.
46 people like this.
Reply 6 - Posted by:
DVC 8/29/2023 2:05:17 PM (No. 1545263)
It has been proven time and time again, and yet, the extreme leftist fools never, ever learn, never will believe.
HARD FACT:
Lower tax rates will generate more business activity, which will generate MORE tax revenue.
And, of course, the converse is equally true -- raise tax rates and tax revenues will FALL.
34 people like this.
Reply 7 - Posted by:
LC Chihuahua 8/29/2023 2:10:12 PM (No. 1545269)
Bidenomics truly is a success. Wealth is bad.
20 people like this.
Reply 8 - Posted by:
formerNYer 8/29/2023 2:21:59 PM (No. 1545285)
Federal revenue falls $416 billion from this time last year BECAUSE of passage of IRA
There fixed it.
28 people like this.
Reply 9 - Posted by:
mc squared 8/29/2023 2:56:30 PM (No. 1545309)
I'm waiting for him or the Spokes Thing to remind us how great the Inflation Reduction Act is.
( There are no Americans in Baghdad)
17 people like this.
Reply 10 - Posted by:
moebellini3 8/29/2023 3:06:35 PM (No. 1545312)
Again, nothing communist democrats touch ever survives, nothing. They are a cancer within any society. Look at Cuba and Venezuela. Both had thriving economies before communists took over. Both Fidel Castro and Hugo Chavez gave speeches and made promises exactly like Obama, Biden and every democrat does today. The result. They have destroyed the greatest country in the world. Pathetic.
26 people like this.
Reply 11 - Posted by:
avital2 8/29/2023 3:10:42 PM (No. 1545316)
d'uh. economics 101- proven time and time again. cutting taxes is how you increase revenue. but they care not. they are ideologues.
16 people like this.
Reply 12 - Posted by:
red1066 8/29/2023 3:19:41 PM (No. 1545319)
They would have had a 364 billion dollar improvement in the budget by not passing the IRA. Perfect example of demoslut accounting methods and fiscal policy.
18 people like this.
Reply 13 - Posted by:
Timber Queen 8/29/2023 3:58:19 PM (No. 1545336)
"...despite passage of IRA", more like because of passage of the IRA. (I don't know about y'all, but whenever I see the initials "IRA", I can only think of a terrorist organization. It does seem fitting.)
12 people like this.
Reply 14 - Posted by:
Venturer 8/29/2023 4:07:32 PM (No. 1545341)
Cutting taxes and Government restrictions and regulations.
I seem to remember someone who did that.
I think his name was Trump and we had a great economy under him.
18 people like this.
Reply 15 - Posted by:
CivilServant 8/29/2023 4:47:50 PM (No. 1545370)
“Also, in an unrelated addendum to the story, the IRS is reporting massively increased earnings amongst Tax attorneys, CPA’s and Accounting firms.”
9 people like this.
Reply 16 - Posted by:
Knotwyrkin 8/29/2023 4:51:24 PM (No. 1545372)
Anything they tax, you will have less of.
9 people like this.
Reply 17 - Posted by:
Omen55 8/29/2023 5:11:55 PM (No. 1545381)
JFK was the last of dem to lower taxes & raise $$$.
Another reason he would be kicked out by dem today.
6 people like this.
Reply 18 - Posted by:
JackBurton 8/29/2023 5:31:57 PM (No. 1545386)
But economic activity is not declining and
we are not going into a recession.
yeh. riiiiiight
10 people like this.
Hey, they can't line their pockets if people aren't paying taxes.
5 people like this.
Reply 20 - Posted by:
Krause 8/29/2023 9:23:03 PM (No. 1545493)
‘Don’t underestimate a democrat administration’s ability to eff things up.’
7 people like this.
Reply 21 - Posted by:
Msquared112 8/30/2023 7:15:32 AM (No. 1545644)
Democrats never learn that when you reduce spending power of average people, they lose their jobs and the $ they pay to Uncle Joe. Democrats reduce the number of taxpayers and thus less $ for the treasury. With Republicans, we CUT taxes so people can make more money, hire more people, and create more taxpayers — more $ for the treasury.
They never learn and then they put people on welfare so they can control their habits. Insidious.
8 people like this.
Reply 22 - Posted by:
mifla 8/30/2023 7:53:03 AM (No. 1545666)
Your taxes will not go up!
Your food prices will.
Your gas price will.
Your insurance price will.
But we did not raise your taxes! You may thank us now.
7 people like this.
Reply 23 - Posted by:
Redwing57 8/30/2023 8:35:31 AM (No. 1545703)
Let's see now... open southern border letting millions of illegals into the country. Millions of illegals are paid cash to do labor, untaxed, and much of it sent home to their families where they came from. (Oh, and receiving public services they did not pay taxes to support.) Gee... why isn't there more tax revenue? Morons.
Yep, Bidenomics in action.
8 people like this.
Reply 24 - Posted by:
Dodge Boy 8/30/2023 8:52:38 AM (No. 1545713)
Yea, using the "IRA" acronym does strike me as a bit odd. As in the Irish Republican Army. Remember them?
7 people like this.
Reply 25 - Posted by:
Zigrid 8/30/2023 11:30:45 AM (No. 1545859)
Another example of Washington politicians not knowing what they are doing....and installing figure heads who haven't a clue on how to run a country....but...they are gender and pigmentation correct...
6 people like this.
Reply 26 - Posted by:
NotaBene 8/30/2023 11:59:42 AM (No. 1545912)
Very few people pay taxes. Our undeserving social parasites take but do not pay taxes. The Illegal Aliens are given $2,000 per month and do not pay taxes. People are not working because we have stagflation and student and Covid subsidies. Premium Gasoline is $6.20 in West Los Angeles today after Biden emptied the strategic reserves. Bring back Trump, we cannot afford Communism.
5 people like this.
Reply 27 - Posted by:
DrOstrow 8/30/2023 12:07:26 PM (No. 1545921)
/sarcon
Excuse me but I don't see the problem here folks. Everyone here seems to be upset and
worried.
Just print ANOTHER 416 BILLION dollars - problem solved !
/sarcoff
3 people like this.
Reply 28 - Posted by:
Hermit_Crab 8/30/2023 4:56:21 PM (No. 1546122)
The Leftists ALWAYS name their Legislation, their Committees, their Organizations the OPPOSITE of what they really intend them to do, to be.
0 people like this.
Reply 29 - Posted by:
24tea@Mag 8/30/2023 11:36:41 PM (No. 1546371)
Wonder why the shortage - Biden has no problem spending like a fool and what do we, the people of America, have to show for his spending? No info structure, no reserve gas, no weapons, no ships and much more.
0 people like this.
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