WEB Notes: The new regime is just as broke as the old one.
The federal government collected a record $2,007,451,000,000 in total taxes through the first seven months of fiscal 2018 (October through April), but still ran a deficit for that period of $385,444,000,000, according to the Monthly Treasury Statement.
The record total federal taxes collected during this period also included a record $1,050,601,000,000 in individual income taxes—marking the earliest in any fiscal year that individual income taxes have topped $1 trillion.
But even while the Treasury was collecting its record $2,007,451,000,000 in total taxes from October through April, it was spending $2,392,896,000,000—thus, accumulating a deficit of $385,444,000,000.
Source: CNS News