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CNS: Feds Collect Record Taxes in First Month Under Tax Cut; Run Surplus in January
(CNSNews.com) - The federal government this January ran a surplus while collecting record total tax revenues for that month of the year, according to the Monthly Treasury Statement released today.
January was the first month under the new tax law that President Donald Trump signed in December.
During January, the Treasury collected approximately $361,038,000,000 in total tax revenues and spent a total of approximately $311,802,000,000 to run a surplus of approximately $49,236,000,000
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WNU Editor: This is a side story .... but one that needs to be pointed out. I have lost count over the years on how many times I have heard economists, politicians, and the media talk about why we need to increase taxes to cover budget deficits .... and then surprise, surprise .... find out later when they raised taxes that deficits instead rose, thereby repeating the cycle all over again. The narrative in the U.S. for the past few months has also been repeating this mantra .... that President Trump's tax cuts will produce higher deficits. But in the first month of tax cuts .... the U.S. government broke records in collecting tax revenue. How can that be? And is Arthur Laffer right?
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