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Feds Collect Record Individual Income Taxes
Through August; Still Run $898B Deficit

Cybercast News, by Terrence P. Jeffrey

Original Article

Posted By:M2, 9/14/2018 7:13:21 AM

The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly Treasury Statement released today. However, the federal government also ran a deficit of $898,112,000,000 for those eleven months, according to the statement. 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 (adjusted using the Bureau of Labor Statistics inflation calculator).

When you put more people back to work, they pay taxes. This is no surprise. But how to get that deficit down? May get our money back from Iran somehow?


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Reply 1 - Posted by: Nimby, 9/14/2018 7:16:32 AM     (No. 11757733)

What is wrong here?

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Reply 2 - Posted by: judy, 9/14/2018 7:27:53 AM     (No. 11757744)

If we had some real leaders in congress who spent $$$ like it was theirs instead of ours they could solve the deficit. There is over 898 billion in wasteful spending. Trump should appoint a committee to find the waste.

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Reply 3 - Posted by: TCloud, 9/14/2018 8:29:35 AM     (No. 11757799)

For starters 4/5th of the Federal Government is non-essential!

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Reply 4 - Posted by: WAN2, 9/14/2018 8:52:34 AM     (No. 11757838)

Fun and games on the Titanic. Then again I´ve been expecting it to hit the fan for 30 years...

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Reply 5 - Posted by: Muguy, 9/14/2018 9:06:33 AM     (No. 11757862)

There are a few truths here which hardly anyone wants to reveal--

The government is TOO BIG, but nobody seems to care

The government BORROWS over 40 cents of every dollar spent because government is TOO BIG and SPENDS TOO MUCH

If we only spent what we bring in, we would be doing well, but we have areas of the money spent that are called ENTITLEMENTS, but we haven´t ever told anyone "NO"

The "open borders" supporters are INVITING an invasion to BREAK THE SYSTEM and national security is AT RISK

The deficit spending has been helped by LOW INTEREST RATES but when they go up, the debt will continue to rise like water coming into the boat with a hole in it out on the open sea

POLITICAL CORRECTNESS and the sell out of the MEDIA to the socialists means ALMOST NO politician will speak about the situation or face political ruin from fake innuendo and the media spin cycle

Until we find the WILL to stop spending money we don´t have, take charge of immigration at the border, and begin to curb welfare programs with solutions to have people work for their own money, NOTHING will change, and things will only get WORSE over time.

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Reply 6 - Posted by: ctpro, 9/14/2018 9:58:20 AM     (No. 11757950)

Post WW2 interest rates averaged 6-7%. When we reach that level again, just servicing the debt will exceed $1 Trillion/year.

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Reply 7 - Posted by: strike3, 9/14/2018 10:44:16 AM     (No. 11758039)

The federal government is like a welfare mom with an unlimited credit card. Why stop spending when you can simply borrow more?

There is a fatal flaw in our system of government. What politician can get elected to office by promising to spend less money? As soon as you shut off one of the teets the dependent piglet begins to squeal.

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Reply 8 - Posted by: curious1, 9/14/2018 11:03:50 AM     (No. 11758082)

The congress, who is responsible for spending, needs to cut back. The people. who are responsible for voting these venal clowns into office, needs to pay attention and not send profligate, constitution-ignoring, spenders to congress.

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Reply 9 - Posted by: MDConservative, 9/14/2018 12:18:59 PM     (No. 11758204)

Let´s celebrate the fact that the Feds took MORE from the American public AFTER a "tax cut". Isn´t that grand? The point of a tax cut is NOT to generate more revenue, but to relieve over taxation. Higher revenue means MORE to the government, which means LESS to the public however it´s distributed. Cut taxes again and again. The goal is to starve the government of funds...although nearly all see spending cuts as happening to the other guy´s favorite programs...from welfare to military spending.

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