Feds Collect Record Income Taxes Through December; Still Run $225 Billion Deficit
The federal government collected record individual-income-tax revenues through the first quarter of fiscal 2018 (October through December), according to the new Monthly Treasury Statement. This was the last quarter before the new tax-cut law signed by President Donald Trump on Dec. 22 took effect.
Despite taking in record individual-income-tax revenues, the federal government ran a deficit of approximately $225 billion during the quarter.
The Treasury collected a record $390,847,000,000 in individual income taxes in October through December, according to the Treasury statement. That was $30,568,380,000 more than the $360,278,620,000 that the Treasury collected (in constant December 2017 dollars) in individual income taxes in the first quarter of fiscal 2017 (which ran from October through December of 2016)....
Paul Krugman wrote: There‚Äôs no mystery about the Republican agenda. For at least the past 40 years, the G.O.P.‚Äôs central policy goal has been upward redistribution of income: lower taxes for the wealthy, big cuts in programs that help the poor and the middle class. We‚Äôve seen that agenda at work in the policies of every Republican president from Reagan to Trump, every budget proposal from party stars like Paul Ryan, the speaker of the House.
This policy agenda is, however, deeply unpopular. Only small minorities of voters favor tax cuts for the wealthy and corporations; even smaller minorities favor cuts in major social programs. So how does the G.O.P. stay politically competitive? The answer is that the party has mastered the tactics of bait and switch: pretending to stand for one thing, then doing something quite different in office....
An excellent short editorial all of it is well worth reading. The writer referred to Pew research for his opinions of what voters think of Republican actions‚ĚóūüĎé . You can guess where this record number of tax collections come fromūüė†
I disagree, Steve. The Bible has many answers to those questions but not necessarily in ways that are explicit. Some are implied instead. The Lord gave us a wonderful set of instructions and the Holy Spirit to work inside of us to apply them. He also gave authority to those that have it and takes down leaders just as fast.
A leader at our child's group was describing recently how he felt the recent decision by President Trump to move the US Embassy from Tel Aviv to Jerusalem proceeded the historic tax cut...those who bless Israel will be blessed. While first quarter collections obviously preceded that announcement, it does show a form of national blessing.
But, sadly, national blessing like wholesale or widespread repentance isn't happening...
Interesting bit of news that I have not heard anywhere else, but I wonder...what does it have to do with the focus of this website? Doesn't the Bible teach us to give to Caesar what is due to Caesar, and to pray for those in authority? Other than that, there isn't much teaching as to capitalism vs. communism, the role of the government in providing a Safety Net for everyone or medical care for everyone over 65.
Unprofitable Servant wrote: This headline had been repeated several times during the last several quarters of the previous administration. (so much for the rich aren't paying their fair share, of these record taxes top 1% pay approximately 40% and top 10% pay over 70% of all this revenue) IT IS A SPENDING PROBLEM!! Not holding breath for Congress to cut spending anytime soon. If they'd simply cut the rate of growth that would be a step in the right direction. Good to see the President trimming government and government regulations down.
Yes brother, it is indeed a spending problem. But, let me add a greed problem as well. Politician now teach that greed is good, but of course scripture says it is a form of idolatry.
Donald Trump‚Äôs view of personal debt: ‚ÄúI‚Äôm the king of debt. I‚Äôm great with debt. Nobody knows debt better than me,‚ÄĚNow admittedly he was referring to his personal business dealings.
And of course, we know that on occasion he filed bankruptcy, so he also felt it was okay, not to pay back personal loans.
Now, if I ran my household finances in the same manner that our country handles its debt, then my lifestyle would collapse.
We had a dear friend, who has passed to his reward, who used to say that there are three ways to create wealth: grow it out of the ground, dig it out of the ground, or manufacture it. Service economies only pass the same dollar around in a circle, creating incomes but not wealth. Manufacturing, he explained, is a key way to creating more wealth for the nation and was the key, along with the mining and agricultural industries, to making a product that made new dollars. There is no such thing as free or fair trade, he would exclaim. He supported President Trump long before we did.
In all labor there is abundance: but the talk of the lips bringeth only want. -- Proverbs 14:23
Poverty and shame is to him that refuseth instruction: but he that regardeth correction, shall be honored.-- Proverbs 13:18
took 6,000 years for the world to rack up $80 trillion in debt (by AD 2002). Sixteen years later, the world had added another $157 trillion (to reach
$233 trillion Now, the world debt to GWP is 225%. We‚Äôve never been this far into the Keynesian nightmare before. So on the bring of the biggest economic disaster ever, we take a moment to explain the life, the fruit, and the ethical rebellion and radical, unrestrained homosexuality of John Maynard Keynes. Biblically, this debt is clearly described as a curse, and an indication of God‚Äôs judgment on the nations.
This headline had been repeated several times during the last several quarters of the previous administration. (so much for the rich aren't paying their fair share, of these record taxes top 1% pay approximately 40% and top 10% pay over 70% of all this revenue)
IT IS A SPENDING PROBLEM!!
Not holding breath for Congress to cut spending anytime soon. If they'd simply cut the rate of growth that would be a step in the right direction. Good to see the President trimming government and government regulations down.
This article only points out some things that we all ready know, or at least should know. Raising taxes is never the solution to paying off debt. The way to pay off debt is to create revenue. The way to create revenue is by providing a service that benifits others. Our governments way of "creating revenue" is by forcefully stealing from its people. Finally, the USA is insolvent. This is due to the fact that the current financial system in place, is debt based fiat. This means that the only way to pay off old debt is to create new debt. Democrat or Republican we need to admit that our governments way of doing "business" not only violates the constitution, but it runs contrary to Gods Word.