According to the Treasury Department’s monthly statement, our government collected a record $1.305 trillion in individual income taxes through the first nine months of fiscal 2018.
The figure, which goes up to June, is rising because more people are working and paying taxes.
It may also be heading higher because more folks are cashing in gains made in the stock market.
That’s the good news.
But there’s also some bad news attached to the tax cuts. Washington still ran a deficit of $607 billion over the same nine months — despite all those contributions from hardworking Americans.
No matter how much the income, the spender is going to spend all of it (and more). It’s like saying that the alcoholic’s problem is that he does not have enough booze.
And we have a spending problem because we have a willful ignorance problem. Not 1 in a 100 citizens or legislators know what’s in the Constitution or could care less. Many of those that actually know what’s in it are actively opposed to it.
If We the People actually elected legislators and executives who apparently knew and cared about the Constitution, then monitored them to make sure they actually followed it, the spending problem would disappear, because:
Large swathes of Federal Bureaucrazies would be disbanded by Congress and/or ruled unConstitutional by SCOTUS. SocSec/Medicare/EPA/FDA/ATF/HHS… the list goes on. Eliminate them, and watch the economy skyrocket as businesses large and small (with the possible exception of the megacorps who benefit from Fed regs that cut down on their competition) benefit greatly from reduced/eliminated Fed regs. Watch the poor benefit greatly from massively increased employment and entrepreneurial opportunities they long have been unjustly denied by Fed regs. Watch the deficit disappear as spending craters.
But We the People are a wicked and lazy Sovereign of this nation, and No One Cares; therefore This Does Not End Well.