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Receipts for the first seven months of fiscal year 2018 totaled $2,012 billion, CBO estimates—$83 billion more than the amount during the same period last year.
Receipts collected in April were $30 billion to $40 billion larger than CBO expected when it prepared the estimates reported in The Budget and Economic Outlook: 2018 to 2028, which it issued on April 9. The bulk of that difference stems from larger-than-anticipated payments of individual income taxes. Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year. Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018. The reasons for the added revenues will be better understood as more detailed information becomes available later this year.
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The federal government realized a surplus of $218 billion in April 2018, CBO estimates—$35 billion larger than the surplus in April 2017.
CBO estimates that receipts in April 2018 totaled $515 billion—$59 billion (or 13 percent) more than those in the same month last year.
Translation... the tax cuts are working as intended.
But the Clinton News Network said that President Trump's economic/tax policy would be an unmitigated disaster that would lead to our country's financial ruin
- A lot of the growth is happening in low tax states where they are not writing off as much SALT deductions on their federal returns.
- Definitely a sign that they are under calculating income growth.
- Economy is absolutely on fire, Every store I walk into now has NOW HIRING signs. Noticeable pick up in general economic activity here in South Carolina over the past year or so.
- Some people probably felt more comfortable sending in more money, maybe not as much time spent trying to take advantage of every little deduction as the tax paying net contributors by in large voted for Trump.
- Expenses weren't too shabby for the month. Streamlining some of the federal departments may be paying off.
Bad news? Government will spend it all. Getting more money for the government is not necessarily a good thing.
So if tax revenue goes up, it's bad because "giving" more money to the government is bad.
And if it goes down, it's bad because we're "racking up debt".
And if it stays they same, then it's bad because Trump is "getting nothing done".
- A lot of the growth is happening in low tax states where they are not writing off as much SALT deductions on their federal returns.
- Definitely a sign that they under calculated the income growth.
- Economy is absolutely on fire, Every store I walk into now has NOW HIRING signs. Noticeable pick up in general economic activity here in South Carolina.
- Some people probably felt more comfortable sending in more money, maybe not as much time spent trying to take advantage of every little deduction as the tax paying net contributors by in large voted for Trump.
And it is up 4%...inflation eats 2.4% of that leaving a growth of 1.6%
And how much did spending go up? Because think about this...that higher spending results in increased tax income. How much did that 1.6% in receipts cost us?
Yeah this is bad. We needed a much higher increase then 1.6% above inflation to justify the increased deficit used to get this.
Then all the revenue dried up, and he had to raise taxes a bunch of times.
Nothing to see here folks. The Trump tax cuts will not lead to higher receipts.
It's not about tax receipts(although I think we'll be about even) GROWTH is all that matters. With a 20 trillion dollar economy for every 1% you add in growth you add 200 billion dollars. The actual deficit does not matter what matters is the debt to gdp ratio, we will always carry some debt. Running roughly a 600 or 700 billion dollar deficit is fine growing at 3-4% it's terrible when growing at 1%. For example, 22 trillion dollars in debt in a 22 trillion dollar economy is far better than 20 trillion dollars in debt in a 19 trillion dollar economy....
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