This ain't supposed to happen!
Go Figure: Tax Revenues Climbed $18 Billion In First Month Of GOP Tax Cuts
Fiscal Policy: The Congressional Budget Office says that federal revenues in January added up to $362 billion. That's an increase of $18 billion— or 5.2% — from the year before. As a result, the government ran a surplus of $51 billion that month, which is equal to the previous January.
Wait, weren't the tax cuts supposed to bankrupt the country to benefit the rich? It almost looks like the tax cuts — which took effect in January — are paying for themselves.
That wouldn't be fair, either. As the CBO notes, the new payroll withholding scheduled hadn't fully taken effect in January; companies don't have to update their employee tax withholdings until the middle of this month. When that happens, monthly revenues from individual income taxes will likely slip.
But the latest CBO report does show how a growing economy can make up a lot of the difference between the advertised price of a tax cut and the actual impact on revenues.
The same report says that revenues for the first four months of the current fiscal year — which started last October — were $46 billion higher than the same period the year before.
Individual income and payroll taxes, it says, rose by $68 billion. "That change largely reflects increases in wages and salaries," the CBO says.
https://www.investors.com/politics/e...-gop-tax-cuts/
I'm betting that this month's revenue will exceed last year's also, even though the new withholding schedule will have gone into effect.
Kool Stuff.
