The United States Treasury collected a record breaking tax haul in individual income taxes throughout 2018; raking-in a whopping $1,665,484,000,000 under President Trump’s revised IRS guidelines.
“The federal government collected a record $1,665,484,000,000 in individual income taxes in calendar year 2018, according to the Monthly Treasury Statements for the year,” reports CNS News.
“Calendar year 2018 was the first full tax year after President Donald Trump signed the Tax Cuts and Jobs Act on Dec. 22, 2017,” adds the report.
The strong economic data comes as multiple Democratic presidential nominees -including Senators Elizabeth Warren- call for a massive tax hike on the wealthiest Americans.
Read the full report here.
AMERICA UNLEASHED: Job Market SMASHES Record in August, Over 7 MILLION Openings
The United States job market continued to reach new heights in August 2018, with recently released statistics showing available positions “dwarfed” American workers seeking full-time employment.
According to CNBC, there were over 7.1 million positions available in the United States at the end of August; smashing the previous record of 6.2 million just a month prior.
“Job openings hit a fresh record in August, indicating companies could face more inflationary pressures ahead with a tight labor market,” writes CNBC.
“The vacancies level hit 7.14 million for the month, according to the Job Openings and Labor Turnover Survey, a report Federal Reserve officials watch closely for clues about where employment stand,” adds the article.
The strong data comes just hours after a similar report showed the US Treasury took in a record haul of personal income tax in the 2018 fiscal year.
Read the full report at CNBC.
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.