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As many of us predicted, the budget deficit would continue to surge. And contrary to Trumpling claims about tax receipts going up in the wake of the tax cuts, they are actually DOWN compared to the same month last year.
The numbers: The federal government ran a monthly budget deficit of $77 billion in July, up 79% over the same month a year ago. For the first 10 months of fiscal 2018, the shortfall totals $684 billion, according to the Treasury Department. That’s an increase of 21% compared to the same period in 2017.
What happened: Receipts fell 3% compared to last July, with the government getting less money from both corporations and individuals in the wake of the new tax law. Corporate revenues were down 34% as companies enjoyed a reduced 21% tax rate. And individuals continued to send fewer tax dollars to the Treasury, after lower withholding from paychecks took effect in February. President Donald Trump signed the law in December.
As many of us predicted, the budget deficit would continue to surge. And contrary to Trumpling claims about tax receipts going up in the wake of the tax cuts, they are actually DOWN compared to the same month last year.
Not surprising, Trump always overestimates or reports (or outright lies about) his revenue.
His supporters think they got a small-gov't president but he's big government. Big government on enforcement (all the agencies that ultimately fail like the DEA and ICE) and massive government of the military to include the biggest bucket of waste we have.
He's small government on all the agencies that protect people and the environment.
As many of us predicted, the budget deficit would continue to surge. And contrary to Trumpling claims about tax receipts going up in the wake of the tax cuts, they are actually DOWN compared to the same month last year.
proves one thing...we have a spending problem... the government needs to cut its bloated spending
from the article
Spending, meanwhile, jumped by 10% in July as the government shelled out more for programs across the board...... and Interest payments on the public debt jumped by 41% in the month.
Last edited by workingclasshero; 08-10-2018 at 12:56 PM..
If the economy was booming,tax receipts would be booming. Since they aren't, it isn't.
Trumplings live in a fantasy world.
LAWL
Not only do Democrats love to see America fail, they also argue that more taxes are a good thing. This is yet another example.
This is also why they can't win elections.
(insults, push for more taxes, hope America fails, you just witnessed the modern Democrat party in action)
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