{"id":33346,"date":"2018-05-08T16:31:48","date_gmt":"2018-05-08T20:31:48","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=33346"},"modified":"2018-05-08T16:31:48","modified_gmt":"2018-05-08T20:31:48","slug":"the-impact-of-the-tax-cuts","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=33346","title":{"rendered":"The Impact Of The Tax Cuts"},"content":{"rendered":"

On Monday, The Washington Times<\/a> posted an article about a Congressional Budget Office<\/a> report on April tax<\/a> revenue.<\/p>\n

The article reports:<\/p>\n

The federal government<\/a> took in a record tax haul in April en route to its biggest-ever monthly budget surplus<\/a>, the Congressional Budget Office said, as a surging economy left Americans with more money in their paychecks \u2014 and this more to pay to Uncle Sam.<\/strong><\/p>\n

All told the government collected $515 billion and spent $297 billion, for a total monthly surplus of $218 billion. That swamped the previous monthly record of $190 billion, set in 2001.<\/strong><\/p>\n

CBO analysts were surprised by the surplus, which was some $40 billion more than they\u2019d guessed at less than a month ago.<\/strong><\/p>\n

It will be interesting to see if the CBO changes its predictions on future deficits<\/a> as tax revenues increase.<\/p>\n

The article further states:<\/p>\n

April is always a strong month for government finances, with taxpayers filing their returns for the previous year and settling up what they owe, even as expenditures often dip for the month.<\/strong><\/p>\n

But this year was particularly strong, with receipts jumping 13 percent compared to a year ago.<\/strong><\/p>\n

The news couldn\u2019t come at a better time for President<\/a> Trump and congressional Republicans<\/a>, who were facing major questions about the damage last year\u2019s tax-cut package might do to future deficits. Just a month ago the CBO projected that the deficit would quickly soar back to $1 trillion a year.<\/strong><\/p>\n

The deficit is a problem and will be a problem in the future. Hopefully the rescissions package that President Trump sent to Congress<\/a> will pass (article here<\/a>), and Congress will begin to trim the out-of-control spending it is accustomed to. Our future depends on it–we are not undertaxed–Congress is overspending.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Monday, The Washington Times posted an article about a Congressional Budget Office report on April tax revenue. The article reports: The federal government took in a record tax haul in April en route to its biggest-ever monthly budget surplus, … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[11682,735,580,11681,11673,1419],"class_list":["post-33346","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-budget-surplus","tag-congress","tag-congressional-budget-office","tag-government-budget-balance","tag-rescissions","tag-tax-cut"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/33346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33346"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/33346\/revisions"}],"predecessor-version":[{"id":33352,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/33346\/revisions\/33352"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}