The Briefing Room
General Category => National/Breaking News => Topic started by: SirLinksALot on May 08, 2018, 03:00:15 pm
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SOURCE: AMERICAN THINKER
URL: https://www.americanthinker.com/blog/2018/05/cbo_government_runs_biggest_monthly_surplus_ever_in_april_.html (https://www.americanthinker.com/blog/2018/05/cbo_government_runs_biggest_monthly_surplus_ever_in_april_.html)
by Rick Moran
The Congressional Budget Office is reporting that the federal government took in $515 billion in April. With outlays only $218 billion, the $190 billion surprlus represents the largest in history.
What's more, the CBO said that the surplus was $40 billion more than expected.
Washington Times:
Analysts said they’ll have a better idea of what’s behind the surge as more information rolls in, but for now said it looks like individual taxpayers are paying more because they have higher incomes.
“Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year,†the analysts said in their monthly budget review. “Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018. The reasons for the added revenues will be better understood as more detailed information becomes available later this year.â€
Official numbers are due out from the Treasury Department in a few days, but the CBO is usually accurate to within a couple billion dollars.
April is always a strong month for government finances, with taxpayers filing their returns for the previous year and settling up what they owe, even as expenditures often dip for the month.
But this year was particularly strong, with receipts jumping 13 percent compared to a year ago.
The news couldn’t come at a better time for President Trump and congressional Republicans, who were facing major questions about the damage last year’s tax-cut package might do to future deficits. Just a month ago the CBO projected that the deficit would quickly soar back to $1 trillion a year.
So far, seven months into fiscal year 2018, the government is running a $382 billion deficit.
(EXCERPT) CLICK ABOVE LINK FOR THE REST....
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So even with the April (tax month) surplus, the Government is still running a deficit of almost $400B for this fiscal year. Nothing to celebrate IMO.
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The moral of the story is this -- GOVERNMENT HAS NEVER BEEN DISCIPLINED.
The more revenue they expect, the more they will spend, and their spending will INEVITABLY EXCEED revenue.
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April almost always shows a huge budget surplus. This isn't anything new, it is just a matter of timing because of when tax payments come in. You can find this same story almost every year with only a gap from 2009-2011.
Examples:
2012- https://www.huffingtonpost.com/2012/05/08/president-obama-budget-surplus_n_1499266.html (https://www.huffingtonpost.com/2012/05/08/president-obama-budget-surplus_n_1499266.html)
2013- https://thedailyrecord.com/2013/05/12/u-s-shows-budget-surplus-for-april/ (https://thedailyrecord.com/2013/05/12/u-s-shows-budget-surplus-for-april/)
Last year- https://www.wsj.com/articles/u-s-runs-182-billion-budget-surplus-in-april-treasury-says-1494439776 (https://www.wsj.com/articles/u-s-runs-182-billion-budget-surplus-in-april-treasury-says-1494439776)
One of those mundane, happens every year as part of a cycle event that the press always spins in some way as a big deal.
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April almost always shows a huge budget surplus. This isn't anything new, it is just a matter of timing because of when tax payments come in. You can find this same story almost every year with only a gap from 2009-2011.
Examples:
2012- https://www.huffingtonpost.com/2012/05/08/president-obama-budget-surplus_n_1499266.html (https://www.huffingtonpost.com/2012/05/08/president-obama-budget-surplus_n_1499266.html)
2013- https://thedailyrecord.com/2013/05/12/u-s-shows-budget-surplus-for-april/ (https://thedailyrecord.com/2013/05/12/u-s-shows-budget-surplus-for-april/)
Last year- https://www.wsj.com/articles/u-s-runs-182-billion-budget-surplus-in-april-treasury-says-1494439776 (https://www.wsj.com/articles/u-s-runs-182-billion-budget-surplus-in-april-treasury-says-1494439776)
One of those mundane, happens every year as part of a cycle event that the press always spins in some way as a big deal.
The question is, how does this year's annual Tax Day Windfall compare to recent years? That would give us an idea of the impact of the tax reform package that Congress passed. The story suggests it's bigger in real dollars, even accounting for the continual increases in spending.
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American Thinker
Rick Moran
May 8, 2018
The Congressional Budget Office is reporting that the federal government took in $515 billion in April. With outlays of only $218 billion, the $190-billion surplus represents the largest in history.
What's more, the CBO said the surplus is $40 billion more than expected.
Washington Times:
More... https://www.americanthinker.com/blog/2018/05/cbo_government_runs_biggest_monthly_surplus_ever_in_april_.html (https://www.americanthinker.com/blog/2018/05/cbo_government_runs_biggest_monthly_surplus_ever_in_april_.html)
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It looks like the tax cuts will not be the tax disaster that many predicted.
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@Mod*
Arghh, this is a duplicate: http://www.gopbriefingroom.com/index.php/topic,315356.msg1678928/topicseen.html#msg1678928 (http://www.gopbriefingroom.com/index.php/topic,315356.msg1678928/topicseen.html#msg1678928)
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@Mod*
Arghh, this is a duplicate: http://www.gopbriefingroom.com/index.php/topic,315356.msg1678928/topicseen.html#msg1678928 (http://www.gopbriefingroom.com/index.php/topic,315356.msg1678928/topicseen.html#msg1678928)
It has been mergedated.
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It has been mergedated.
I did the search and saw nothing so I created the thread and immediately saw on the front page that it was a duplicate. Arghh!
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I did the search and saw nothing so I created the thread and immediately saw on the front page that it was a duplicate. Arghh!
Don't let it discourage you from posting Threads @endicom. I and many other Briefers, I'm sure, appreciate your selection AND effort.
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Don't let it discourage you from posting Threads @endicom. I and many other Briefers, I'm sure, appreciate your selection AND effort.
Why, thank you. But you still can't have my Bud Light.
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I only drink an Anheuser-Busch product when I'm constipated and though a lot of Briefers think I'm full of $hit they are sadly mistaken.