Showing that President Donald Trump still has a long, long way to go to cut government, the IRS took in a record amount of taxes through July, but it still wasn’t enough to pay the bills Congress has made for We, The People.
The Internal Revenue Service has reported that it took in a record $1,415,150,000,000 in individual income taxes through the first ten months of fiscal 2018. Yet, we also ran a $683,965,000,000 deficit for those same ten months.
Trump has cut a lot of government and the higher take in taxes is due to his cutting of regulations and getting government out of the way of the business sector. That is all good. But he needs next to focus on cutting government spending itself.
Of course, he can’t do it alone and he already has cut a lot of spending in Washington. He’s trimmed thousands of government workers and shut down a lot of government programs. But Congress controls the big spending.
Despite the record amount in individual income taxes collected in the first ten months of this fiscal year, overall federal tax collections declined in the first ten months of this fiscal year compared to last year. In the October-through-July period of fiscal 2017, the Treasury collected $2,820,673,610,000 in total taxes. In the October-through-July period of this fiscal year, the Treasury collected only $2,766,071,000,000.
While individual income taxes collected in the first ten month of the fiscal year increased from 2017 to 2018, corporation income tax collections declined. In the October-through-July period of fiscal 2017, the Treasury collected $239,013,770,000 in corporation income taxes (in constant July 2018 dollars). In the October-through-July period of fiscal 2018, the Treasury collected $166,004,000,000 in corporation income taxes.
In addition to the individual income taxes and corporation income taxes, the total taxes the federal government collected in October through July included $978,254,000,000 in Social Security and other payroll taxes; $70,755,000,000 in excise taxes; $18,761,000,000 in estate and gift taxes; $32,477,000,000 in customs duties; and $84,688,000,000 in miscellaneous revenues.
“The previous record for individual income tax collections in the first ten months of the fiscal year was in fiscal 2017,” CNSNews reported, “when the Treasury collected $1,351,409,020,000 in individual income taxes (in constant July 2018 dollars) in the October through July period.”
Again, Trump is doing a masterful job of cutting government. But he can’t do it alone. And this is why we need to vote Republican in 2018. If Congress switches to Democrat control all this will just get worse.
Follow Warner Todd Huston on Twitter @warnerthuston.
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