The US economy continues to roar to life under President Trump and the GOP-controlled Congress, with the Atlanta Federal Reserve raising the economic estimates for the second quarter of 2018 up to a staggering 4.8%.
According to Reuters, the US Gross Domestic Product is growing at an annualized rate of nearly 5%, citing strong domestic sales numbers and record-setting exports after months of continued growth.
“The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.8 percent on June 14, up from 4.6 percent on June 8,” says a new report from the Federal Reserve Bank of Atlanta.
The staggering statistics come on the heels of record breaking tax revenue and an inverted job index for the first time in US history, where there are more jobs available than workers to fill them.
ARMAGEDDON CONTINUES: Tax REVENUE Reaches ALL TIME HIGH Under Trump
A new report from the Census Bureau shows local and state tax revenue reached an all-time high during the first year of President Trump’s presidency; collecting a record-setting haul of over $400,000,000,000 as the US economy continues to roar to life.
“State and local governments collected a record $404,509,000,000 in individual income taxes in 2017, according to the Census Bureau,” writes CNS News. “Before 2017, the greatest level of individual income tax revenues collected by state and local governments occurred in 2015.”
Property taxes also reached record levels in 2017, smashing estimates and taking in over $573,000,000,000 for local counties and state governments throughout the US.
The strong economic data echoes similar reports from earlier this week, that show the US added over 700,000 millionaire households in 2017 alone; with economists crediting the growing stock market and business-friendly environment under the Republican-controlled Congress.
GREAT AGAIN: US Treasury Takes in RECORD TAX REVENUE in May
The United States Treasury collected a record-breaking amount of personal income taxes in May; smashing estimates during the first eight months of the 2018 Fiscal Year with no signs of slowing down.
According to CNS News, the US federal government raked in a whopping $1.1 trillion in personal income taxes, breaking the previous record by over $56 billion.
“The approximately $1,143,141,000,000 in individual income taxes that the Treasury collected in October through May of this fiscal year was $56,273,800,000 more (in constant May 2018 dollars) than the $1,086,867,200,000 (in constant May 2018 dollars) in individual income taxes that the Treasury collected in October through May of fiscal 2016—which was the previous record,” writes CSN.
The strong tax haul comes on the heels of another report that showed the number of Americans receiving food assistance fell to its lowest level in over eight years; yet another sign of a robust US economy under President Trump heading into the 2018 midterm elections.