Home IRS The IRS Will Collect $3.5 Trillion From Taxpayers But That’s Still Not...

The IRS Will Collect $3.5 Trillion From Taxpayers But That’s Still Not Enough To Fund Trump’s Government


Investors still think the trade talks with China will give the stock market the boost it needs to come out ahead at the end of 2019. But according to Chief Trade Negotiator Bob Lighthizer, that sort of thinking isn’t realistic. Mr. Lighthizer told the press Trump wants to keep the tariffs in place after China signs a trade deal. If Trump keeps tariffs on Chinese merchandise in place, and if he keeps tariffs on steel and aluminum, the economic growth will continue to suffer, according to government economists.

Europe plans to put tariffs on exports from the United States, and the EU signed a no-tariff deal with Japan that will help offset U.S. tariffs on European wine and cheese. U.S. tariffs hurt global economic growth, and consumers from all countries feel the monetary pain from tariffs. American consumers pay the tariffs, not China. The tariffs hurt China’s economy. But not as much as they hurt America’s economy, according to government economists.

Imposing tariffs isn’t the only Trump decision that has investors worried. The government shutdown, his border wall asylum debacle, and a shortfall in the amount of income taxes collected from American taxpayers will bring economic growth to a standstill at the end of 2019, according to the New York Times.

The IRS will collect $3.5 trillion for U.S. taxpayers in 2019, according to a Vox article. But that number is $1 trillion less than Congress needs to fund Trump’s government. Trump’s out-of-control budget is a side effect of his 2017 Tax Cut and Jobs Act. The tax cut gave corporations and the rich a healthy tax cut. And some middle-class taxpayers saw their tax bill drop. But for the most part, the middle-class got conned by Trump’s tax-cutting rhetoric. Plus, the national debt will increase $1 trillion a year every year Trump’s in office.

Trump’s critics say his tax cut hurt investors. But it’s not just the tax cuts that stifle investors and economic growth. Baby boomers put a strain on social security holdings when they retire. That hurts growth and government funding. Plus, millions of U.S. taxpayers don’t pay their taxes. More than 14 million Americans owe the government more than $131 billion in taxes.

Even though Mr. Trump claims the U.S. economy is on fire, the truth is his decision-making is a major issue in asset growth, according to the New York Times.