Skip to comments.Feds Collect Record Individual Income Taxes Through June; Still Run $607B Deficit
Posted on 07/13/2018 10:42:22 AM PDT by Red Badger
The federal government collected a record $1,305,490,000,000 in individual income taxes through the first nine months of fiscal 2018 (October 2017 through June 2018), according to the Monthly Treasury Statement released today.
Despite the record individual income tax collections, the federal government still ran a deficit of $607,099,000,000 over those same nine months, according to the Treasury statement.
The approximately $1,305,490,000,000 in individual income taxes that the Treasury collected in October through June of this fiscal year was $71,815,310,000 more (in constant June 2018 dollars) than the $1,233,674,690,000 (in constant June 2018 dollars) in individual income taxes that the Treasury collected in October through June of fiscal 2017which was the previous record.
(Excerpt) Read more at cnsnews.com ...
It’s the spending stupid
But recall they said we needed a Republican majority to reign in the spending.
They got that.
So, what’s McConnell’s excuse now? His lobbyists won’t invite him to dinner if he doesn’t send them a trillion of other people’s money?
And Obama Budgets and Democrats in Congress are the cause.
It’s not that we’re not taxed enough... the government spends too much. Waaay too much.
Anybody got a more recent chart?
You think the government cares? It’s not their money they are spending.
As Reagan so succinctly put it:
“The problem is not that people are taxed too little, the problem is that government spends too much.”
The government has a never ending appetite for money. The more they get the more they spend.
Somebody, I don’t remember who, said that if the Federal government just kept the SAME BUDGET FOR TEN YEARS it would balance itself...................
Yes. Contrary to what some people here spout. Revenue doesnt matter much if DC consistently spend$ a lot more than FEDGOV takes in.
It’s far easier to run on cutting taxes than on cutting .gov. GOP only go against spending when they are not in charge. Or at least say that.
That works out to an average monthly deficit of $67,455,000,000 monthly or $809,465,000,000
If we assume a US median income of $30,000 and a 2018 tax rate of 22%, then the median tax revenue would be $6,600 per person.
That then begs the question, how many new tax payers (jobs) would be required to cover the annual deficit?
$809,465,000,000 divided by $6,600 = 122,646,000 jobs The current department of labor says that there are roughly a total of 148,500,000 TOTAL jobs in the US.
In other words, in order to cover the current deficit with income taxes, the entire job market in the US would have to DOUBLE! - simply not possible.
We have to cut spending!
Yes. And the spending has a moral dimension because government insists its job is to do good.
We need to have a balanced budget amendment. I would accept those national defense items to be exempt yet still fiscally prudent. Neither POS political party will ever go for a balanced budget. They are all thieves in one way or another. Besides national security, if the federal government was gone tomorrow, it would hardly make a dent in peoples lives unless they were dependent on it or worked for it.
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