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Sep 14 2018

Record Federal Income Tax Revenue, Huge Deficit Remains

If anyone really thought that the national debt and the budget deficit could be fixed by jacking up taxes even higher, they know better now:

The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly Treasury Statement released [yesterday].

However, the federal government also ran a deficit of $898,112,000,000 for those eleven months, according to the statement.

Despite the record income tax revenue, the deficit continues to be massive, so the Sword of Damocles hanging over us in the form of the national debt grows ever more massive.

Since feeding the federal bonfire only makes it bigger, why not try starving it?

On a tip from 1-Bodhisattva.

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