Drudge Retort: The Other Side of the News
Thursday, June 15, 2017

The U.S. Treasury hauled in $240,418,000,000 in total taxes in the month of May, setting a record for inflation-adjusted tax revenues for that month of the year, according to the Monthly Treasury Statement released this week.Despite these record revenues, however, the federal government still ran a deficit of $88,426,000,000 in May -- because it spent $328,844,000,000 in the month.

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Prior to this year, fiscal 2006 held the record for most federal taxes collected in the month of May. That year, the Treasury collected $232,837,160,000 (in constant 2017 dollars) during May.

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Huge deficit you say? Time for a tax cut.

- Republicons.

#1 | Posted by 726 at 2017-06-15 02:41 PM | Reply

#1 | POSTED BY 726 AT 2017-06-15 02:41 PM | REPLY: Well, you can always raise taxes as its worked so well for Illinois has it not?

#2 | Posted by MSgt at 2017-06-15 02:54 PM | Reply

When has lowering tax rates helped the deficit?

#3 | Posted by bored at 2017-06-15 03:00 PM | Reply

When has lowering spending help the deficit?

#4 | Posted by Petrous at 2017-06-15 03:08 PM | Reply

"When has lowering tax rates helped the deficit?"

Both the Kennedy and Reagan tax cuts resulted in increased revenues...which would reduce deficits...if spending weren't increased at the same time.

#5 | Posted by madbomber at 2017-06-15 09:37 PM | Reply

"Both the Kennedy and Reagan tax cuts resulted in increased revenues"

That was 30 years ago. The most recent attempt was a dismal failure, and Kansas just writ that fact VERY large.

"which would reduce deficits."

Sorry, Republicans lost any argument about deficits when Dubya, Cheney and the Rs purposefully reset the fiscal sights of the ship of state from Surplusville to Debtsylvania.

And Trump's initial tax suggestions (and Ryan's craven desire for the ACHA, just to give massive income tax cuts to the wealthy) blow up the deficit.

Until you vote against those two, kindly STFU about deficits.

#6 | Posted by Danforth at 2017-06-15 09:41 PM | Reply | Newsworthy 2

#1
Time to cut spending.

#2
Illinois is so broke they are getting cut from the Powerball lottery!

#7 | Posted by Federalist at 2017-06-16 07:23 AM | Reply

$88 billion deficit. $598 billion military spending.

Cut that military spending in half, and there's enough money to pay off the debt early, fund social programs, and cut taxes.

Oh wait, both parties want to be World Police, so much for that.

#8 | Posted by sitzkrieg at 2017-06-16 07:57 AM | Reply | Newsworthy 1

nevermind, apparently I'm using Bernie math. Time for coffee.

#9 | Posted by sitzkrieg at 2017-06-16 07:57 AM | Reply

"That was 30 years ago. The most recent attempt was a dismal failure, and Kansas just writ that fact VERY large."

I merely answered the questions as it was posed, Danforth. If you want to use that opportunity to dance, have fun.

#10 | Posted by madbomber at 2017-06-16 09:10 AM | Reply

"I merely answered the questions as it was posed"

By invoking outmoded economic models, and ignoring the last major time it was attempted on the federal (Dubya) and state (Brownback) level.

Also...I know they're referred to as the Kennedy tax cuts, but they occurred in 1964. I'm doubting Kennedy signed them into law.

"If you want to use that opportunity to dance, have fun."

How is admitting current reality, dancing?

#11 | Posted by Danforth at 2017-06-16 09:31 AM | Reply

Both the Kennedy and Reagan tax cuts resulted in increased revenues...which would reduce deficits...if spending weren't increased at the same time.

#5 | POSTED BY MADBOMBER AT 2017-06-15 09:37 PM | FLAG:

Read a book about Kansas. Then get back to us.

#12 | Posted by 726 at 2017-06-16 12:49 PM | Reply

"The argument that the near-doubling of revenues during Reagan's two terms proves the value of tax cuts is an old argument. It's also extremely flawed.

At 99.6 percent, revenues did nearly double during the 80s. However, they had likewise doubled during EVERY SINGLE DECADE SINCE THE GREAT DEPRESSION!

They went up 502.4% during the 40's, 134.5% during the 50's, 108.5% during the 60's, and 168.2% during the 70's. At 96.2 percent, they nearly doubled in the 90s as well.

Hence, claiming that the Reagan tax cuts caused the doubling of revenues is like a rooster claiming credit for the dawn."

www.econdataus.com

#13 | Posted by Corky at 2017-06-16 01:02 PM | Reply | Newsworthy 1

Some people have just been exposed to too much Heritage Foundation propaganda.

#14 | Posted by Corky at 2017-06-16 01:06 PM | Reply

"At 99.6 percent, revenues did nearly double during the 80s."

The same stats can be used to prove Reagan's cuts were a flop: Revenue increases in Reagan's decade were the worst since the depression.

#15 | Posted by Danforth at 2017-06-16 01:07 PM | Reply

#13

Excellent find, Corky. I'm going to bookmark it for future reference. Thanks!

#16 | Posted by Danforth at 2017-06-16 01:09 PM | Reply

lol, Dan. If Larry Kudlow says it's true, it must be true!

#17 | Posted by Corky at 2017-06-16 01:09 PM | Reply

If only these PJ O'Rourke acolytes would listen to Reagan's own Budget Dirs....

www.rollingstone.com

#18 | Posted by Corky at 2017-06-16 01:11 PM | Reply

When has lowering spending help the deficit?

#4 | POSTED BY PETROUS

When we don't boost DoD spending at the same time?

Both the Kennedy and Reagan tax cuts resulted in increased revenues...

Didn't Reagan raise taxes begrudgingly because he recognized his cuts were detrimental?

#19 | Posted by jpw at 2017-06-16 08:56 PM | Reply

Oh wait, both parties want to be World Police, so much for that.

#8 | POSTED BY SITZKRIEG

Hmmmmm FF or NW? Decisions decisions...

#20 | Posted by jpw at 2017-06-16 08:57 PM | Reply

"Didn't Reagan raise taxes begrudgingly because he recognized his cuts were detrimental?'

Several times. His '82 increase was the largest peacetime hike in history, and his '86 hike gave us four tax hikes which affect almost everyone:

1. Credit-card interest ceased to be deductible
2. Deductible meals/entertaining are now only 50% deductible
3. Medical expenses became subjected to a non-deductible floor (of 7.5%, now 10%)
4. Employee Business expenses became subjected to a non-deductible floor of 2% (because Union Dues averaged 2%)

#21 | Posted by Danforth at 2017-06-16 09:09 PM | Reply | Newsworthy 1

Several times. His '82 increase was the largest peacetime hike in history, and his '86 hike gave us four tax hikes which affect almost everyone:

Oddly enough, this comment made me respect Reagan more because he seems to have been a rational (dementia...I know...his handlers maybe?) Republican.

#22 | Posted by jpw at 2017-06-16 09:55 PM | Reply

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