Federal Budget Surplus Record Tax Revenue for January

Federal Budget Surplus

Record Tax Revenue for January:

During January, the Treasury collected approximately $361,038,000,000 in total tax revenues and spent a total of approximately $311,802,000,000 to run a surplus of approximately $49,236,000,000.

When you hear from members of Congress that we will be recording record deficits and adding to the debt, just remember that lawyers are not economists and have no idea of what they speak. When you unleash the economic engines of the US economy by abolishing a stranglehold of useless rules and regulations, slash corporate and individual taxation and most importantly of all, provide for an unprecedented consumer/ business confidence, you provide a certain path for recovery and growth. Congressional Budget Office projections do not consider the above factors in their budget estimates because their economic school of thought went with the Studebaker. OMB on the other hand utilizes a very different set of assumptions which do consider the above factors. Economists do not practice law; lawyers should consider giving up on practicing economics.