U.S. Corporate Tax Receipts Fall 35% After Tax Reform
Posted: August 23rd, 2018, 9:45 pm
That's according to the St. Louis Fed's FRED blog, looking at the first figures for quarterly tax revenues after the U.S. tax reforms took effect. On the upside, taxes from imports and production rose 16%. The overall outcome was a drop of almost 5% in overall receipts.
I have no particular political axe to grind as far as trying to make Trump look bad, I simply thought they were interesting and eye-catching numbers. And obviously there's no way to know for now whether it's a one-time event or a trend, as the blog notes. But if it does persist, I would have to think that ultimately a combination of falling tax receipts and rising government borrowing would be bearish for the dollar.
I have no particular political axe to grind as far as trying to make Trump look bad, I simply thought they were interesting and eye-catching numbers. And obviously there's no way to know for now whether it's a one-time event or a trend, as the blog notes. But if it does persist, I would have to think that ultimately a combination of falling tax receipts and rising government borrowing would be bearish for the dollar.