Government runs a surplus the first month under tax cut

[Peter1469]

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

The government collected a record total tax revenues for January. One month into the tax cuts.


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.

Good news. Read the rest at the link.

[Common]

Yup I read this pete and Im sure MSNBC and CNN arent even whispering it around the station

[zelmo1234]

Well I am sure that it is bad for some reason????

We will have to see. I know that if they put Tariffs on Steel, it will bring in a ton of revenue.

They will have to relax some environmental standards if they want to start producing it in this country again. But it could be a HUGE boom for our economy

[Kacper]

Well I am sure that it is bad for some reason????

Perhaps the $175B deficit in the first quarter alone...

[Peter1469]

Perhaps the $175B deficit in the first quarter alone...

The tax cuts didn't start until January. The first quarter started on 1 October 2017.

[Docthehun]

Collections represent taxes being collected on 2017 revenue and have zero to do with the tax cuts. First installments under the revised tax structure aren't due until April 15th.

[Kacper]

The tax cuts didn't start until January. The first quarter started on 1 October 2017.

I am aware of that but the beginning of the year is also when you are going to be increased revenue from Christmas which is the flush part of the tax year. How are we going to pay for $1T in infrastructure, and Lord knows how many trillions in all these new military plans and not run the debt to $30T in 10 years because that is exactly the path we are on? https://www.thebalance.com/gang-activity-in-the-u-s-military-3354199

Add in that interest rates are rising so debt service will rise as well, then it doesn't matter how many $1.50 a week more paychecks go out, we are in serious fiscal doodoo. Japan isn't going to be snatching up US tretasuries in 10 years. They and China and most places will be dumping them to pay for their own baby boomer retirements/expenses.

[Peter1469]

I am aware of that but the beginning of the year is also when you are going to be increased revenue from Christmas which is the flush part of the tax year. How are we going to pay for $1T in infrastructure, and Lord knows how many trillions in all these new military plans and not run the debt to $30T in 10 years because that is exactly the path we are on? https://www.thebalance.com/gang-activity-in-the-u-s-military-3354199

Add in that interest rates are rising so debt service will rise as well, then it doesn't matter how many $1.50 a week more paychecks go out, we are in serious fiscal doodoo. Japan isn't going to be snatching up US tretasuries in 10 years. They and China and most places will be dumping them to pay for their own baby boomer retirements/expenses.

I didn't mention the future in this thread. In another thread on the budget deal I had a lot to say- summed up as it was a sell out. There are no conservatives left in congress.

We will make more revenue because of the tax cuts. However, Congress will spend much more.

[zelmo1234]

Perhaps the $175B deficit in the first quarter alone...

Well that is OK in the first month of the 2nd quarter we cut that 175 down to about 125

And I am so glad that you liberals are finally on board with the deficits. being that Obama doubled the national debt of all other Presidents combined and never had a month with a surplus?

Where they hell were you then. There are plenty of us complaining about the over spending in the new budget.

[zelmo1234]

Collections represent taxes being collected on 2017 revenue and have zero to do with the tax cuts. First installments under the revised tax structure aren't due until April 15th.
You are correct they reflect a smoking hot economy.....

The 2nd quarter will reflect the taxes on the hundreds of billions that USA companies brought back into the country to reinvest. + the profits take in the last 2 weeks in the stock market.

3rd and 4th quarters will reflect the new tariffs as they now move into the bad trade deals of the past decades

[Kacper]

I didn't mention the future in this thread. In another thread on the budget deal I had a lot to say- summed up as it was a sell out. There are no conservatives left in congress.

We will make more revenue because of the tax cuts. However, Congress will spend much more.
This goes beyond politics and ideology. If we have to start slapping double digit rates on bonds just to move them, it will destabilize the entire global economy. This isn't some casino deal where Trump can just agree to whatever and declare bankruptcy and stiff people on. 401K's and IRA's will be decimated. The dollar will have the purchasing power of dryer lint. The only solution is to oust the GOP from control of the Congress and put the DNC back in charge so they will raise tax rates high enough to avoid this. This will be horrible otherwise and Trump will be a smiling corpse in his huge grave by the time the rest of us are completely wiped out by this idiocy.

[zelmo1234]

It might be interesting to see about selling bonds for the nations infrastructure?

As interest rates begin to rise, and they have to with an economy this hot. The government might have the ability to offer bonds to citizens of the USA?

Might be a way to off set that to years when the revenue will be much higher because of the tax cuts.

[Kacper]

Well that is OK in the first month of the 2nd quarter we cut that 175 down to about 125

And I am so glad that you liberals are finally on board with the deficits. being that Obama doubled the national debt of all other Presidents combined and never had a month with a surplus?

Where they hell were you then. There are plenty of us complaining about the over spending in the new budget.

Sorry to burst your bubble, but as I have said before I am not a democrat and I do not carry their water for them.

[zelmo1234]

Sorry to burst your bubble, but as I have said before I am not a democrat and I do not carry their water for them.
Well, you may not be a liberal for assuming that I am sorry, and you may not be a Democrat, for assuming that I too apologize, But don't sell yourself short, you do a wonderful job of carrying the water for them.

[Kacper]

Well, you may not be a liberal for assuming that I am sorry, and you may not be a Democrat, for assuming that I too apologize, But don't sell yourself short, you do a wonderful job of carrying the water for them.

Undoubtedly we all look alike to you but the DNC is far too right wing for me.

[Common Sense]

The surplus was larger last year in the same month.

Thats probably why it's not a big story.

https://www.reuters.com/article/us-usa-economy-budget/u-s-government-posts-49-billion-surplus-in-january-idUSKBN1FW286

[Ethereal]

Well I am sure that it is bad for some reason????

Yes.

The more money the US government has to spend, the more trouble they cause.

That said, it does help to undermine the "lower taxes = less revenue" arguments. However, if facts mattered to the Tax-o-crats, such arguments would not exist in the first place.

[Common Sense]

Yes.

The more money the US government has to spend, the more trouble they cause.

That said, it does help to undermine the "lower taxes = less revenue" arguments. However, if facts mattered to the Tax-o-crats, such arguments would not exist in the first place.

Yet the fact is the surplus last year was larger. In fact the surplus this year is lower than projected.

[Ethereal]

Yet the fact is the surplus last year was larger. In fact the surplus this year is lower than projected.
https://www.mercatus.org/sites/default/files/tax-revenue-path-plus-top-marginal-rates-chart-original.jpg

[Crepitus]

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

The government collected a record total tax revenues for January. One month into the tax cuts.



Good news. Read the rest at the link.

Don't we run a surplus first quarter every year? After all that's the big quarter what with the holidays and all. I seem to remember this being discussed last year too.