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Drudge Retort: The Other Side of the News
Friday, May 13, 2022

Federal revenue almost doubled in April compared with a year earlier, reaching a record and driving a monthly government surplus of $308 billion, which Treasury officials said also set a record for the largest monthly surplus. Government revenue from taxes and other receipts for the month rose by 97% from a year earlier to $864 billion ... the Treasury Department reported Wednesday.

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Any MAGAidiots want to explain how Brandon is destroying the economy and blowing up the deficits? And before pointing out that April is indeed the deadline month for normal tax payments, also note the word R-E-C-O-R-D in front of the total government revenue. Every year has an April but none of them have had an April like 2022.

Can we say it altogether now? Thanks Brandon.

Now resume kvitching about every other global economic malady affecting U.S. citizens. It's what you do when you have no actual answers for addressing said issues other than blaming the POTUS as though he's omnipotent.

#1 | Posted by tonyroma at 2022-05-12 08:10 PM | Reply | Newsworthy 1

This is all fine and dandy but I still preferred Trump on his imaginary policies and transparency

- - bellrung

#2 | Posted by ChiefTutMoses at 2022-05-12 09:09 PM | Reply

"Federal surplus"?

"Revenue doubled"??

In Republican talk, that means time for another tax cut for the wealthy.

They can't wait.

McConnell has probably drafted it already.

#3 | Posted by ClownShack at 2022-05-13 02:40 AM | Reply

"But that's improbable!"

- DR Reichies.

#4 | Posted by LegallyYourDead at 2022-05-13 10:01 AM | Reply

Any MAGAidiots want to explain how Brandon is destroying the economy and blowing up the deficits?

The president doesn't control the economy, and a lot of presidential politics is just plain dumb luck. ~ FTA
www.theatlantic.com

#5 | Posted by oneironaut at 2022-05-13 10:07 AM | Reply | Funny: 1

#5 | POSTED BY ONEIRONAUT AT 2022-05-13 10:07 AM | REPLY

So I tend to agree with you on this, but let's be honest... for the last year all I've heard from dumba** MAGATs is how it's Biden's fault we have inflation and high oil prices and how Democrats are driving the economy into the ground. Now that we see some good news it's either crickets or "the president doesn't control the economy". A little consistency would be nice.

#6 | Posted by bartimus at 2022-05-13 10:29 AM | Reply

__________
#1 | Posted by tonyroma at 2022-05-12 08:10 PM |

Can we say it altogether now? Thanks Brandon.

There has been no change in tax policy in 2001 that would lead to [supposedly] higher tax revenues due to higher tax rates, so Biden ["Brandon"?] and Dem Congress had done literally nothing to thank them for the RECORD SURPLUS in April, except continuing to spend money which helped inflate the stock market beyond anything we've seen in 1929, 2000 or 2008, as well as alternative markets and investments, like "crypto" well beyond "tulip mania" levels.

Any MAGAidiots want to explain how Brandon is destroying the economy and blowing up the deficits?

Even MAGAidiots or Demidiots ("MMT, i.e. Modern Monetary Theory, i.e., 'printing money' to stimulate the economy doesn't cause inflation") can understand that most of that RECORD SURPLUS is from people taking RECORD PROFITS at the recent peak of these markets reached in December of 2021 from all that insane spending by Trump + GOP Congress ($8.7T in accumulated national debt in just 4 years, added to $7.3T Obama national debt increase in only 8 years, to total of $27T from $10+T in 2008 fiscal year) and Biden + Dem Congress and the Federal Reserve's Zero-Fed-interest-rate policy + Quantitative Easing to the tune of almost $10 Trillion.

Yes, THEY ALL built that!

That's a lot of capital gains taxes on those profits. Inflation of assets does that every time, and then it spills into "real economy" - often leading to recessions, like in 2001 after Internet Crash and 2008-2009 after Global Financial Crisis (GFC) followed by Great Recession. Supply chain problems due to COVID-19 and Putin's War are adding to the current "global economic malady" neither of which is the fault of Biden, though he could handle some economic issues better instead of trying to spend even more $$ with BBB and other typical liberal "projects".

Both financially illiterate MAGAidiots and Demidiots are responsible for this inflation and possible recession, and both will be pointing fingers at the other guys.
__________

#7 | Posted by CutiePie at 2022-05-13 11:24 AM | Reply

There has been no change in tax policy in 2001 = There has been no change in tax policy in 2021

#8 | Posted by CutiePie at 2022-05-13 11:26 AM | Reply

-Government revenue from taxes and other receipts for the month rose by 97% from a year earlier

You're welcome. I paid 45% more than prior year in federal income tax this past year. And it wasn't because my income rose by that much.

#9 | Posted by eberly at 2022-05-13 11:28 AM | Reply | Funny: 1

"There has been no change in tax policy in 2021"

So how did we manage to accomplish this without raising taxes on the rich?

#10 | Posted by eberly at 2022-05-13 11:29 AM | Reply

The president doesn't control the economy, and a lot of presidential politics is just plain dumb luck. ~ FTA
www.theatlantic.com

#5 | POSTED BY ONEIRONAUT

Says the guy who blames inflation entirely on government spending.

#11 | Posted by Sycophant at 2022-05-13 11:33 AM | Reply | Newsworthy 1

"There has been no change in tax policy in 2021"

Yes there was, and it led to folks owing more at tax time.

#12 | Posted by Danforth at 2022-05-13 11:33 AM | Reply

" it wasn't because my income rose by that much."

My guess is a kid or two went from full Child Tax Credit to Dependent Credit.

#13 | Posted by Danforth at 2022-05-13 11:35 AM | Reply

13

It all had to do with crossing an AGI threshold and losing college tax credits.

#14 | Posted by eberly at 2022-05-13 11:37 AM | Reply

"how did we manage to accomplish this without raising taxes on the rich?"

The rich saw more gains.

#15 | Posted by Danforth at 2022-05-13 11:37 AM | Reply

According to the CBO's most recent monthly budget review, providing information on tax revenue receipts in the first six months of the fiscal year (October through March), corporate tax revenue is coming in 22 percent higher than last year's record level. To the extent this pattern holds for the remainder of the fiscal year, corporate tax revenue will hit a new record of $454 billion - far exceeding any recent forecast by the CBO, even forecasts made prior to enactment of the Tax Cuts and Jobs Act (TCJA) in 2017 which reduced the corporate tax rate from 35 percent to 21 percent. For instance, CBO's June 2017 forecast predicted corporate tax revenue would hit $389 billion in 2022.

The booming corporate tax receipts in fiscal year 2021 reflects a rebounding economy and huge growth in profits that year; S&P 500 profits grew 39 percent. Analysts currently expect this year will see slower but still substantial growth in S&P 500 profits of about 10 percent, which, to the extent it materializes, also points to record-high corporate tax revenue.

Individual income tax receipts rose to an all-time high of $2.04 trillion in fiscal year 2021 and receipts are running 36 percent higher in fiscal year 2022. Total federal tax collections, including payroll and other taxes, reached an all-time high in nominal terms of $4.05 trillion in fiscal year 2021, amounting to 18.1 percent of GDP, well above the long-run average of 17.1 percent over the 20 years prior to TCJA. Total collections are running 25 percent higher in fiscal year 2022. If that pattern holds, total federal tax collections will hit $5.04 trillion in fiscal year 2022, or 21.0 percent of GDP - a new all-time high in both nominal terms and as a share of GDP.

taxfoundation.org

#16 | Posted by tonyroma at 2022-05-13 11:38 AM | Reply

"It all had to do with crossing an AGI threshold"

Do you do a regular 401(k), or a Roth 401(k)? If the AGI threshold is an issue, a regular 401(k) might be a better option for the time being, maybe until the last kid gets the last AOC credit.

#17 | Posted by Danforth at 2022-05-13 11:40 AM | Reply

"Yes, THEY ALL built that!"

But only one party reset the fiscal sites from surpluses to deficits. That would be Dubya, Cheney, and the Republicans.

#18 | Posted by Danforth at 2022-05-13 11:45 AM | Reply

paid 45% more than prior year in federal income tax this past year. And it wasn't because my income rose by that much.

#9 | POSTED BY EBERLY

Sunsetting 2017 "tax reform" get you?

#19 | Posted by jpw at 2022-05-13 11:47 AM | Reply

17

I increased my contribution this year as a result. I didn't think it would be a problem but I ended up being bonused out on some stuff late in 2021 that I wasn't expecting until 2022. It caught me off guard.

#20 | Posted by eberly at 2022-05-13 11:55 AM | Reply

I keep wondering how much of this surplus is 'magic numbers'. Our congress critters have been spending money like a drunken sailor on leave. We've reached the point that they talk trillions in some of these programs as to funding and no one even raises an eyebrow at the term anymore.

There's a reason inflation is showing it's head.

For the now, until it's shown differently, when I look at my wallet after buying groceries or gas, is where I see what really is. Between inflation and taxation, I'm getting the feeling I've been robbed with no representation in Washington.

#21 | Posted by BBQ at 2022-05-13 03:50 PM | Reply

Republicans are deficit spenders. They've lost all credibility in terms of fiscal responsibility.

Republicans deficit spend, Dems get us steered onto a better track, only for another GOPer to blow it all on tax cuts for the rich, and we're worse off than before. Elect another Dem, then GOPer, rinse and repeat.

But GOPers manage to still control the narrative, because Americans love gimmicks. But that's all the GOPers have, gimmicks. And a gullible base.

#22 | Posted by horstngraben at 2022-05-13 03:56 PM | Reply

this was already projected to happen

non story unless you are a Dem trying desperately to stay relevant

#23 | Posted by Maverick at 2022-05-13 07:03 PM | Reply

this was already projected to happen

non story unless you are a Dem trying desperately to stay relevant

#23 | Posted by Maverick

Good news for dems doesn't count!

#24 | Posted by SpeakSoftly at 2022-05-13 07:09 PM | Reply

"this was already projected to happen"

When? Link please.

#25 | Posted by Danforth at 2022-05-13 07:19 PM | Reply

Clearly Biden's fault.

#26 | Posted by moder8 at 2022-05-14 02:16 PM | Reply

California Gov. Newsom unveils historic $97.5 billion budget surplus

www.nbcnews.com

WINNING!!!

~ ------------ ~

#27 | Posted by reinheitsgebot at 2022-05-14 08:05 PM | Reply

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