Record July Revenue
Corporate and Individual Revenue Up, On-Budget and Off-Budget Revenue Up
Last month this column addressed the Federal Debt and revealed that Corporate and Individual Revenue were almost identical to last year at the same time, even after the tax rates were cut. This means that we were earning more money and keeping more net income. This month the data is even better.
Corporate Revenue and Personal Revenue Rose from last year. The July Monthly Treasury Report itemized that Corporate Revenue was up from $0.166T to $0.171T this July compared to Last July. Personal Revenues rose from $1.415T to$1.428T this July compared to last July. We had lower tax rates and more revenue generated.
On-Budget and Off-Budget Revenue are Both Up through July. On-Budget Revenue rose from $2.764T to $2.992T. Off-Budget Revenue rose from $686 billion to $734 billion.Total revenue is up year to date from $2.768T to $2.866 trillion. This month total revenue was over $252 billion.
On-Budget and Off-Budget Outlays are Up from Last year's level. On-Budget spending has increased from 2.764 trillion to 2.992 trillion. Off-budget spending is up from $686 billion to $734 billion. This year spending was $373 billion, up from last year and yet still below the 2015 level of $374 billion.It is normal for the outlays to exceed the income per the report. July has been a deficit month 63 out of the past 65 years. (Page 3)
Interest on the Debt is up from $454 billion to $497B year to date. The debt is rising. Interest rates have been rising before the recent rate cut.
We don't have a revenue problem. We have a spending problem. When spending exceeds revenue deficits rise.
It's the Economy.
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