The Federal Debt Clock is just under $22.5 Trillion
This Month Corporate Taxes Came in Higher than Last Year's Year to Date Number
The monthly treasury report received some attention, not much, as the Obama Administration ran up trillion dollar deficits, in part due to $85 billion a month in quantitative easing. This month there was a $8 billion deficit. On-Budget Receipts are up from corporations and down for individuals. What is the rest of the June Treasury Report story?
Corporate Taxes exceed June 2018 level. Last month the media was discussing a dramatic drop in corporate taxes. Last month the May Treasury Report indicated that year to date revenue was down from 2018 levels ($113B versus $123B.) This month the corporate tax level came in at $164B compared to $161B last June.
Individual Taxes are lower this year than last June. Last June the individual taxes were $1.305T while this year they came in at $1.301T. Combined taxes came in at 1.465T compared to 1.466T. The difference is just $1B.
Off-Budget Receipts, and Off-Budget Outlays, are both up, still running a surplus. Last year, as of June, receipts were running $646B and expenditures were $612B, a $34B surplus. This year off-budget receipts are $697B and off-budget outlays are at $656B, a surplus of $41B. Revenue is up, spending is up, and yet these programs are running a surplus.
Interest on the debt is up this year. Last year, as of June, we spent $414B on interest on the debt. This year, as interest rates have risen, that number is now $456B. Interest on the debt is up $42B, eating up all of the off-budget surplus.
On Budget Spending is up from $2.535T to $2.699T. On budget receipts are up from $1.65T to $1.67T. Receipts are up $200B while spending is up "only" $164B. On-budget spending exceed on-budget revenue last year, and it exceeded it again this year. We have a spending problem, not an entitlement problem.
It's math. The tax cuts are virtually revenue neutral. The interest on the debt is driving the overall deficit.
It's the Economy.
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