An article on the amount of taxes collected last month. It’s a record for income taxes. This is not what the left predicted.
“The United States treasury collected the highest level of personal income tax on record in July 2018, smashing estimates and taking-in more than $1.4 trillion just months after President Trump signed the sweeping tax overhaul into law.”
Although the federal government collected record individual income taxes in the first nine months of this fiscal year, overall federal tax collections were lower in the first nine months of this fiscal year than they were in any of the previous five fiscal years—including 2013, 2014, 2015, 2016 and 2017.
Personal income tax collection has been trending upward since the Obama administration.
But TOTAL tax revenue collection is down, and why?
Because the bulk of the tax cuts are NOT personal income taxes.
One thing I’ll say about our host…he k oqs his audience.