April was best month in History for US Budget

NACl H2O LuvrNACl H2O Luvr Posts: 11,957 AG
edited May 8 in Off Topic #1

The federal government took in a record tax haul in April en route to its biggest-ever monthly budget surplus, the Congressional Budget Office said, as a surging economy left Americans with more money in their paychecks — and this more to pay to Uncle Sam.

All told the government collected $515 billion and spent $297 billion, for a total monthly surplus of $218 billion. That swamped the previous monthly record of $190 billion, set in 2001.

CBO analysts were surprised by the surplus, which was some $40 billion more than they’d guessed at less than a month ago.

Analysts said they’ll have a better idea of what’s behind the surge as more information rolls in, but for now said it looks like individual taxpayers are paying more because they have higher incomes.

“Those payments were mostly related to economic activity in 2017 and may reflect stronger-than-expected income growth in that year,” the analysts said in their monthly budget review. “Part of the strength in receipts also may reflect larger-than-anticipated payments for economic activity in 2018.

https://www.washingtontimes.com/news/2018/may/7/cbo-says-april-was-best-month-history-us-budget/

«13

Replies

  • frankfrank Posts: 12,456 AG
    edited May 8 #2
    that's nice
    but they're just going to use that money they collected to do bad things
    No political signature
  • Soda PopinskiSoda Popinski GrovelandPosts: 7,698 Admiral
    I thought tax cuts didn't pay for themselves
    People use statistics the way a drunk uses a street light, for support rather than illumination.
  • kellerclkellercl Posts: 1,235 Officer
    edited May 8 #4
    Nice.  Now if we can keep the budget under control maybe we can start paying the debt down.  It is currently something like 65k per person.  Frankly a balanced budget bill is long overdue.  Kicking the can down the road isn't a fix.
  • kellerclkellercl Posts: 1,235 Officer
    I thought tax cuts didn't pay for themselves
    Am I missing something? April is tax return month, and this year's tax returns would have been based on the old tax laws, not current.  But maybe I'm not understanding something.  I ended up owing this year, a rather big chunk.  I still haven't quite figured out why, other than I didn't qualify for the child credits.
  • Soda PopinskiSoda Popinski GrovelandPosts: 7,698 Admiral
    I think it has more to do with the bonuses paid out by companies that received tax cuts turning around and putting it in their employees pockets that has helped the economy.   People have more money, they spend more money.  
    People use statistics the way a drunk uses a street light, for support rather than illumination.
  • kellerclkellercl Posts: 1,235 Officer
    edited May 8 #7
    I think it has more to do with the bonuses paid out by companies that received tax cuts turning around and putting it in their employees pockets that has helped the economy.   People have more money, they spend more money.  
    Could be.  My workplace did extra payouts and I bought a kayak.  I just, honestly, don't know how tax returns factor in for April's income, assuming they even do.  Either way, great news.  It is time to get serious about our debt.
  • Soda PopinskiSoda Popinski GrovelandPosts: 7,698 Admiral
    I got more money back this year than i have in 5, but that may be from claiming a high schooler, and a college student, although it should not make a difference, claimed them both last year too.   But I got about a grand more this year, which i am turning right back around and giving to the college student anyway.   
    People use statistics the way a drunk uses a street light, for support rather than illumination.
  • kellerclkellercl Posts: 1,235 Officer
    I got more money back this year than i have in 5, but that may be from claiming a high schooler, and a college student, although it should not make a difference, claimed them both last year too.   But I got about a grand more this year, which i am turning right back around and giving to the college student anyway.   
    I ended up owing 2k.  But I didn't realize the child credit could go away based on income.  I was unfortunately caught a bit off guard.  Though the credit now has a much higher income limit, so next year should be better.
  • Mister-JrMister-Jr Posts: 26,277 AG
    The federal budget deficit was $382 billion for the first seven months of fiscal year 2018, the Congressional Budget Office estimates, $37 billion more than the shortfall recorded during the same period last year. Revenues and outlays were higher, by 4 percent and 5 percent, respectively, than they were during the first seven months of fiscal year 2017.

    Total Receipts: Up by 4 Percent in the First Seven Months of Fiscal Year 2018

    Total Outlays: Up by 5 Percent in the First Seven Months of Fiscal Year 2018


    https://www.cbo.gov/publication/53821#section1

    Vote for the other candidate
  • Florida Ex-patFlorida Ex-pat Posts: 442 Deckhand
    Mister-Jr said:
    The federal budget deficit was $382 billion for the first seven months of fiscal year 2018, the Congressional Budget Office estimates, $37 billion more than the shortfall recorded during the same period last year. Revenues and outlays were higher, by 4 percent and 5 percent, respectively, than they were during the first seven months of fiscal year 2017.

    Total Receipts: Up by 4 Percent in the First Seven Months of Fiscal Year 2018

    Total Outlays: Up by 5 Percent in the First Seven Months of Fiscal Year 2018


    https://www.cbo.gov/publication/53821#section1


    This.  It is all semantics until the bottom line tells us that once again we have spent more than what was collected in taxes.  I am a cut spending person but it is either that or raise taxes, we can't keep running up our national debt unending.
  • kellerclkellercl Posts: 1,235 Officer
    edited May 8 #12
    Mister-Jr said:
    The federal budget deficit was $382 billion for the first seven months of fiscal year 2018, the Congressional Budget Office estimates, $37 billion more than the shortfall recorded during the same period last year. Revenues and outlays were higher, by 4 percent and 5 percent, respectively, than they were during the first seven months of fiscal year 2017.

    Total Receipts: Up by 4 Percent in the First Seven Months of Fiscal Year 2018

    Total Outlays: Up by 5 Percent in the First Seven Months of Fiscal Year 2018


    https://www.cbo.gov/publication/53821#section1


    This.  It is all semantics until the bottom line tells us that once again we have spent more than what was collected in taxes.  I am a cut spending person but it is either that or raise taxes, we can't keep running up our national debt unending.
    Agreed.  Debt is a simple concept, it can be addressed by making more or cutting expenses....  or both.  And we need to start addressing it now.  

    Edit

    I also think the spending cuts need to be serious.  Slashing 15 billion, which at first seems like a lot, really isn't going to reduce 20 trillion dolar debt.  Realistically what does 0.075% really accomplish other than making for a good talking point?  Cuts need to be substantial or taxes need to go up with the explicit purpose being to pay off debt.  
  • frankfrank Posts: 12,456 AG
    the only way to cut the deficit by reducing spending is to roll back the empire and stop the never ending warfare which we know isn't going to happen
    No political signature
  • kellerclkellercl Posts: 1,235 Officer
    edited May 8 #14
    frank said:
    the only way to cut the deficit by reducing spending is to roll back the empire and stop the never ending warfare which we know isn't going to happen
    Certainly that is a piece of it.  Raising retirement age wouldn't hurt either.  Military spending is exorbitant as well.  Point being there isn't a simple one program cut that will fix our issue, we will have to cut everywhere.  Federal pensions are far too lavish and could use a trim.  The list goes on and on.


  • cadmancadman Home of the Gators Posts: 23,535 AG
    I thought tax cuts didn't pay for themselves
    the cuts started this year, that was last years payments, You have to wait a year to know the answer. I bet revenue decreases.

    Mini Mart Magnate

  • Florida Ex-patFlorida Ex-pat Posts: 442 Deckhand
    kellercl said:
    frank said:
    the only way to cut the deficit by reducing spending is to roll back the empire and stop the never ending warfare which we know isn't going to happen
    Certainly that is a piece of it.  Raising retirement age wouldn't hurt either.  Military spending is exorbitant as well.  Point being there isn't a simple one program cut that will fix our issue, we will have to cut everywhere.  Federal pensions are far too lavish and could use a trim.  The list goes on and on.

    Edit

    As part of that when hurricane Katrina hit, gas prices sky rocketed.  It wasn't because of oil rigs, but because of the refineries.  Louisiana houses a lot of refineries that went down.  

    I feel that a 15% across the board reduction in spending would be a good start, see where that puts us now and over the next 8-10 years.  If that ain't cutting it then we raise "Temporary" taxes to address the rest of the deficit until it is paid.  Those taxes rescind when the deficit is fixed.  What is lavish about federal pensions? Other than there are too many government employees (IMO).  Govt. employees make less generally than their civilian counterparts in the same jobs.  One perk that the govt. still offers is a pension as a way to offset the difference which allows the govt. to hire people that otherwise would probably not take a govt. job.  These pensions rate out at 1% per year of service (25% of your pay annually at retirement for 25 years of service, when you reach retirement age 55 years and 10 months currently).  If you make $100K you get $25k/year and you have to pay for your medical coverage from that.   Not lavish in my opinion. 
  • kellerclkellercl Posts: 1,235 Officer
    kellercl said:
    frank said:
    the only way to cut the deficit by reducing spending is to roll back the empire and stop the never ending warfare which we know isn't going to happen
    Certainly that is a piece of it.  Raising retirement age wouldn't hurt either.  Military spending is exorbitant as well.  Point being there isn't a simple one program cut that will fix our issue, we will have to cut everywhere.  Federal pensions are far too lavish and could use a trim.  The list goes on and on.

    Edit

    As part of that when hurricane Katrina hit, gas prices sky rocketed.  It wasn't because of oil rigs, but because of the refineries.  Louisiana houses a lot of refineries that went down.  

    I feel that a 15% across the board reduction in spending would be a good start, see where that puts us now and over the next 8-10 years.  If that ain't cutting it then we raise "Temporary" taxes to address the rest of the deficit until it is paid.  Those taxes rescind when the deficit is fixed.  What is lavish about federal pensions? Other than there are too many government employees (IMO).  Govt. employees make less generally than their civilian counterparts in the same jobs.  One perk that the govt. still offers is a pension as a way to offset the difference which allows the govt. to hire people that otherwise would probably not take a govt. job.  These pensions rate out at 1% per year of service (25% of your pay annually at retirement for 25 years of service, when you reach retirement age 55 years and 10 months currently).  If you make $100K you get $25k/year and you have to pay for your medical coverage from that.   Not lavish in my opinion. 
    In terms of lavish pensions I meant pensions as it pertains to elected officials.  From my understanding congressman get pretty fricking sweet pension deals.  That aside, I agree that the quality of the pension for standard federal employees isn't necessary amazing, but rather there are simply too many retired federal workers.  
  • Florida Ex-patFlorida Ex-pat Posts: 442 Deckhand
    cadman said:
    I thought tax cuts didn't pay for themselves
    the cuts started this year, that was last years payments, You have to wait a year to know the answer. I bet revenue decreases.

    If we are to believe the jobs reports lately and if the trend continues you may be incorrect.  But if is a big word for only containing 2 letters.
  • nuevowavonuevowavo Posts: 6,107 Admin
    kellercl said:
    frank said:
    the only way to cut the deficit by reducing spending is to roll back the empire and stop the never ending warfare which we know isn't going to happen
    Certainly that is a piece of it.  Raising retirement age wouldn't hurt either.  Military spending is exorbitant as well.  Point being there isn't a simple one program cut that will fix our issue, we will have to cut everywhere.  Federal pensions are far too lavish and could use a trim.  The list goes on and on.


    The only way to cut the deficit is Medicare and SS reform. SS, Medicare and Medicaid comprise almost half of all Federal spending. The rest is peanuts.
    The military budget is considered discretionary, and is slightly over half of all such spending, totaling around 15% of the budget. That and all other discretionary spending (including Medicaid) are at their lowest levels as a percentage of GDP since the early 1960's. SS and Medicare are the only spending that are increasing relative to the size of the economy under the current budget.
    We need to have a serious, adult conversation about entitlement reforms now, as opposed to waiting until there is a serious crisis. And there must be major changes, not just tweaks.
    Federales, bring my baby back to me!
  • cadmancadman Home of the Gators Posts: 23,535 AG
    I don't know why congress won't address SS and medicare. First they need to raise the medicare tax from 1.45% to 2%.

    Then remove the earnings cap on the FICA tax and even raise that rate from 6.2% to .8%

    Raise the retirement age to 70 for those born in  1970 and after, phasing it in as they did when they raised it to 68 for those born 1960 and later,. 

    This simple fix would make the program stable for another 75 years or longer. 

    If you want to make it stable for 100 years or more, just means test the benefits. 

    Mini Mart Magnate

  • fins4mefins4me Posts: 13,964 AG
    cadman said:
    I don't know why congress won't address SS and medicare. First they need to raise the medicare tax from 1.45% to 2%.

    Then remove the earnings cap on the FICA tax and even raise that rate from 6.2% to .8%

    Raise the retirement age to 70 for those born in  1970 and after, phasing it in as they did when they raised it to 68 for those born 1960 and later,. 

    This simple fix would make the program stable for another 75 years or longer. 

    If you want to make it stable for 100 years or more, just means test the benefits. 
    Means testing is theft,,,, it is repugnant.

    Instead of removing the earnings cap allow an opt out option from the crooked ponzi scheme.

    I am not willing to forego or delay receipt of what has been robbed from me in order to prop up what I do not wish to participate in anyway.




    ALLISON XB 21,, MERCURY 300 Opti Max Pro Series (Slightly Modified) You can't catch me!!!
    "Today is MINE"
  • kellerclkellercl Posts: 1,235 Officer
    nuevowavo said:
    kellercl said:
    frank said:
    the only way to cut the deficit by reducing spending is to roll back the empire and stop the never ending warfare which we know isn't going to happen
    Certainly that is a piece of it.  Raising retirement age wouldn't hurt either.  Military spending is exorbitant as well.  Point being there isn't a simple one program cut that will fix our issue, we will have to cut everywhere.  Federal pensions are far too lavish and could use a trim.  The list goes on and on.


    The only way to cut the deficit is Medicare and SS reform. SS, Medicare and Medicaid comprise almost half of all Federal spending. The rest is peanuts.
    The military budget is considered discretionary, and is slightly over half of all such spending, totaling around 15% of the budget. That and all other discretionary spending (including Medicaid) are at their lowest levels as a percentage of GDP since the early 1960's. SS and Medicare are the only spending that are increasing relative to the size of the economy under the current budget.
    We need to have a serious, adult conversation about entitlement reforms now, as opposed to waiting until there is a serious crisis. And there must be major changes, not just tweaks.
    I don't disagree that Medicare and SS have to be included, but so does military.  15% is nothing to sneeze at.  
  • CyclistCyclist Posts: 22,199 AG
    fins4me said:
    cadman said:
    I don't know why congress won't address SS and medicare. First they need to raise the medicare tax from 1.45% to 2%.

    Then remove the earnings cap on the FICA tax and even raise that rate from 6.2% to .8%

    Raise the retirement age to 70 for those born in  1970 and after, phasing it in as they did when they raised it to 68 for those born 1960 and later,. 

    This simple fix would make the program stable for another 75 years or longer. 

    If you want to make it stable for 100 years or more, just means test the benefits. 
    Means testing is theft,,,, it is repugnant.

    Instead of removing the earnings cap allow an opt out option from the crooked ponzi scheme.

    I am not willing to forego or delay receipt of what has been robbed from me in order to prop up what I do not wish to participate in anyway.




    You take every advantage of our country but seem to hate it....
    133cbf2b243368b1ddb2f591a1988076--beach-posters-florida-travel.jpg
  • FinfinderFinfinder Posts: 9,397 Admiral
    @Cyclist ;    

    Pete switch to decaf 
  • fins4mefins4me Posts: 13,964 AG
    Cyclist said:
    fins4me said:
    cadman said:
    I don't know why congress won't address SS and medicare. First they need to raise the medicare tax from 1.45% to 2%.

    Then remove the earnings cap on the FICA tax and even raise that rate from 6.2% to .8%

    Raise the retirement age to 70 for those born in  1970 and after, phasing it in as they did when they raised it to 68 for those born 1960 and later,. 

    This simple fix would make the program stable for another 75 years or longer. 

    If you want to make it stable for 100 years or more, just means test the benefits. 
    Means testing is theft,,,, it is repugnant.

    Instead of removing the earnings cap allow an opt out option from the crooked ponzi scheme.

    I am not willing to forego or delay receipt of what has been robbed from me in order to prop up what I do not wish to participate in anyway.




    You take every advantage of our country but seem to hate it....
    Social security nor any one or multitude of schemes developed by the federal government are "our country". The inability to understand this is one of the biggest flaws in liberal thinking.
    ALLISON XB 21,, MERCURY 300 Opti Max Pro Series (Slightly Modified) You can't catch me!!!
    "Today is MINE"
  • CyclistCyclist Posts: 22,199 AG
    fins4me said:
    Cyclist said:
    fins4me said:
    cadman said:
    I don't know why congress won't address SS and medicare. First they need to raise the medicare tax from 1.45% to 2%.

    Then remove the earnings cap on the FICA tax and even raise that rate from 6.2% to .8%

    Raise the retirement age to 70 for those born in  1970 and after, phasing it in as they did when they raised it to 68 for those born 1960 and later,. 

    This simple fix would make the program stable for another 75 years or longer. 

    If you want to make it stable for 100 years or more, just means test the benefits. 
    Means testing is theft,,,, it is repugnant.

    Instead of removing the earnings cap allow an opt out option from the crooked ponzi scheme.

    I am not willing to forego or delay receipt of what has been robbed from me in order to prop up what I do not wish to participate in anyway.




    You take every advantage of our country but seem to hate it....
    Social security nor any one or multitude of schemes developed by the federal government are "our country". The inability to understand this is one of the biggest flaws in liberal thinking.
    I get it, you care about yourself and your family and nothing else. You live in a secure and stable country because of everyone one else that contributes and votes. Your disdain for millions of people who need assistance is not a christian value that you have at all. 


    The Stunning Effect Social Security Has Had on U.S. Elderly Poverty Rates in 1 Chart

    Social Security's impact on the elderly is undeniable.

    https://www.fool.com/retirement/2016/11/24/the-stunning-effect-social-security-has-had-on-us.aspx


    133cbf2b243368b1ddb2f591a1988076--beach-posters-florida-travel.jpg
  • cadmancadman Home of the Gators Posts: 23,535 AG
    edited May 14 #27
    kellercl said:
    nuevowavo said:
    kellercl said:
    frank said:
    the only way to cut the deficit by reducing spending is to roll back the empire and stop the never ending warfare which we know isn't going to happen
    Certainly that is a piece of it.  Raising retirement age wouldn't hurt either.  Military spending is exorbitant as well.  Point being there isn't a simple one program cut that will fix our issue, we will have to cut everywhere.  Federal pensions are far too lavish and could use a trim.  The list goes on and on.


    The only way to cut the deficit is Medicare and SS reform. SS, Medicare and Medicaid comprise almost half of all Federal spending. The rest is peanuts.
    The military budget is considered discretionary, and is slightly over half of all such spending, totaling around 15% of the budget. That and all other discretionary spending (including Medicaid) are at their lowest levels as a percentage of GDP since the early 1960's. SS and Medicare are the only spending that are increasing relative to the size of the economy under the current budget.
    We need to have a serious, adult conversation about entitlement reforms now, as opposed to waiting until there is a serious crisis. And there must be major changes, not just tweaks.
    I don't disagree that Medicare and SS have to be included, but so does military.  15% is nothing to sneeze at.  
    The medicare and social security funds are almost broke. If it isn't fixed real soon, there won't be any money to pay benefits to those born after 1970 or so.

    Social Security and Medicare must be fixed soon or the country is in real trouble in a couple of decades from now. 

    Mini Mart Magnate

  • fins4mefins4me Posts: 13,964 AG
    edited May 14 #28
    Christians nor anyone with a moral compass relies upon the federal government in order to contribute to those in need. It is sad and pathetic that you  require some useless bureaucrat in order to manage yours.
    ALLISON XB 21,, MERCURY 300 Opti Max Pro Series (Slightly Modified) You can't catch me!!!
    "Today is MINE"
  • Cane PoleCane Pole Stuart, FLAPosts: 9,585 Admiral
    It's a lot easier for corporations to make money and pay taxes when most of their environmental regulations go away.
  • dave44dave44 Posts: 6,715 Admiral
    Cane Pole said:
    It's a lot easier for corporations to make money and pay taxes when most of their environmental regulations go away.
    Speaking of! I heard today that 1/3 of San Francisco’s air pollution comes from..... China. How are they gonna regulate that?
  • ferris1248ferris1248 Posts: 807 Moderator
    fins4me said:
    Christians nor anyone with a moral compass relies upon the federal government in order to contribute to those in need. It is sad and pathetic that you  require some useless bureaucrat in order to manage yours.

    So if you are a Christian or a person with a moral compass, in your opinion, you should not depend upon
    SS or Medicaid nor expect the government to assist those who are in need?
    "That which is hateful to you, do not do to your fellow. That is the whole of the law. The rest is commentary."

    Rabbi Hillel (c20 BCE)
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