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Feds Collect Record Taxes in First Month Under Tax Cut; Run Surplus in January

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CNSNews.com) - The federal government this January ran a surplus while collecting record total tax revenues for that month of the year, according to the Monthly Treasury Statement released today.

 

January was the first month under the new tax law that President Donald Trump signed in December.

 

During January, the Treasury collected approximately $361,038,000,000 in total tax revenues and spent a total of approximately $311,802,000,000 to run a surplus of approximately $49,236,000,000.

https://www.cnsnews.com/news/article/terence-p-jeffrey/feds-collect-record-taxes-first-month-under-tax-cut-run-surplus

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Good news, bad news.

 

Good news: Dems are still retarded and not a single doom and gloom prediction they have had since 11/8/16 has come true.

 

https://www.investors.com/politics/editorials/income-tax-revenues-trump-tax-cuts-economic-growth/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+EditorialRss+%28Editorial+RSS%29

 

The latest monthly budget report from the nonpartisan Congressional Budget Office finds that revenues from federal income taxes were $76 billion higher in the first half of this year, compared with the first half of 2017. That's a 9% jump, even though the lower income tax withholding schedules went into effect in February.

The CBO says the gain "largely reflects increases in wages and salaries."
For the fiscal year as a whole — which started last October — all federal revenues are up by $31 billion. That's a 1.2% in increase over last year, the CBO says.
The Treasury Department, which issues a separate monthly report, says it expects federal revenues will continue to exceed last year's for the rest of the 2018 fiscal year.

 

 

BatshiteCrazy Pelosi had this to say at the time:

Last November, House Minority Leader Nancy Pelosi promised that "this thing will explode the deficit."

She also said that "after the Republicans' tax plan blows a multi-trillion-dollar hole in the deficit, they will sharpen their knives for Social Security, Medicare, Medicaid, and vital job-creating investments for middle class families."
Even now, Pelosi is sticking to her guns. In June, she called it "the deficit-exploding GOP tax scam for the rich."

 

 

More facts/good news:

Other Democratic big lies about the tax cuts continue to fall.

They called the tax cuts a giveaway to the rich. But the rich will end up paying a bigger share of income taxes because of the Trump tax plan.
They said workers wouldn't benefit, but millions got bonuses, raises, and improved benefits because of the corporate tax cuts. And real median household income is now at all-time highs.
Democrats also said that tax cuts would do nothing about the $2.9 trillion in profits that corporations had parked overseas.
In fact, corporations are bringing hundreds of billions of dollars in profits back as a direct result of changes in the corporate tax laws — 12% of the nearly $3 trillion held overseas came back to the U.S. in just the first three months of 2018. That will mean more economic growth and additional corporate revenues.

 

 

 

Now the bad news (GOP controlled Congress still does not have the balls to pass a responsible budget):

But bringing in more tax revenues doesn't help if spending goes up even faster. And that has, unfortunately, been the case, as the GOP-controlled Congress has gone on a spending spree.

Look at it this way. Tax revenues are up by $31 billion so far this fiscal year compared with last year. But spending is up $115 billion.
In other words, the entire increase in the deficit so far this year has been due to spending hikes, not tax cuts.

 

 

 

I wonder if the Dims still plan on running on lower taxes are bad for America in the November elections.

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I was reading statistics today on wealth and poverty in this country over the last 50 years. There are more rich people now and more poor people. There are less working and middle class people.

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I was reading statistics today on wealth and poverty in this country over the last 50 years. There are more rich people now and more poor people. There are less working and middle class people.

That is what happens when the government has policies for decades that ship entire industries to China and Mexico and encourages people to be dependent on government assistance.

 

The times they are a changing though.

 

June was the first month since 2010 that there were under 40 million people on food stamps/ebt.

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I was reading statistics today on wealth and poverty in this country over the last 50 years. There are more rich people now and more poor people. There are less working and middle class people.

 

Yeah but the economy is great!

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Odd how you buried the spending part at the bottom.

He could have just left it out altogether like MDC does with your gigantic post count.

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The projected deficit for this year is supposed to be up over 2017 and theyre calling for a >$1 trillion deficit in 2019. Body care though because MAGA.

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