In 2017, state and local governments set a new record, collecting an enormous amount of individual income tax revenue of $404,509,000,000.
Much of this has been attributed to the soaring stock market, friendly business policies enacted by President Trump’s administration, and a whole lot of business optimism in the United States.
CNS News reports:
Real state and local income, sales and property taxes all hit records in 2017, according to data released this week by the Census Bureau.
State and local governments collected a record $404,509,000,000 in individual income taxes in 2017, according to the Census Bureau. Before 2017, the greatest level of individual income tax revenues collected by state and local governments occurred in 2015, when those governments collected $399,933,270,000 in individual income taxes (in constant 2017 dollars converted using the Bureau of Labor Statistics inflation calculator).
State and local governments also collected a record $386,153,000,000 in general sales and gross receipts taxes in 2017. Prior to that, the largest state and local general sales and gross receipt tax collections took place in 2015, when state and local governments collected $385,904,260,000 in those taxes (in constant 2017 dollars).
Jobs have been flowing back into the country as a result of the new GOP tax plan. Among those, Apple plans on bringing thousands of jobs and hundreds of billions of dollars back into the USA.
According to Fortune:
Apple Inc. said it will bring hundreds of billions of overseas dollars back to the U.S., pay about $38 billion in taxes on the money and invest tens of billions on domestic jobs, manufacturing and data centers in the coming years.
The iPhone maker plans capital expenditures of $30 billion in the U.S. over five years and will create 20,000 new jobs at existing sites and a new campus it intends to open, the Cupertino, California-based company said Wednesday in a statement. Apple’s shares gained less than 1 percent to $177.27 at 1:26 p.m. in New York.
“We are focusing our investments in areas where we can have a direct impact on job creation and job preparedness,” Chief Executive Officer Tim Cook said in the statement, which alluded to unspecified plans by the company to accelerate education programs.
Over the last week however, the stock market didn’t fair too well with speculation of a trade war following Trump’s Chinese tariffs.
One thing is for sure, President Trump will continue to fight for American jobs.
There’s no doubt that the stock market is a bit choppy right now, but it will clean itself up soon enough and roar back to new all time highs soon!
In the meantime, Americans everywhere are experiencing huge tax breaks that they deserve! Comment below with your reaction…