WE HAVE GOT TO CUT GOVERNMENT SPENDING …
As reported at CNS News, the federal government collected a record $2,007,451,000,000 in total taxes through the first seven months of fiscal 2018; however, still managed to run a deficit for that period of $385,444,000,000. This country has got to get serious about its spending issues and prioritize them. The days of the welfare state are over. Serious consideration needs to be looked into Medicare and social security. However, for those who blame the Trump tax cuts, you would be wrong. In the month of April itself, the Treasury collected $510,440,000,000 in total taxes, while spending $296,192,000,000 thus, running a surplus for the month of April of $214,255,000,000.Wastful spending must be done away with and Republicans who spend like liberal Democrats must be removed from office.
The federal government collected a record $2,007,451,000,000 in total taxes through the first seven months of fiscal 2018 (October through April), but still ran a deficit for that period of $385,444,000,000, according to the Monthly Treasury Statement.
The record total federal taxes collected during this period also included a record $1,050,601,000,000 in individual income taxes—marking the earliest in any fiscal year that individual income taxes have topped $1 trillion.
But even while the Treasury was collecting its record $2,007,451,000,000 in total taxes from October through April, it was spending $2,392,896,000,000—thus, accumulating a deficit of $385,444,000,000.
The federal government took in a record tax haul in April en route to its biggest-ever monthly budget surplus, the Congressional Budget Office said, as a surging economy left Americans with more money in their paychecks — and this more to pay to Uncle Sam.
All told the government collected $515 billion and spent $297 billion, for a total monthly surplus of $218 billion. That swamped the previous monthly record of $190 billion, set in 2001.
CBO analysts were surprised by the surplus, which was some $40 billion more than they’d guessed at less than a month ago.