mwdegutis Loc: Illinois

Maybe it’s the “deep state” democrats that are left over from the Obama administration that are doing all that wild-ass spending. Even with record revenue they still run a deficit.

Feds Collect Record Individual Income Taxes Through July; Still Run $684 Billion Deficit
Terence Jeffrey ~ August 13, 2018
(CNSNews.com) - The federal government collected a record $1.42 trillion in individual income taxes through the first ten months of fiscal 2018 (October 2017 through July 2018), according to the Monthly Treasury Statement.

But the federal government also ran a $684.0 billion deficit for those ten months, according to the statement.

The previous record for individual income tax collections in the first ten months of the fiscal year was in fiscal 2017, when the Treasury collected $1.35 trillion in individual income taxes (in constant July 2018 dollars) in the October through July period.

Despite the record amount in individual income taxes collected in the first ten months of this fiscal year, overall federal tax collections declined in the first ten months of this fiscal year compared to last year. In the October-through-July period of fiscal 2017, the Treasury collected $2.82 trillion in total taxes. In the October-through-July period of this fiscal year, the Treasury collected only $2.78 trillion.

While individual income taxes collected in the first ten month of the fiscal year increased from 2017 to 2018, corporation income tax collections declined. In the October-through-July period of fiscal 2017, the Treasury collected $239 billion in corporation income taxes (in constant July 2018 dollars). In the October-through-July period of fiscal 2018, the Treasury collected $166 billion in corporation income taxes.

In addition to the individual income taxes and corporation income taxes, the total taxes the federal government collected in October through July included $978.3 billion in Social Security and other payroll taxes; $70.8 billion in excise taxes; $18.8 billion in estate and gift taxes; $32.5 billion in customs duties; and $84.7 billion in miscellaneous revenues.

The federal government ran a $684.0 billion deficit in October through July of fiscal 2018 because while collecting its $2.77 trillion in total taxes, it spent $3.45trillion.

Sicilianthing

>>>>

That’s why I posted this yesterday, but you missed it... can you connect the dots now ?
https://www.onepoliticalplaza.com/t-137895-1.html

PeterS

We collected less in revenue in 2018 than we did in 2017. How does that mean we don't have a revenue problem especially given that spending increases are part of what makes the government go round and round...

woodguru

Simple math is a tricky thing, the GOP has increased spending so as to trick their easily misled base all they have to do is lower taxes for the wealthy and corporations to add more to the deficit, and blame all of it on dem spending and "entitlements".

The "smartest" thing they have done is to set an increasing schedule that increases the pain of larger and larger deficits so that the blame can be shifted later

mwdegutis Loc: Illinois

BFD...$40 friggin' billion. The government wastes that much without batting an eye.