NANCY’S NIGHTMARE US Treasury Collects RECORD TAXES in 2018
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The US economy continued to roar to life in April under President Trump and the GOP-controlled Congress, with new figures showing the Treasury collecting a record-breaking amount of taxes in the first months of 2018.
According to CNS News, the United States Treasury took in a record breaking $2,007,451,000,000 in the first seven months of fiscal year 2018 (October through April). The tax haul also hit new highs for personal income tax; the earliest time in any fiscal year that income taxes smashed the $1 trillion mark.
“In the month of April itself, the Treasury collected $510,440,000,000 in total taxes, while spending $296,192,000,000—thus, running a surplus for the month of April of $214,255,000,000,” writes CNS.
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.
In the month of April itself, the Treasury collected $510,440,000,000 in total taxes, while spending $296,192,000,000—thus, running a surplus for the month of April of $214,255,000,000. That monthly surplus decreased the fiscal-year deficit from the $599,708,000,000 it had been at the end of March to the $385,444,000,000 it hit at the end of April.
April includes the filing deadline for federal income-tax returns and is often the month in which the federal tax collections peak. In 2017, for example, April was the No. 1 month for tax collections—with the federal government taking in $466,825,380,000 in total taxes constant April 2018 dollars.
That was $43,614,620,000 less than the $510,440,000,000 in total taxes the Treasury collect this April.
In fiscal 2017, the federal government collected $1,976,241,980,000 (in constant April 2018 dollars) in total taxes in October through April. Prior to this year, the greatest total federal tax collections in the October through April period was in fiscal 2016, when the federal government collected $2,004,957,550,000 (in constant April 2018 dollars) in total taxes.
Before this year, the greatest individual income tax collections in the October through April period was also in fiscal 2016, when the Treasury collected $985,215,720,000 (in constant April 2018 dollars) in individual income taxes.