Narrative Fail? Trump Tax Cut Cause SURPLUS in Taxes Collected
Weird. One of the complaints about the Trump tax cuts were that they "weren't paid for." I mean, Democrats don't like it when you have your own money in the first place (see Nancy Pelosi vs Reality on the Trump Tax Cuts and Shock NYT Poll: Turns Out Americans Like Getting Tax Cuts). But they really don't like it when a tax cut "steals" from the economy. So I wonder how to explain away this January surplus in tax revenue.
Apparently after one month of tax cuts, the government took in more money than it spent.
The federal government this January ran a surplus while collecting record total tax revenues for that month of the year, according to the Monthly Treasury Statement released today.
January was the first month under the new tax law that President Donald Trump signed in December.
During January, the Treasury collected approximately $361,038,000,000 in total tax revenues and spent a total of approximately $311,802,000,000 to run a surplus of approximately $49,236,000,000.
Granted, one good month in a country whose debt is as ludicrous as ours doesn't amount to much. At least not yet.
This is still undoubtedly a positive note in Trump's new tax melody. If after only one month there is a surplus, let's see what the next month brings. Then the month after that, so on and so forth.
Only time will tell, but things are looking up tax-wise. Perhaps Trump knows what he's doing after all.