Feds Collect Record Individual Income Taxes Through June; Still Run $607B Deficit

[Free Vulcan]

(CNSNews.com) - The federal government collected a record $1,305,490,000,000 in individual income taxes through the first nine months of fiscal 2018 (October 2017 through June 2018), according to the Monthly Treasury Statement released today.

Despite the record individual income tax collections, the federal government still ran a deficit of $607,099,000,000 over those same nine months, according to the Treasury statement...

https://www.cnsnews.com/news/article/terence-p-jeffrey/feds-collect-record-individual-income-taxes-through-june-still-run

[Bigun]

Never fails!  Tax cuts pay for themselves!

[Drago]

Looks like the tax cuts are about on track to pay for themselves (too many GAO approximations over 10 years to really tell)...current income tax revenue increase with NO further increases would result in $1.15 trillion in additional revenue to the Feds, and the tax cut package was estimated to cost the feds $1.5 trillion over 10 years (an estimate).

https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0618.pdf
https://www.bloomberg.com/news/articles/2017-12-22/trump-signs-1-5-trillion-tax-cut-in-first-major-legislative-win
https://www.cnsnews.com/news/article/terence-p-jeffrey/feds-collect-record-individual-income-taxes-through-may-still-run

[Right_in_Virginia]

Donald J. Trump
Verified accountï‚™ @realDonaldTrump 

The Stock Market hit 25,000 yesterday. Jobs are at an all time record - and that is before we fix some of the worst trade deals and conditions ever seen by any government. It is all happening!

2:46 AM - 14 Jul 2018

https://twitter.com/realDonaldTrump/status/1018069319702458368?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

[IsailedawayfromFR]

Looks like the tax cuts are about on track to pay for themselves (too many GAO approximations over 10 years to really tell)...current income tax revenue increase with NO further increases would result in $1.15 trillion in additional revenue to the Feds, and the tax cut package was estimated to cost the feds $1.5 trillion over 10 years (an estimate).

https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/mts0618.pdf
https://www.bloomberg.com/news/articles/2017-12-22/trump-signs-1-5-trillion-tax-cut-in-first-major-legislative-win
https://www.cnsnews.com/news/article/terence-p-jeffrey/feds-collect-record-individual-income-taxes-through-may-still-run

How can it cost the feds?  Only rationale to that logic is to claim it is the fed's money to start with.

[Drago]

True that...it "cost" the Feds in that they have less taxpayer $ to pay for their overspending.

[IsailedawayfromFR]

True that...it "cost" the Feds in that they have less taxpayer $ to pay for their overspending.

That is not a 'cost'.

It is simply less revenue.

Big difference if one understands how economics works.