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US Treasury report for October 2018 shows tax revenues hitting record high.
And, yes, as a few of us have been saying SPENDING IS STILL THE PROBLEM
Well, guess what? Just 47 weeks after Trump put his flamboyant signature on the bill, it’s all happening.
Unemployment is at an historic low. Employment is at an all-time high. Wagers are growing after years of stagnation.
And now from all that increased economic activity, the federal government has just reported historic record tax revenues in October, the first month of the new fiscal year, of $252,692,000,000.
That’s more than $11.4 billion above revenue for October of last year, which was the previous record tax revenue for an October.
And it did this by collecting more than $3 billion less in personal income taxes, thanks to the tax cuts.
The new revenues were the result of increased business taxes because of increased business. Here’s how much different it was:
Corporation income tax receipts to the U.S. Treasury this year in October were a whopping $8,000,000,000. This compares to the previous October’s $3.8 billion.
And, yes, as a few of us have been saying SPENDING IS STILL THE PROBLEM