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$2,672,414,000,000: Federal Taxes Set Record Through July; $17,955 Per Worker--Feds Still Run $465.5B Deficit

By Terence P. Jeffrey | August 12, 2015 | 2:30 PM EDT

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(CNSNews.com) - The federal government raked in a record of approximately $2,672,414,000,000 in tax revenues through the first ten months of fiscal 2015 (Oct. 1, 2014 through the end of July), according to the Monthly Treasury Statement released today.
That equaled approximately $17,955 for every person in the country who had either a full-time or part-time job in July.
It is also up about $183,397,970,000 in constant 2015 dollars from the $2,489,016,030,000 in revenue (in inflation-adjusted 2015 dollars) that the Treasury raked in during the first ten months of fiscal 2014.
Despite the record tax revenues of $2,672,414,000,000 in the first ten months of this fiscal year, the government spent $3,137,953,000,000 in those ten months, and, thus, ran up a deficit of $465,539,000,000 during the period.
According to the Bureau of Labor Statistics, total seasonally adjusted employment in the United States in July (including both full and part-time workers) was 148,840,000. That means that the federal tax haul so far this fiscal year has equaled $17,954.94 for every person in the United States with a job.
In 2012, President Barack Obama struck a deal with Republicans in Congress to enact legislation that increased taxes. That included increasing the top income tax rate from 35 percent to 39.6 percent, increasing the top tax rate on dividends and capital gains from 15 percent to 20 percent, and phasing out personal exemptions and deductions starting at an annual income level of $250,000.
An additional 3.8 percent tax on dividends, interests, capital gains and royalties--that was embedded in the Obamacare law--also took effect in 2013.
The largest share of this year's record-setting October-through-July tax haul came from the individual income tax. That yielded the Treasury $1,276,630,000,000. Payroll taxes for "social insurance and retirement receipts" took in another $894,374,000,000. The corporate income tax brought in $266,068,000,000.

 

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Welcome to hope and change. Obama must be feeling like Caitlyn Jenner.
 

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If I ran my household like they run our country I'd be living in a box with my family. Someone needs to give these people a quick lesson in spending. If I make $100 a month and I spend $150 a month I'm either going to need a cut back in spending habits or get a second job. In our case our leaders have decided that the taxpayers just need to get a second job to fill the coffers. Who's up for working at McDonalds? I heard they are paying well now.
 

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multiple choice tax forms! Pay for what you want. If u don't check the box your not eligible for the service! Plain and simple I'm tired of having my money stolen and squandered for entitlements that I don't want or need! Tell the fed to take a walk and stop letting them steal your money! Taxation without representation? Seriously who's representing me in dc? No one !
 
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