The Federal Government Collected More Taxes In 2018 Than Ever Before

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The federal government collected a record $1,665,484,000,000 in taxes last year, making it the best year of income for the government on record.

CNS News reports that the December monthy receipts statement from the U.S. Department of the Treasury lists 2018 as the best year for the feds ever, even though the president signed a major tax break into law at the end of 2017.

“The real federal individual income tax revenues collected in calendar 2018 were $9,312,450,000 more than the real individual income tax revenues collected in calendar year 2017,” CNS reports, even though 2017 was itself a record breaking year for tax receipts (that year, the federal government collected an astounding $1,656,171,550,000).

The massive tax cut did impact the federal government in overall tax collections. Those declined a little, from $3,407,503,740,000 to $3,330,470,000,000. Much of that decline came in the form of lost corporate income taxes.

Corporation income tax collections declined significantly from calendar year 2017 to calendar year 2018. In calendar 2017, the Treasury collected $290,978,980,000 in corporation income taxes (in constant December 2018 dollars). In calendar 2018, the Treasury collected $195,790,000,000 in corporation income taxes—a drop of $95,188,980,000.

But clearly, the government isn’t in dire straits — at least, until you consider the spending.- READ MORE

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