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Thread: CBO Reports RECORD SURPLUS After Tax Cuts

  1. #1

    CBO Reports RECORD SURPLUS After Tax Cuts

    Tired of winning yet? All the doom and gloom over the dreaded TRUMP TAX CUTS has proven, once again, to be WRONG. The Congressional Budget Office has released the numbers for April, and, as it turns out, the federal government has collected record revenue along with a record one-month surplus.


    Part of the CBO report reads:
    Estimated Surplus in April 2018: $218 Billion

    The federal government realized a surplus of $218 billion in April 2018, CBO estimates—$35 billion larger than the surplus in April 2017.
    CBO estimates that receipts in April 2018 totaled $515 billion—$59 billion (or 13 percent) more than those in the same month last year. Individual income and payroll taxes rose by $73 billion (or 20 percent), on net. Nonwithheld payments for those taxes, largely final payments of 2017 taxes, rose by $60 billion. Withholding of individual income and payroll taxes rose by $7 billion (or 4 percent). Withheld taxes rose both because wages and salaries were higher and because April 2018 had one more business day than April 2017. However, those factors were partially offset because the share of wages withheld for taxes was lower, CBO estimates, reflecting the new withholding tables issued in January. Corporate income tax payments declined by $14 billion (or 24 percent).
    The only bad news is that spending was up to $297 Billion, which was $24 Billion more than this time last year.
    According to Market Watch, this breaks the previous surplus record set back in 2001, which was $190 Billion. These latest numbers are $40 Billion MORE than what the CBO had projected. In fact, these numbers prove the original CBO estimate wrong, as they had predicted a record deficit.


    http://www.thegatewaypundit.com/2018...fter-tax-cuts/
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  3. #2
    LOL @ "surplus." It isn't a surplus. It means we are paying more taxes than ever before. But spending is up too, sooooo
    * Enforce Border Security – America should be guarding her own borders and enforcing her own laws instead of policing the world and implementing UN mandates.

    * No Amnesty - The Obama Administration’s endorsement of so-called “Comprehensive Immigration Reform,” granting amnesty to millions of illegal immigrants, will only encourage more law-breaking.

    * Abolish the Welfare State – Taxpayers cannot continue to pay the high costs to sustain this powerful incentive for illegal immigration. As Milton Friedman famously said, you can’t have open borders and a welfare state.

    * End Birthright Citizenship – As long as illegal immigrants know their children born here will be granted U.S. citizenship, we’ll never be able to control our immigration problem.




    Reprinted from http://www.ronpaul2012.com/the-issues/immigration/ [Nov. 29, 2011]

  4. #3
    Balanced Budget Amendment or GTFO.

  5. #4
    Quote Originally Posted by angelatc View Post
    LOL @ "surplus." It isn't a surplus. It means we are paying more taxes than ever before. But spending is up too, sooooo

    Yes, but with significantly lower tax rates the only way to realize a surplus like this is to have increased income/production.

    It's sorta like your boss gave you a big raise because the company is doing well, because everybody's taxes are lower, and yes, you will have to pay more money in taxes than last year because you made more, but your tax rate is lower so you are keeping a lot more also.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  6. #5
    Quote Originally Posted by dannno View Post
    Yes, but with significantly lower tax rates the only way to realize a surplus like this is to have increased income/production.

    It's sorta like your boss gave you a big raise because the company is doing well, because everybody's taxes are lower, and yes, you will have to pay more money in taxes than last year because you made more, but your tax rate is lower so you are keeping a lot more also.
    LOL @ "a lot more."

    I was an accountant when I worked in corporate America, so you'll have to trust that I have an inkling of how budgets work.

    You forgot to address the increase in spending. Bro.
    * Enforce Border Security – America should be guarding her own borders and enforcing her own laws instead of policing the world and implementing UN mandates.

    * No Amnesty - The Obama Administration’s endorsement of so-called “Comprehensive Immigration Reform,” granting amnesty to millions of illegal immigrants, will only encourage more law-breaking.

    * Abolish the Welfare State – Taxpayers cannot continue to pay the high costs to sustain this powerful incentive for illegal immigration. As Milton Friedman famously said, you can’t have open borders and a welfare state.

    * End Birthright Citizenship – As long as illegal immigrants know their children born here will be granted U.S. citizenship, we’ll never be able to control our immigration problem.




    Reprinted from http://www.ronpaul2012.com/the-issues/immigration/ [Nov. 29, 2011]

  7. #6
    Quote Originally Posted by dean.engelhardt View Post
    Balanced Budget Amendment or GTFO.
    #TaxationIsTheft
    * Enforce Border Security – America should be guarding her own borders and enforcing her own laws instead of policing the world and implementing UN mandates.

    * No Amnesty - The Obama Administration’s endorsement of so-called “Comprehensive Immigration Reform,” granting amnesty to millions of illegal immigrants, will only encourage more law-breaking.

    * Abolish the Welfare State – Taxpayers cannot continue to pay the high costs to sustain this powerful incentive for illegal immigration. As Milton Friedman famously said, you can’t have open borders and a welfare state.

    * End Birthright Citizenship – As long as illegal immigrants know their children born here will be granted U.S. citizenship, we’ll never be able to control our immigration problem.




    Reprinted from http://www.ronpaul2012.com/the-issues/immigration/ [Nov. 29, 2011]

  8. #7
    Quote Originally Posted by angelatc View Post
    LOL @ "a lot more."

    I was an accountant when I worked in corporate America, so you'll have to trust that I have an inkling of how budgets work.

    You forgot to address the increase in spending. Bro.
    http://www.ronpaulforums.com/showthr...eral-employees

    http://www.ronpaulforums.com/showthr...-spending-cuts
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  9. #8
    Sorry, but all semblance of fiscal responsibility ended when he signed the budget. His budget added 1 TRILLION to the debt in the first year, so forgive me if I don't get excited by some chatter about maybe cutting back 15 billion.

    Obama did the same thing, and he structured it so the effects wouldn't be apparent for a decade after his term ended. Trump doubled down on that.
    * Enforce Border Security – America should be guarding her own borders and enforcing her own laws instead of policing the world and implementing UN mandates.

    * No Amnesty - The Obama Administration’s endorsement of so-called “Comprehensive Immigration Reform,” granting amnesty to millions of illegal immigrants, will only encourage more law-breaking.

    * Abolish the Welfare State – Taxpayers cannot continue to pay the high costs to sustain this powerful incentive for illegal immigration. As Milton Friedman famously said, you can’t have open borders and a welfare state.

    * End Birthright Citizenship – As long as illegal immigrants know their children born here will be granted U.S. citizenship, we’ll never be able to control our immigration problem.




    Reprinted from http://www.ronpaul2012.com/the-issues/immigration/ [Nov. 29, 2011]



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  11. #9
    Quote Originally Posted by angelatc View Post
    Sorry, but all semblance of fiscal responsibility ended when he signed the budget. His budget added 1 TRILLION to the debt in the first year, so forgive me if I don't get excited by some chatter about maybe cutting back 15 billion.

    Obama did the same thing, and he structured it so the effects wouldn't be apparent for a decade after his term ended. Trump doubled down on that.
    $160 billion is a pretty good chunck of the $1 trillion for one fell swoop, and a sign of things to come in the future (after the wall gets built)
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  12. #10
    Quote Originally Posted by angelatc View Post
    Sorry, but all semblance of fiscal responsibility ended when he signed the budget. His budget added 1 TRILLION to the debt in the first year, so forgive me if I don't get excited by some chatter about maybe cutting back 15 billion.

    Obama did the same thing, and he structured it so the effects wouldn't be apparent for a decade after his term ended. Trump doubled down on that.
    He's debated this exact same topic and the exact same details in multiple threads. It's willful disbelief.
    Quote Originally Posted by dannno View Post
    Trump hasn't even been in 6 months, you can't call him a boondoggle President unless he has overseen a military boondoggle for at least a year or two.


  13. #11
    Quote Originally Posted by dannno View Post
    $160 billion is a pretty good chunck of the $1 trillion for one fell swoop
    It's almost like it's tax season or something.
    Last edited by TheCount; 05-09-2018 at 03:45 PM.
    Quote Originally Posted by dannno View Post
    Trump hasn't even been in 6 months, you can't call him a boondoggle President unless he has overseen a military boondoggle for at least a year or two.


  14. #12
    More people paid their taxes later this year. March was a different story from April. https://www.marketwatch.com/story/us...ays-2018-04-11

    U.S. runs budget deficit of $209 billion in March, Treasury says


    The numbers: The federal government’s budget deficit was $209 billion in March, the Treasury said, up 18% from the same month a year ago. Receipts were $211 billion, down 3%, and spending rose 7% to $420 billion.

    What happened: The new tax law continues to widen the deficit, with withholding of individual income and payroll taxes off by 2% in March. In January, the IRS issued new withholding tables based on the law enacted by President Donald Trump in December. Spending was higher in March on Social Security, Medicaid and interest on the public debt. Interest payments were 11% higher, Treasury said.

    Big picture: For the first half of the fiscal year, the shortfall is $600 billion, up 14% over the prior fiscal year’s first six months. The Treasury’s latest release comes after the Congressional Budget Office forecast a deficit of $804 billion for the current fiscal year — and a return to trillion-dollar deficits in 2020.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

    I am Zippy and I approve of this post. But you don't have to.

  15. #13
    Quote Originally Posted by dannno View Post
    $160 billion is a pretty good chunck of the $1 trillion for one fell swoop, and a sign of things to come in the future (after the wall gets built)
    $160B/$1T= 16%. If you think that's a "pretty good chunk", you and I have different understandings of "big".
    Quote Originally Posted by Torchbearer
    what works can never be discussed online. there is only one language the government understands, and until the people start speaking it by the magazine full... things will remain the same.
    Hear/buy my music here "government is the enemy of liberty"-RP Support me on Patreon here Ephesians 6:12

  16. #14
    Quote Originally Posted by heavenlyboy34 View Post
    $160B/$1T= 16%. If you think that's a "pretty good chunk", you and I have different understandings of "big".
    1/7th-1/6th of something is a big chunk, we will see if he does more.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  17. #15
    Quote Originally Posted by Swordsmyth View Post
    we will see if he does more.
    He who? Which part of the $160B came from Trump?


    Did he host a telethon? Pledge drive?
    Quote Originally Posted by dannno View Post
    Trump hasn't even been in 6 months, you can't call him a boondoggle President unless he has overseen a military boondoggle for at least a year or two.


  18. #16
    Quote Originally Posted by TheCount View Post
    He who? Which part of the $160B came from Trump?


    Did he host a telethon? Pledge drive?
    The links I gave are for budget cuts in that range.. but the threads I linked to are probably automatically filtered out of the results you are allowed to view.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."



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  20. #17
    Quote Originally Posted by dannno View Post
    The links I gave are for budget cuts in that range.. but the threads I linked to are probably automatically filtered out of the results you are allowed to view.
    Do they exceed his proposed increases elsewhere in the budget?
    Quote Originally Posted by dannno View Post
    Trump hasn't even been in 6 months, you can't call him a boondoggle President unless he has overseen a military boondoggle for at least a year or two.


  21. #18
    Quote Originally Posted by TheCount View Post
    He who? Which part of the $160B came from Trump?


    Did he host a telethon? Pledge drive?
    That is actually an excellent idea . Trump could do a Jerry Lewis style telethon . I vote yes . Set the precedent .
    Do something Danke

  22. #19
    ETGAGOA

    Experience The Great American Greatening of America
    1. Don't lie.
    2. Don't cheat.
    3. Don't steal.
    4. Don't kill.
    5. Don't commit adultery.
    6. Don't covet what your neighbor has, especially his wife.
    7. Honor your father and mother.
    8. Remember the Sabbath and keep it Holy.
    9. Don’t use your Higher Power's name in vain, or anyone else's.
    10. Do unto others as you would have them do to you.

    "For the love of money is the root of all evil..." -- I Timothy 6:10, KJV

  23. #20
    Quote Originally Posted by dannno View Post
    Yes, but with significantly lower tax rates the only way to realize a surplus like this is to have increased income/production.

    It's sorta like your boss gave you a big raise because the company is doing well, because everybody's taxes are lower, and yes, you will have to pay more money in taxes than last year because you made more, but your tax rate is lower so you are keeping a lot more also.
    Lower tax rates have never in the past been offset by higher growth rates.

    April is always the best month in terms of deficit/ surplus because that is the month most tax revenues come in. For the current fiscal year we are already running a $600 billion shortfall (fiscal year runs through end of September).

    Last edited by Zippyjuan; 05-10-2018 at 02:08 PM.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

    I am Zippy and I approve of this post. But you don't have to.

  24. #21
    Quote Originally Posted by Zippyjuan View Post
    Lower tax rates have never in the past been offset by higher growth rates.
    LOL
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  25. #22
    Quote Originally Posted by Swordsmyth View Post
    LOL
    Links showing when they have?
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

    I am Zippy and I approve of this post. But you don't have to.

  26. #23
    Quote Originally Posted by Zippyjuan View Post
    Links showing when they have?
    You made your claim without links.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  27. #24
    Quote Originally Posted by dannno View Post
    but your tax rate is lower so you are keeping a lot more also.
    Thank you government, for letting me keep half of a percent more of my income!

    This favor will not be forgotten!
    It's all about taking action and not being lazy. So you do the work, whether it's fitness or whatever. It's about getting up, motivating yourself and just doing it.
    - Kim Kardashian

    Donald Trump / Rand Paul (Vice Pres) 2016!!!!



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  29. #25
    Quote Originally Posted by TheTexan View Post
    Thank you government, for letting me keep half of a percent more of my income!

    This favor will not be forgotten!
    For me and specs, it's a few thousands dollars - a lot more than a half percent more.

    Did you calculate your tax savings yet?
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  30. #26
    Quote Originally Posted by dannno View Post
    For me and specs, it's a few thousands dollars - a lot more than a half percent more.

    Did you calculate your tax savings yet?
    I paid $20 more this year.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

    I am Zippy and I approve of this post. But you don't have to.

  31. #27
    Quote Originally Posted by Zippyjuan View Post
    I paid $20 more this year.
    Uhh, ya, the tax breaks are for 2018, so the taxes you paid this year on your 2017 return doesn't include Trump's tax breaks.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  32. #28
    When Reagan signed what was then the largest tax cut in history, the deficit started to soar. So he agreed to sign what was at the time the biggest tax increase to try to reduce that deficit.
    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    "Truth isn't truth"- Rudy Giuliani

    "China has total respect for Donald Trump and for Donald Trump's very, very large brain," - Donald Trump.

    I am Zippy and I approve of this post. But you don't have to.

  33. #29
    I'm paying less in fed taxes each week. Which is good because there's a bunch of local property tax millages coming up this year.

    The tax cut is great on it's own merits, but this admin can hardly be considered fiscally responsible.
    Protest the NSA! Send encrypted e-mails!
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  34. #30
    Quote Originally Posted by Zippyjuan View Post
    Links showing when they have?
    https://www.forbes.com/sites/mikepat.../#5e42fc564bf2
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

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