User Tag List

+ Reply to Thread
Results 1 to 9 of 9

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

  1. #1
    Original Ranter
    Points: 467,164, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 99.9%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    413877
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    142,896
    Points
    467,164
    Level
    100
    Thanks Given
    82,210
    Thanked 64,850x in 44,304 Posts
    Mentioned
    2159 Post(s)
    Tagged
    0 Thread(s)

    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.

    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).
    Alea iacta est

    Check out the blog.


  2. #2
    Points: 23,519, Level: 37
    Level completed: 31%, Points required for next Level: 831
    Overall activity: 15.0%
    Achievements:
    50000 Experience PointsVeteranYour first Group
    jimmyz's Avatar Senior Member
    Karma
    175023
    Join Date
    Jul 2014
    Posts
    9,222
    Points
    23,519
    Level
    37
    Thanks Given
    0
    Thanked 4,718x in 3,297 Posts
    Mentioned
    79 Post(s)
    Tagged
    0 Thread(s)
    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'm old-fashioned. I like two sexes! And another thing, all of a sudden I don't like being married to what is known as a 'new woman'. I want a wife, not a competitor. Competitor! Competitor!" - Spencer Tracy in 'Adam's Rib' (1949)

    Art thou every retard among us related to thine uncle or mistress by way of moral or illegitimate rendezvous? Thus, we are one side of the other's coin by luck or pluck. - Jimmyz

  3. The Following User Says Thank You to jimmyz For This Useful Post:

    Peter1469 (01-12-2018)

  4. #3
    Points: 5,766, Level: 18
    Level completed: 3%, Points required for next Level: 584
    Overall activity: 36.0%
    Achievements:
    3 months registered5000 Experience Points
    Kacper's Avatar Senior Member
    Karma
    1027
    Join Date
    Aug 2017
    Posts
    2,404
    Points
    5,766
    Level
    18
    Thanks Given
    495
    Thanked 1,017x in 747 Posts
    Mentioned
    9 Post(s)
    Tagged
    0 Thread(s)
    I am probably in the monority in thinking a $255B deficit isn't really that bad considering the hurricanes, wars, etc.

  5. #4
    Original Ranter
    Points: 467,164, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 99.9%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    413877
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    142,896
    Points
    467,164
    Level
    100
    Thanks Given
    82,210
    Thanked 64,850x in 44,304 Posts
    Mentioned
    2159 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by jimmyz View Post
    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 doubt it.
    Alea iacta est

    Check out the blog.


  6. #5
    Points: 23,735, Level: 37
    Level completed: 49%, Points required for next Level: 615
    Overall activity: 69.0%
    Achievements:
    10000 Experience Points1 year registered
    Captdon's Avatar Senior Member
    Karma
    4126
    Join Date
    Aug 2017
    Location
    South Carolina now.
    Posts
    11,288
    Points
    23,735
    Level
    37
    Thanks Given
    18,194
    Thanked 4,117x in 3,217 Posts
    Mentioned
    50 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Peter1469 View Post
    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.
    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.

  7. #6
    Original Ranter
    Points: 467,164, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 99.9%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    413877
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    142,896
    Points
    467,164
    Level
    100
    Thanks Given
    82,210
    Thanked 64,850x in 44,304 Posts
    Mentioned
    2159 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Captdon View Post
    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.
    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.
    Alea iacta est

    Check out the blog.


  8. #7
    Points: 23,735, Level: 37
    Level completed: 49%, Points required for next Level: 615
    Overall activity: 69.0%
    Achievements:
    10000 Experience Points1 year registered
    Captdon's Avatar Senior Member
    Karma
    4126
    Join Date
    Aug 2017
    Location
    South Carolina now.
    Posts
    11,288
    Points
    23,735
    Level
    37
    Thanks Given
    18,194
    Thanked 4,117x in 3,217 Posts
    Mentioned
    50 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Peter1469 View Post
    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.
    No, no. Spending will be greater than income for the year.

  9. #8
    Original Ranter
    Points: 467,164, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 99.9%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    413877
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    142,896
    Points
    467,164
    Level
    100
    Thanks Given
    82,210
    Thanked 64,850x in 44,304 Posts
    Mentioned
    2159 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Captdon View Post
    No, no. Spending will be greater than income for the year.

    I am pretty sure that is correct.
    Alea iacta est

    Check out the blog.


  10. #9
    Points: 97,039, Level: 75
    Level completed: 89%, Points required for next Level: 311
    Overall activity: 42.0%
    Achievements:
    50000 Experience PointsSocialVeteran
    donttread's Avatar Senior Member
    Karma
    78337
    Join Date
    Nov 2013
    Posts
    32,538
    Points
    97,039
    Level
    75
    Thanks Given
    4,558
    Thanked 10,302x in 7,745 Posts
    Mentioned
    202 Post(s)
    Tagged
    0 Thread(s)
    Quote Originally Posted by Peter1469 View Post
    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.



    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?

  11. The Following User Says Thank You to donttread For This Useful Post:

    Peter1469 (01-14-2018)

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts


Critical Acclaim
Single Sign On provided by vBSSO