The United States’ economy continued to roar to life under President Trump and the Republican-controlled Congress in recent months; racking up a record-setting tax haul for the US Treasury in the 2018 fiscal year.
According to CNS News, “The federal government collected a record $1,683,537,000,000 in individual income taxes in fiscal 2018 (October 2017 through September 2018).”
The previous record for personal income tax was back in 2015.
The strong economic report from the United States Treasury may spell disaster for Democratic hopefuls heading into the highly-contested 2018 midterm elections.
House Minority Leader Nancy Pelosi -and potential Speaker of the House- has vowed to repeal the widely popular GOP tax cuts should her party retake control of Congress this fall.
Read the full story here.
GREAT AGAIN: April Jobless Claims PLUMMET to 45-Year Low
Jobless claims in early April dropped by over 9,000 applications to just over 230,000; reaching levels not seen in the United States since the mid 1970s.
The new data shows America’s unemployment claims are at a 45-year low as the labor market continues to roar to life under President Trump and the Republican-controlled Congress.
According to Market Watch, the strong report shows companies across the country complaining about a “shortage of labor” as more and more Americans go back to work.
“Layoffs are near a 45-year low and show no sign of rising. Companies increasingly complain about a shortage of skilled labor with the unemployment rate at a 17-year low of 4.1%, making it harder for them to fill a record number of job openings,” writes Market Watch.
“With labor so hard to find, the bar for letting people go is very high, so layoffs will remain a close to their current levels for some time yet,” said a chief economist.
GREAT AGAIN: April Tax Revenue Was BEST IN US HISTORY According to CBO
The Congressional Budget Office released new figures Tuesday showing the federal government took in a record-breaking tax haul in April; smashing previous budget estimates and signaling a growing US economy.
The CBO report shows the United States collected over $515 billion last month; spending just $297 billion and leaving a total monthly surplus of nearly $220 billion; smashing the previous record of $190 billion set in 2001.
“Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year,” said one analyst. “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.”
The staggering surplus comes on the heels of record low unemployment and jobless benefits; highlighting a roaring US economy just months after President Trump signed the sweeping tax overhaul into law.
h/t Washington Times