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Thread: Feds Collect Record Taxes in October; Still Run $100B Deficit

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    Feds Collect Record Taxes in October; Still Run $100B Deficit

    Feds Collect Record Taxes in October; Still Run $100B Deficit

    Income and corporate taxes were the highest collected- despite the tax cuts. How is this possible?

    We still had a deficit- it is the spending stupid.

    The federal government collected record total tax revenues of $252,692,000,000 in October, the first month of fiscal 2019, according to the Monthly Treasury Statement released Tuesday.

    Despite the record tax collections, the government still ran a deficit of $100,491,000,000 for the month—because it spent $353,183,000,000.


    This October’s record $252,692,000,000 in total tax collections was $11,414,590,000 more than the $241,277,410,000 (in constant October 2018 dollars) that the federal government collected in October 2017, which was the previous record for federal tax collections in October.

    Although the total federal taxes collected this October set a record, the individual income taxes that the federal government collected in October did not set a record. This October, the Treasury collected $128,866,000,000 in individual income taxes. In October 2017, the Treasury collected $131,056,520,000 (in constant October 2018 dollars).


    Corporation income tax receipts, however, were significantly higher this October than they were in October 2017. This year, the Treasury collected $8,000,000,000 in corporation income taxes in October. Last year, it collected $3,823,060,000 (in constant October 2018 dollars).
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    Quote Originally Posted by Peter1469 View Post
    Feds Collect Record Taxes in October; Still Run $100B Deficit

    Income and corporate taxes were the highest collected- despite the tax cuts. How is this possible?

    We still had a deficit- it is the spending stupid.
    I don't even think they try or even give lip service to a balanced budget anymore. If revenue = x then spending will equal x + a $#@!load.

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    Quote Originally Posted by donttread View Post
    I don't even think they try or even give lip service to a balanced budget anymore. If revenue = x then spending will equal x + a $#@!load.
    Exactly. What the OP proves, is that you can cut taxes and raise revenue (via economic growth). And what you said- Congress will always spend considerably more than they collect in tax revenue. Unless we stop them.
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    Quote Originally Posted by Peter1469 View Post
    Exactly. What the OP proves, is that you can cut taxes and raise revenue (via economic growth). And what you said- Congress will always spend considerably more than they collect in tax revenue. Unless we stop them.
    How do we stop them?

    After the Kavanaugh shenanigans, and the move toward even more radical leftism by Democrat Party members, the fact that there wasn't a red wave for the midterms, sort of demonstrates to me, that the republic is lost. Our troubles will never be stopped at the ballot box. We have passed the point of no return.
    Cutesy Time is OVER

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    Quote Originally Posted by Peter1469 View Post
    Feds Collect Record Taxes in October; Still Run $100B Deficit

    Income and corporate taxes were the highest collected- despite the tax cuts. How is this possible?

    We still had a deficit- it is the spending stupid.
    Everyone who has the ability to recognize facts, knows that tax rate cuts leads to more economic activity resulting in economic growth and revenue increases.

    Increases in spending always outpaces increases in revenues. That is unsustainable.

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    Quote Originally Posted by countryboy View Post
    How do we stop them?

    After the Kavanaugh shenanigans, and the move toward even more radical leftism by Democrat Party members, the fact that there wasn't a red wave for the midterms, sort of demonstrates to me, that the republic is lost. Our troubles will never be stopped at the ballot box. We have passed the point of no return.

    For example, I wonder what the whole Kavanaugh process cost? Red spends just as much. But have faith, someday the people will realize that the information they need to vote out the donkephant is at their finger tips

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    Quote Originally Posted by countryboy View Post
    How do we stop them?

    After the Kavanaugh shenanigans, and the move toward even more radical leftism by Democrat Party members, the fact that there wasn't a red wave for the midterms, sort of demonstrates to me, that the republic is lost. Our troubles will never be stopped at the ballot box. We have passed the point of no return.
    There is only one way. We need a convention of the states to propose constitutional amendments. We call it under Article V of the Constitution. It bypasses the Federal government. It is our last chance. If we fail we have only slavery or revolution in our future.
    Call your state legislators and insist they approve the Article V convention of States to propose amendments.


    I pledge allegiance to the Constitution as written and understood by this nation's founders, and to the Republic it created, an indivisible union of sovereign States, with liberty and justice for all.

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    Quote Originally Posted by donttread View Post
    For example, I wonder what the whole Kavanaugh process cost? Red spends just as much. But have faith, someday the people will realize that the information they need to vote out the donkephant is at their finger tips
    What, vote for liberal-tarians? I think not.
    Cutesy Time is OVER

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    Quote Originally Posted by MisterVeritis View Post
    There is only one way. We need a convention of the states to propose constitutional amendments. We call it under Article V of the Constitution. It bypasses the Federal government. It is our last chance. If we fail we have only slavery or revolution in our future.
    Why are you responding to a closet white hater? $#@! off dip$#@!.
    Cutesy Time is OVER

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    Quote Originally Posted by countryboy View Post
    What, vote for liberal-tarians? I think not.
    You want less federal spending that's what you's have to do , yes. But for those who have other wishes there are other choices. The real point is that the donkephant is non functional.

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