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Discussion and Debate
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American Politics
Feds Collect Record Taxes in First Month Under Tax Cut; Run Surplus in January
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<blockquote data-quote="miamited" data-source="post: 72331027" data-attributes="member: 270136"><p>Hi again NH,</p><p></p><p>Oddly enough, the only source that seems to be reporting this news is an agency called CNS News. I just question the veracity of the account because the CBO makes the claim that for the first four months of the current FY income was up 4% but expenses were up 5%. As of January 2018 the year over year deficit grew by $16 billion. So, making more money isn't going to help us much if our expenses are up an even greater percentage: <a href="https://www.cbo.gov/publication/53549" target="_blank">Monthly Budget Review for January 2018</a></p><p></p><p>As I say, I'd like to see the numbers at the end of the year. According to the U.S. Treasury, tax receipts were also up in October by $14 billion. The receipts more than doubled for November and December year over year. $236 billion increase and $343 billion respectively. So, looking at the recent historical receipts year over year, January doesn't look nearly as good as the previous 3 months under the old tax scheme. So it could be, that while revenues are up year over year, they have been for quite some time and January took a precipitous nosedive in the amount of the increase. Could this be because of the new tax laws that went into effect in January? I don't know, but it's worth looking into.</p><p></p><p>Source: <a href="https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/backissues.htm" target="_blank">Monthly Treasury Statement</a></p><p></p><p>So, before we start cherry picking numbers, let's look at what those numbers really tell us.</p><p></p><p>God bless,</p><p>In Christ, ted</p></blockquote><p></p>
[QUOTE="miamited, post: 72331027, member: 270136"] Hi again NH, Oddly enough, the only source that seems to be reporting this news is an agency called CNS News. I just question the veracity of the account because the CBO makes the claim that for the first four months of the current FY income was up 4% but expenses were up 5%. As of January 2018 the year over year deficit grew by $16 billion. So, making more money isn't going to help us much if our expenses are up an even greater percentage: [URL="https://www.cbo.gov/publication/53549"]Monthly Budget Review for January 2018[/URL] As I say, I'd like to see the numbers at the end of the year. According to the U.S. Treasury, tax receipts were also up in October by $14 billion. The receipts more than doubled for November and December year over year. $236 billion increase and $343 billion respectively. So, looking at the recent historical receipts year over year, January doesn't look nearly as good as the previous 3 months under the old tax scheme. So it could be, that while revenues are up year over year, they have been for quite some time and January took a precipitous nosedive in the amount of the increase. Could this be because of the new tax laws that went into effect in January? I don't know, but it's worth looking into. Source: [URL="https://www.fiscal.treasury.gov/fsreports/rpt/mthTreasStmt/backissues.htm"]Monthly Treasury Statement[/URL] So, before we start cherry picking numbers, let's look at what those numbers really tell us. God bless, In Christ, ted [/QUOTE]
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Feds Collect Record Taxes in First Month Under Tax Cut; Run Surplus in January
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