April - tax deadline for individual payers - always brings in lots of revenue to the Feds, but this year it brought in more than ever before. According to the AP, US government records $160.3 billion April surplus:
WASHINGTON (AP) — The federal government recorded a $160.3 billion surplus in April as revenues for the month jumped to an all-time high. But even with a flood of tax receipts, the deficit so far this year is running 37.7% higher than a year ago.
The Treasury Department reported Friday that the deficit for the first seven months of the budget year that began Oct. 1 totals $530.9 billion, compared to a deficit of $385.5 billion for the same period a year ago.
-- snip --
The CBO shows slightly smaller deficits in the short-term, projecting that they will remain below $1 trillion through 2021 but after that will top $1 trillion and will remain above the $1 trillion mark for the rest of the decade.
-- snip --
The new report showed that customs duties total $41 billion so far this year, up 82% from a year ago, a big increase that reflects the higher tariffs the Trump administration has imposed on China and other countries. The duties on China increased again Friday with both sides unable to reach a deal to resolve a number of contentious trade issues.
So far this year, receipts are up 1.8 percent to $2 trillion while spending is up 7.6% to $2.57 trillion.
Reading the CBO projection optimistically, the deficit will rise to over a trillion in 2021 and start to decline by 2030.
It's like that song, "tomorrow, tomorrow, I luv ya, tomorrow, you're always a day a-waaay."
No comments:
Post a Comment