The U.S. government reported a $49 billion surplus in January. According to the Monthly Treasury Statement, that’s a bigger surplus in the first four months of the fiscal year than any other year in history. It also broke the January record for tax collection, and ran a surplus for the first time in months.
Much of this is attributable to the improving economy, as lower employer and higher wages means more revenue in the Treasury’s coffers.
According to the Daily Wire,
In the month of January, which reflects some of the changes from the GOP’s $1.5 trillion tax cut bill, the U.S. Department of the Treasury collected just over $361 billion (approx. $361,038,000,000) in total tax revenues, a record for the month of January.
While the feds collected $361 billion, they managed to spend about $49 billion less: $312 billion (approx. $311,802,000,000). That $49 billion surplus helped chip away at the deficit from the previous months of fiscal year 2018, which now stands at almost $176 billion ($175,718,000,000) for this fiscal year.
The total tax revenues collected in the first four months of FY2018 (approx. $1,130,550,000,000) are the most ever collected in the same period. The FY2018 revenues include $603 billion in individual income taxes, $372 billion in Social Security and other payroll taxes, $76 billion in corporate income taxes, and $81 billion in other taxes and duties. In January alone, the Treasury collected $212 billion in individual income taxes, $113 billion in Social Security and payroll taxes, $13 billion in corporate income taxes, and $23 billion in other taxes and duties.
Don’t get too excited yet, because there are another 11 months in the year, and after Congress agreed on a wide-ranging spending deal last week, Trump signed a funding law that is expected to push annual budget deficits to about $1 trillion.
Given that the federal deficit was $587 billion in Obama’s last year, there’s no excuse for this whatsoever. How hard is it to spend less money than Barack Obama?
Trump has had immense success in taking an axe to regulation. Now it’s time to take one to the budget.
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