The United States Treasury collected a record-setting tax haul in the first two months of the 2019 fiscal year; smashing estimates and raking in over $458 billion in October and November alone.
According to CNS News, the federal government took in $458,653,000,000 -the highest level on record.
“The record $458,653,000,000 in federal taxes in October and November of fiscal 2019 was up $5,280,090,000 from the $453,372,910,000 in total taxes (in constant November 2018 dollars) that the federal government collected in October and November of fiscal 2018,” writes CNS.
“Corporation income taxes, Social Security payroll taxes, excise taxes, and customs duties all increased in October and November of fiscal 2019 compared to October and November of fiscal 2018,” adds the site.
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GREAT AGAIN: Treasury Notes OVER 3%, Hit Highest Levels Since 2011
The return on a decade-long Treasury note surged in April; reaching the highest levels since 2011 and signaling a robust US economy under President Trump and the GOP-controlled Congress.
According to CNBC, the yield on a United States Treasury note rose to over 3% in the first quarter of 2018; the highest return seen on a 10-year note since 2011 and the highest on a 2-year note since 2008.
“The 10-year Treasury note, which moves inversely to price, rose 7 basis points to 3.06 percent early Tuesday morning, north of the 3.03 percent clinched in late April and the highest since 2011. The two-year yield hit a high of 2.568 percent, its highest level since 2008,” writes the economic website.
“I think it’s important to get above 3 percent and show some upward momentum,” a senior strategist told CNBC. “I’m not hung up on whether its 3.03, 3.04, or 3.05 but it’s a pretty sizeable move and that’s important.”
The new data signals a growing US economy just months after President Trump signed the recently passed GOP tax cuts into law; unleashing American businesses and putting millions of dollars back into workers bank accounts.
GREAT AGAIN: US Treasury Collects RECORD TAX HAUL in October
The United States federal government shattered expectations and took in a record-setting tax haul in October; collecting over $250 billion from Americans across the country months after the GOP-sponsored tax cuts.
According to CNS News, the US Treasury collected $252,692,000,000 in October alone -the highest haul on record.
“This October’s record $252,692,000 in total tax collections was $11,414,590,000 more than the $241,277,410,000 (in constant October 2018 dollars) that the federal government collected in October 2017, which was the previous record for federal tax collections in October,” writes CNS.
The strong economic data sets the stage for a high-stakes showdown between the Democrat-controlled House and Republican-led Senate over the fate of the President’s widely popular tax cuts.
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