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

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    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).
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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'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)

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    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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    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.
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    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.

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    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.
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    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.

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    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.
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    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?

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