The United States treasury collected the highest level of personal income tax on record in July 2018, smashing estimates and taking-in more than $1.4 trillion just months after President Trump signed the sweeping tax overhaul into law.
According to CNS News, the federal government collected its highest recorded level of personal income tax on record in the second quarter of 2018 at $1,415,150,000,000; topping the previous record in the first ten months of 2017.
“In addition to the individual income taxes and corporation income taxes, the total taxes the federal government collected in October through July included $978,254,000,000 in Social Security and other payroll taxes; $70,755,000,000 in excise taxes; $18,761,000,000 in estate and gift taxes; $32,477,000,000 in customs duties; and $84,688,000,000 in miscellaneous revenues,” writes CNS.
The strong economic data may spell disaster for Democratic challengers just months before the 2018 midterm elections, with liberal candidates vowing to repeal the “GOP tax scam” should they retake control of Congress this fall.
Read the full report here.
ARMAGEDDON 2: House GOP Reveals 2018 Midterm TAX CUT PLAN
Congressional Republicans unveiled their 2018 midterm road map Wednesday, revealing their plans to push a second tax cut to motivate the party’s base and add further fuel to the economy heading into the high-stakes election.
“Days before lawmakers head home for five weeks of summer campaigning before the Nov. 6 congressional elections, House Ways and Means Committee Chairman Kevin Brady rolled out a ‘Tax Reform 2.0’ proposal that would also expand savings opportunities for families and workers while expanding write-offs for start-up businesses,” writes Reuters.
“This is an excellent first step,” said Rep. Brady.
The new proposal could spell disaster for House Minority Leader Nancy Pelosi, who confirmed her party’s plan to repeal the GOP-sponsored tax cuts should they retake control of Congress this fall.
Read the full story here.
ARMAGEDDON AGAIN: Pelosi Says ‘CIVILIZATION AT RISK’ in 2018 Midterms
House Minority Leader Nancy Pelosi doubled-down on her anti-Trump rhetoric this week, saying “civilization as we know it as at risk” should the Republicans continue to lead Congress following the 2018 midterm elections.
Pelosi was speaking with Rolling Stone magazine when she was asked to comment on how the Democrats were prepared to flip districts won by President Trump in 2016; saying “How do you narrow it down?”
“Civilization as we know it today is at risk in this election. We have to win. We have to win. So you can’t spread your money too thinly, because you can run the risk,” said the leading Democrat.
“If the election were today – no question we would win. But you have to be aware of the undercurrents. Because you don’t know what can come along – and what comes along eclipses what you’re doing,” she added.
Pelosi’s comments come as the over-hyped “blue wave” predicted for this November continues to crash and burn, with some polls showing the once double-digit Democrat advantage reduced to just a few points.
Read the full interview at Rolling Stone.