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but that still doesn't make sense
Posted on: March 26, 2021 at 16:16:24 CT
DesertTiger MU
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in light of your original argument that r's implemented a tax hike that year that revenues went up.
Unless there is something you can point to that actually caused households to pay more individually as a percentage of income (again, willing to look at data regarding reduced deductions like your example, or tariff impacts on cost of goods), then increased revenues does not mean a tax hike occurred.
Overall revenues can increase with a tax cut, and conversely overall revenues could drop with a tax hike...too many other economic factors at play that need much more detailed data and analysis to understand the why behind the overall revenue.
Thus, as a general discussion point, it seems a bit easier to simply understand a tax hike or cut as the impact to the individual tax payer, and most commonly the tax rates (although that can be clouded with changes in deductions as you experienced).
Unless there is something you can point to that actually caused households to pay more individually as a percentage of income (again, willing to look at data regarding reduced deductions like your example, or tariff impacts on cost of goods), then increased revenues does not mean a tax hike occurred.
Overall revenues can increase with a tax cut, and conversely overall revenues could drop with a tax hike...too many other economic factors at play that need much more detailed data and analysis to understand the why behind the overall revenue.
Thus, as a general discussion point, it seems a bit easier to simply understand a tax hike or cut as the impact to the individual tax payer, and most commonly the tax rates (although that can be clouded with changes in deductions as you experienced).
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but that still doesn't make sense - DesertTiger MU - 3/26 16:16:24