If you are one of those who like to get in someone’s face and tell them ‘I told you so’, then this is your time. Democrats and the mainstream media repeatedly declared that the GOP tax cut plan would result in the lost of at least $1 trillion in revenue for the federal government. Republicans kept saying that the tax cuts would actually generate more revenue due to more spending, more jobs, more industry, more home sales and so on.
The Congressional Budget Office has announced that the month of April set a new record for taking in more revenue than the government spent. The feds took in $515 billion in tax revenue and only spent $297 billion, resulting in a record surplus of $218 billion.
(The Daily Wire) – In April, the federal government took in a record sum of $515 billion in taxes, according to a newly released Congressional Budget Office report. During that time, we spent $297 billion. Yes, you read that correctly: We actually took in more than we spent — a lot more. That $218 billion surplus is, in fact, a new record, beating the previous record set back in 2001 ($190 billion) by $28 billion.
As The Washington Times points out, the surplus surprised CBO analysts, who were predicting about $40 billion less, though some of that has to do with a shift in timing of payments. In its report, the CBO suggests that the unexpectedly high tax revenues was a result of “stronger-than-expected” economic growth last year and in early 2018.
“Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year,” reads the summary. “Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018. The reasons for the added revenues will be better understood as more detailed information becomes available later this year.” …
If Democrats had any brains, they would realize that the GOP tax cuts could actually reduce the federal deficit of at least $1 trillion to $2 trillion this year alone, of only they would keep their hands off and not try to destroy it by removing the cuts that went to corporations and businesses.