Feds Collect Record Income Taxes Through December; Still Run $225 Billion Deficit

Feds Collect Record Income Taxes Through December; Still Run $225 Billion Deficit

I have often said the US does not have a tax revenue problem- the US has a spending problem.

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The federal government collected record individual-income-tax revenues through the first quarter of fiscal 2018 (October through December), according to the new Monthly Treasury Statement. This was the last quarter before the new tax-cut law signed by President Donald Trump on Dec. 22 took effect.

Despite taking in record individual-income-tax revenues, the federal government ran a deficit of approximately $225 billion during the quarter.



The Treasury collected a record $390,847,000,000 in individual income taxes in October through December, according to the Treasury statement. That was $30,568,380,000 more than the $360,278,620,000 that the Treasury collected (in constant December 2017 dollars) in individual income taxes in the first quarter of fiscal 2017 (which ran from October through December of 2016).

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If the GOP can retain Congress after the 2018 elections I would hope that the Trump administration would work with Congress in getting into this issue. I do not hold my breath however.

I am probably in the monority in thinking a $255B deficit isn't really that bad considering the hurricanes, wars, etc.

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Originally Posted by jimmyz

If the GOP can retain Congress after the 2018 elections I would hope that the Trump administration would work with Congress in getting into this issue. I do not hold my breath however.

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I doubt it.

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Originally Posted by Peter1469

Feds Collect Record Income Taxes Through December; Still Run $225 Billion Deficit

I have often said the US does not have a tax revenue problem- the US has a spending problem.

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That's one quarter. To take that out for a whole year means we ran a trillion dollar deficit for the year. We didn't. You can't take one quarter and have it mean anything. The first quarter will look great because most income tax is paid then. That won't mean anything either.

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Originally Posted by Captdon

That's one quarter. To take that out for a whole year means we ran a trillion dollar deficit for the year. We didn't. You can't take one quarter and have it mean anything. The first quarter will look great because most income tax is paid then. That won't mean anything either.

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The article is about the 1st quarter of 18. So far we collected record revenues and still managed to spend $.4T more.

We shall see if the books start to balance as the year continues. Or if spending continues to outpace revenue.

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Originally Posted by Peter1469

The article is about the 1st quarter of 18. So far we collected record revenues and still managed to spend $.4T more.

We shall see if the books start to balance as the year continues. Or if spending continues to outpace revenue.

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No, no. Spending will be greater than income for the year.

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Originally Posted by Captdon

No, no. Spending will be greater than income for the year.

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I am pretty sure that is correct.

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Originally Posted by Peter1469

Feds Collect Record Income Taxes Through December; Still Run $225 Billion Deficit

I have often said the US does not have a tax revenue problem- the US has a spending problem.

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Yes Peter I have heard you say that any times. and you are absolutely correct. IMO controlism and partisian politics fuels much of that over spending and intrusion into State's Rights allows it to continue.

We could double revenue ovvernight and be in deficiet again in 5-10 years.. The formula is that they will spend what they have plus what 20% some years?