The US economy continues to roar to life under President Trump and the Republican-controlled Congress, with new data showing the Treasury Department collected a record-setting individual income tax haul through August 2018.
According to CNS News, the federal government collected a stunning $1,521,589,000 in the first eleven months of the 2018 fiscal calendar (Oct 2017-Aug 2018).
“Prior to this year, the record federal individual income tax collections for the first eleven months of the fiscal year occurred last year, when the Treasury collected $1,460,379,260,000 in individual income taxes in constant August 2018 dollars,” writes CNS.
The strong data may spell disaster for Democrats hoping to retake control of Congress this fall, with House Minority Leader Nancy Pelosi vowing to repeal the ‘GOP Tax Scam’ should her party win big in November.
Read the full story here.
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: 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