News Item-
According to the Congressional Budget Office
In fiscal year 2019, which ended in September, corporate income taxes raised $230 billion. The figure is $25 billion more than the year before and amounts to an increase of 12.4% – or roughly three times the growth rate of the overall economy.
Every democrat Presidential Candidate wants to Roll Back the tax cuts.
Your point here is unclear as you are comparing two years where the tax cuts were in effect.
I didn’t make the comparison, the CBO did.
But since you asked.
The CBO said corporate revenues would come in at $409 billion in the first two years of the corporate tax cuts. Actual revenues were $435 billion – almost 7% higher.
Individual income tax revenues were up 2% in 2019, and payroll tax revenue was up by 6.2%, according to the CBO.
Overall federal revenues were up 4% in 2019. And they are up compared with 2017, the year before the tax cuts went into effect.
Comparing the revenue gains in 2019 with the changes in fiscal 2016.
That year, corporate tax revenues fell by almost 13%. Individual income taxes were virtually flat – up by 0.4%. Payroll taxes grew less than 5%.
Overall revenues that year were up less than 1%.
In fiscal 2017, before any of the tax changes went into effect overall revenues had 1.4% gain. Corporate income taxes dropped again, by 1%. Individual income and payroll taxes went up, but by less than in 2019.
So, the bottom line is revenues are increasing at a faster clip now than they were in the two years prior to the tax cuts.