Government

US Treasury Collects Record Tax Revenue Through June

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The United States Treasury collected a record-breaking tax haul in June 2018; smashing estimates and signaling a robust US economy under President Trump and the GOP-controlled Congress.

According to CNS News, the federal government took in over $1.3 trillion in personal income taxes through the first nine months of fiscal year 2018; the highest number on record.

“The approximately $1,305,490,000,000 in individual income taxes that the Treasury collected in October through June of this fiscal year was $71,815,310,000 more (in constant June 2018 dollars) than the $1,233,674,690,000 (in constant June 2018 dollars) in individual income taxes that the Treasury collected in October through June of fiscal 2017—which was the previous record,” writes CNS.

The strong economic data raises serious questions over the media-hyped “blue wave” predicted for this fall, with House Minority Leader Nancy Pelosi vowing to repeal the GOP-sponsored tax cuts should the Democrats retake the House.

Read the full story here.

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