The U.S. trade deficit widened in 2018 to a 10-year high of $621 billion, bucking President Donald Trump’s pledges to reduce it, as tax cuts boosted domestic demand for imports while the strong dollar and retaliatory tariffs weighed on exports.
U.S. President Donald Trump has backed plans to request $750 billion from Congress for defense spending next year, a U.S. official said on Sunday, signaling a Pentagon spending hike at a time of potential belt-tightening elsewhere in the government.
U.S. President Donald Trump said the administration was studying a tax cut for middle-income earners that could be rolled out some time around the beginning of November, just before pivotal congressional elections.
The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly Treasury Statement released today.
House Republicans have introduced legislation to lock in cuts to individual tax rates beyond 2025, a proposal that will have trouble advancing in the Senate but which sends a signal about GOP priorities ahead of competitive midterm elections.