WASHINGTON, September 14, 2015– According to a monthly treasury statement, through the first eleven months of fiscal year 2015 (Oct. 1, 2014 – end of August), the United States federal government has collected a record-breaking haul in tax revenue. In total, the feds have collected over $2.8 trillion so far, which equals approximately $19,346 for every person in the country working full-time or part-time in August.
The largest yield of this fiscal year’s record-setting tax collections were derived from individual income tax. That netted the United States Treasury approximately $1.379 trillion. Payroll taxes for “social insurance and retirement receipts” brought in an additional $977.5 billion. Additionally, the corporate income tax brought in $268.4 billion.
It appears that the record-breaking tax revenue of $2,883,250,000,000 wasn’t enough for the federal government. Despite the extra cash, the federal government spent $3,413,210,000,000 in those eleven months, which ran up a deficit of $529,960,000,000 during the collection period.
To date, the national debt sits at approximately $18.4 trillion with each citizen’s share equaling $57.1 thousand.
The federal government’s largest expenditures are Medicaid and Medicare, Social Security, defense and war, net interest on the debt itself, federal pensions and income securities.
Also, at a 560 percent increase since fiscal year 2000, the monetary base has also been greatly expanded by the Federal Reserve to combat the great recession.
Washington shows no signs of slowing down. Almost exclusively, decreases in budget deficits have been achieved by tax increases, not decreases in federal spending.
In late 2012, Republicans joined President Obama’s proposal and agreed to raise taxes to avoid the “fiscal cliff”. Many Republicans have also joined President Obama and Democrats in calling for an internet sales tax. Meanwhile, federal spending is up 106 percent since fiscal year 2000.