Politics

Gov’t Collects Record Revenue A Month After Tax Reform Passes

The federal government collected a record amount in tax revenue the month after Congress passed President Trump’s tax reform.

According to the monthly treasury statement, the government collected more revenue in taxes in January than ever before for the month. The figures also show the government ran a surplus for the month of January.

This graph from CNS News shows the total tax revenue, adjusted for inflation, in the month of January for every year since 1985.

Collection totals

Collection totals since 1985

Approximately $361 billion was collected in tax revenue for the month, according to the report. Government expenditures totaled 311.8 billion creating a surplus of over $49.2 billion.

However, it is important to note that the government is still running a deficit for the 2018 fiscal year. This is due to the fact that entering the month of January, the government was operating at a deficit of nearly $225 billion.

Tax reform was expected to take effect as early as this month, Fortune reports.