someoneyouknow
Literotica Guru
- Joined
- Jun 5, 2006
- Posts
- 28,274
The deficit totaled $684 billion, up 20.8 percent from the same period last year.
Revenues are up only 1 percent this year, the increase held back by a big drop in corporate tax payments.
Spending is up 4.4 percent, reflecting a big boost Congress approved earlier this year for domestic and military programs and the rising costs of financing the debt.
And that's just the start of the good news. Annual budget deficits will be over $1 trillion per year for at least the next four years. The last time we had $1 trillion budget deficits? When we were recovering from the Bush recession and Obama had to use taxpayer money so the banks and Wall Street firms could continue to pay out their bonuses.
For the 10 months so far in this budget period:
Corporate taxes are down 20 percent — $55 billion — from the same period a year ago.
Individual tax receipts are up 2 percent as a result of more people working as unemployment continues to fall. (The December tax legislation also cut individual taxes although Democrats have said most of that benefit will be seen by the wealthiest taxpayers.)
Revenues have totaled $2.77 trillion while spending has totaled $3.45 trillion, both record amounts for the first 10 months of a budget year.
Let's keep those tax cuts rolling. Deficits and debt don't matter.
https://www.cbsnews.com/news/u-s-budget-deficit-this-year-already-21-higher-than-last-year/
Revenues are up only 1 percent this year, the increase held back by a big drop in corporate tax payments.
Spending is up 4.4 percent, reflecting a big boost Congress approved earlier this year for domestic and military programs and the rising costs of financing the debt.
And that's just the start of the good news. Annual budget deficits will be over $1 trillion per year for at least the next four years. The last time we had $1 trillion budget deficits? When we were recovering from the Bush recession and Obama had to use taxpayer money so the banks and Wall Street firms could continue to pay out their bonuses.
For the 10 months so far in this budget period:
Corporate taxes are down 20 percent — $55 billion — from the same period a year ago.
Individual tax receipts are up 2 percent as a result of more people working as unemployment continues to fall. (The December tax legislation also cut individual taxes although Democrats have said most of that benefit will be seen by the wealthiest taxpayers.)
Revenues have totaled $2.77 trillion while spending has totaled $3.45 trillion, both record amounts for the first 10 months of a budget year.
Let's keep those tax cuts rolling. Deficits and debt don't matter.
https://www.cbsnews.com/news/u-s-budget-deficit-this-year-already-21-higher-than-last-year/
