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[elysiantraveller]

Has Revenue Risen in 2018

Yet even these numbers understate revenue losses between 2017 and 2018, since they count revenue raised in 2018 but under 2017's pre-tax cut laws. Roughly three-quarters of the increase in nominal individual income tax revenue since 2017 is the result of non-withheld tax payments made in April (and March) to cover last year's taxes. Another quarter of the rise is from revenue in October, November, and December of 2017 – months which are part of fiscal year 2018 but were under the old tax code.

Excluding October through December as well as non-withheld tax payments, individual income tax revenue is essentially unchanged from 2017. Under this scenario, total nominal revenue is down 4.3 percent, real revenues are down 6.4 percent, and revenues as a share of the economy have decreased by 8.8 percent. Revenues from May through July have fallen even more steeply.*

OR..

CBO on 2018

Total Receipts: Up by Less Than 1 Percent in Fiscal Year 2018
Receipts totaled $3,328 billion in fiscal year 2018, CBO estimates—$13 billion more than in fiscal year 2017. That small net increase reflects the following changes:
Individual income and payroll (social insurance) taxes together rose by $105 billion (or 4 percent).
Amounts withheld from workers’ paychecks rose by $23 billion (or 1 percent). That change largely reflects increases in wages and salaries that were partly offset beginning in February by a decline in the share of income withheld for taxes. In January, the Internal Revenue Service issued new withholding tables to reflect changes made by last year’s major tax legislation (Public Law 115-97) that took effect at the beginning of the current calendar year. All employers were required to begin using the new tables by February 15, 2018.
Nonwithheld payments of income and payroll taxes rose by $89 billion (or 15 percent). Most of that increase occurred in April, when taxpayers made their final payments of taxes for 2017.
Individual income tax refunds rose by $7 billion (or 3 percent), reducing net receipts.
Corporate income tax receipts fell by $92 billion (or 31 percent), reflecting payments for both the 2017 and the 2018 tax years. About half of the decline has occurred since June. Collections in June and September were mostly estimated payments for tax year 2018, when several provisions of P.L. 115-97 took effect, including the new lower corporate tax rate and the expanded ability to immediately deduct the full value of equipment purchases.
Revenues from other sources rose by $1 billion (or less than 1 percent). Declines in revenues from fees and fines and in remittances from the Federal Reserve were partly offset by greater receipts from excise taxes and customs duties.

Annnnd... we're off to a great start in FY 2019.

US October budget deficit jumps to $100.5 billion