The economy is surging, unemployment’s near a 45-year low, wages are up by nearly 3% — and the federal government is enjoying the fruits of all that “Trump Boom” labor. According to the Monthly Treasury Statement released this week, the federal government just raked in more in taxes in the first four months of the fiscal year than any other year, broke the January record for tax collection, and ran a surplus for the first time in months.
In the month of January, which reflects some of the changes from the GOP’s $1.5 trillion tax cut bill, the U.S. Department of the Treasury collected just over $361 billion (approx. $361,038,000,000) in total tax revenues, a record for the month of January.
While the feds collected $361 billion, they managed to spend about $49 billion less: $312 billion (approx. $311,802,000,000). That $49 billion surplus helped chip away at the deficit from the previous months of fiscal year 2018, which now stands at almost $176 billion ($175,718,000,000) for this fiscal year.
The total tax revenues collected in the first four months of FY2018 (approx. $1,130,550,000,000) are the most ever collected in the same period. The FY2018 revenues include $603 billion in individual income taxes, $372 billion in Social Security and other payroll taxes, $76 billion in corporate income taxes, and $81 billion in other taxes and duties. In January alone, the Treasury collected $212 billion in individual income taxes, $113 billion in Social Security and payroll taxes, $13 billion in corporate income taxes, and $23 billion in other taxes and duties.
Below are some of the key charts and data provided in the January Treasury report, beginning with a breakdown of January’s revenues (showing the $49 billion surplus), followed by FY2018’s cumulative numbers (showing the $176 billion cumulative deficit):
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