Feds Collect Record Taxes, Still Run $526 Billion Deficit
At CNS News on Friday, Terence Jeffrey wrote, "The federal government collected record amounts of both individual income taxes and payroll taxes through the first six months of fiscal 2017 (Oct. 1, 2016 through the end of March), according to the Monthly Treasury Statement."
He went on to explain, writing:
"Through March, the federal government collected approximately $695,391,000,000 in individual income taxes. That is about $7,387,280,000 more than the $688,003,720,000 in individual income taxes (in constant 2017 dollars) that the federal government collected in the first six months of fiscal 2016.
"The federal government also collected $547,491,000,000 in Social Security and other payroll taxes during the first six months of fiscal 2017. That is about $2,731,820,000 more than the $544,491,000,000 in Social Security and other payroll taxes (in constant 2017 dollars) that the government collected in the first six months of fiscal 2016.
"Despite collecting record amounts of individual income taxes and payroll taxes, the Treasury still ran a deficit of $526,855,000,000 in the first six months of fiscal 2017.
"Also, even with record revenues from individual income taxes and payroll taxes in the first six months of fiscal 2017, overall federal tax collections were slightly down."
Here's the bottom line he presents:
"The federal government ran its $526,855,000,000 deficit through the first six months of this fiscal year because while the Treasury was collecting $1,473,137,000,000 in total taxes, it was spending $1,999,991,000,000.
"Because there were 153,000,000 people employed in the United States in March, according to the Bureau of Labor Statistics, the $1,473,137,000,000 in taxes the federal government has collected so far this fiscal year equals about $9,628 for every person with a job."
Jeffrey concludes by point out, "The $526,855,000,000 deficit dquals about $3,443 for every person with a job."
He links to Treasury's monthly report, and provides several charts, including the one below:
That sure is something to think about as Congress returns to Washington in a week to take up the debt limit and tax reform. If the deficit and the national debt concern you, Growls readers are urged to take a few minutes to contact your member of Congress. Contact information is available at the Library of Congress' Congress.gov. Taxpayers living in Virginia's Arlington County can contact:
- Senator Mark Warner (D) -- write to him or call (202) 224-2023
- Senator Tim Kaine (D) -- write to him or call (202) 224-4024
- Representative Don Beyer (D) -- write to him or call (202) 225-4376
Ask for a written response. And tell them ACTA sent you.