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Feds Collect Record Taxes in First Month Under Tax Cut; Run Surplus in January

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  • #1

    Feds Collect Record Taxes in First Month Under Tax Cut; Run Surplus in January

    Feds Collect Record Taxes in First Month Under Tax Cut; Run Surplus in January

    (CNSNews.com) - The federal government this January ran a surplus while collecting record total tax revenues for that month of the year, according to the Monthly Treasury Statement released today.

    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.

    Despite the monthly surplus of $49,236,000,000, the federal government is still running a deficit of approximately $175,718,000,000 for fiscal year 2018. That is because the government entered the month with a deficit of approximately $224,955,000,000.


    januaryrecord1.jpg
    The first to state his case seems right until another comes and cross-examines him.
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  • #2
    Well golly! How did that happen? Oh right, it's called economic growth...
    Atheism is the cult of death, the death of hope. The universe is doomed, you are doomed, the only thing that remains is to await your execution...

    https://www.youtube.com/watch?v=Jbnueb2OI4o&t=3s

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    • #3
      Originally posted by seer View Post
      Oh right, it's called economic growth...
      ...well it's also called inflation and demographic growth, and probably some one-off effects relating to the current economic climate (highly unstable stock market, record corporate profits) and one-off effects relating to the new tax laws. It will be interesting to see to what extent this high tax revenue repeats in Feb & throughout the year - obviously one good month isn't overly helpful in and of itself for running a country over the years.

      I note from CP's chart that 2015, 2016, and 2017 were also record years for January taxation revenue. So praise Obama for those?!


      P.S. Bernie Sanders was wanting $47b per year for his nationwide free college policy, so a surplus of $49b for January this year would cover that nicely. Should we expect to see Trump pass that shortly?
      Last edited by Starlight; 02-13-2018, 10:10 PM.
      "I hate him passionately", he's "a demonic force" - Tucker Carlson, in private, on Donald Trump
      "Every line of serious work that I have written since 1936 has been written, directly or indirectly, against totalitarianism and for democratic socialism" - George Orwell
      "[Capitalism] as it exists today is, in my opinion, the real source of evils. I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy" - Albert Einstein

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      • #4
        Originally posted by Starlight View Post
        ...well it's also called inflation and demographic growth, and probably some one-off effects relating to the current economic climate (highly unstable stock market, record corporate profits) and one-off effects relating to the new tax laws. It will be interesting to see to what extent this high tax revenue repeats in Feb & throughout the year - obviously one good month isn't overly helpful in and of itself for running a country over the years.

        I note from CP's chart that 2015, 2016, and 2017 were also record years for January taxation revenue. So praise Obama for those?!


        P.S. Bernie Sanders was wanting $47b per year for his nationwide free college policy, so a surplus of $49b for January this year would cover that nicely. Should we expect to see Trump pass that shortly?
        Wow those grapes must really be sour, huh, Starlight?

        Comment

        • #5
          Let me give this post the response it deserves....


          Originally posted by Starlight View Post
          ...well it's also called inflation and demographic growth
          The first to state his case seems right until another comes and cross-examines him.

          Comment

          • #6
            Originally posted by Starlight View Post
            ...well it's also called inflation
            Quantitative easing was the last president's schtick.
            Enter the Church and wash away your sins. For here there is a hospital and not a court of law. Do not be ashamed to enter the Church; be ashamed when you sin, but not when you repent. – St. John Chrysostom

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            • #7
              so they cut taxes, gave everyone money back in their paychecks, and raised more taxes from businesses at the same time?

              Oh the horror!

              Comment

              • #8
                Originally posted by Starlight View Post
                P.S. Bernie Sanders was wanting $47b per year for his nationwide free college policy, so a surplus of $49b for January this year would cover that nicely. Should we expect to see Trump pass that shortly?
                This part is downright hilarious on so many levels. I needed a good laugh this morning.
                The first to state his case seems right until another comes and cross-examines him.

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                • #9
                  Looking at it more carefully, I see I was wrong to suggest inflation would have an effect as it was inflation-adjusted numbers that were given. The CBO is saying the main reason that the numbers are up over last year is due to how the weekends fell with regard to January which meant there was one more business day in January this year as compared to last year which mean that payroll taxes that are collected per business day were up 5% on last year as a result of the extra day worked.
                  "I hate him passionately", he's "a demonic force" - Tucker Carlson, in private, on Donald Trump
                  "Every line of serious work that I have written since 1936 has been written, directly or indirectly, against totalitarianism and for democratic socialism" - George Orwell
                  "[Capitalism] as it exists today is, in my opinion, the real source of evils. I am convinced there is only one way to eliminate these grave evils, namely through the establishment of a socialist economy" - Albert Einstein

                  Comment

                  • #10
                    Originally posted by Starlight View Post
                    Looking at it more carefully, I see I was wrong
                    This is no surprise to any of us.

                    to suggest inflation would have an effect as it was inflation-adjusted numbers that were given. The CBO ....
                    The CBO can't score their way out of a wet paper bag. The only time they're "relevant" is when either party thinks their numbers support their own position.

                    Congressional members and staffers generally act like their fellow Americans sit around waiting for the Congressional Budget Office to release scoring of major legislative proposals, much like they await the release of March Madness brackets. The truth is that most Americans hardly care what the CBO says. Moreover, they are right not to care: The CBO is often wildly off.
                    The first to state his case seems right until another comes and cross-examines him.

                    Comment

                    • #11
                      Originally posted by Cow Poke View Post
                      This is no surprise to any of us.



                      The CBO can't score their way out of a wet paper bag. The only time they're "relevant" is when either party thinks their numbers support their own position.

                      Congressional members and staffers generally act like their fellow Americans sit around waiting for the Congressional Budget Office to release scoring of major legislative proposals, much like they await the release of March Madness brackets. The truth is that most Americans hardly care what the CBO says. Moreover, they are right not to care: The CBO is often wildly off.
                      The CBO has become a perfect illustration of the GIGO principle.

                      I'm always still in trouble again

                      "You're by far the worst poster on TWeb" and "TWeb's biggest liar" --starlight (the guy who says Stalin was a right-winger)
                      "Overall I would rate the withdrawal from Afghanistan as by far the best thing Biden's done" --Starlight
                      "Of course, human life begins at fertilization that’s not the argument." --Tassman

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                      • #12
                        Originally posted by rogue06 View Post
                        The CBO has become a perfect illustration of the GIGO principle.
                        In addition to not being able to consider the fact that legislating conduct doesn't always produce the result. They accept the premises delivered to them, that - for example - highly taxing luxury boats will produce more revenue, assuming that people are not smart enough to build/buy luxury boats offshore.
                        The first to state his case seems right until another comes and cross-examines him.

                        Comment

                        • #13
                          Originally posted by Cow Poke View Post
                          In addition to not being able to consider the fact that legislating conduct doesn't always produce the result. They accept the premises delivered to them, that - for example - highly taxing luxury boats will produce more revenue, assuming that people are not smart enough to build/buy luxury boats offshore.
                          Government almost never takes into account the fact that people often change their behavior in response to government policy.
                          Some may call me foolish, and some may call me odd
                          But I'd rather be a fool in the eyes of man
                          Than a fool in the eyes of God

                          From "Fools Gold" by Petra

                          Comment

                          • #14
                            Originally posted by Mountain Man View Post
                            Government almost never takes into account the fact that people often change their behavior in response to government policy.
                            And that's one of the major reasons the CBO is so wildly wrong so often.
                            The first to state his case seems right until another comes and cross-examines him.

                            Comment

                            • #15
                              Wait. What? You are saying the Government is... wrong?????

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