The more you feed it, the more it grows.
Since the beginning of fiscal year 2015, the federal government has taken in a staggering $2.6 trillion in tax revenue. Despite this record breaking haul, the United States is still operating in the red.
Terence P. Jeffrey of CNS News reports:
$2,672,414,000,000: Federal Taxes Set Record Through July; $17,955 Per Worker–Feds Still Run $465.5B Deficit
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.
FOX News put the issue in perspective:
One other record was set in the first quarter of 2015 and it might just be related.
In May, Robert McGarvey of Main Street reported:
Say Goodbye, America: The Rich Are Renouncing Their Citizenship to Dodge Taxes
In the first quarter of 2015 the highest number of Americans – ever – renounced their citizenship. The number, 1,335, is a relatively small proportion of the population at large, but the U.S. now appears to be on track to log more citizenship renunciations in 2015 than in any prior year.
Year-on-year the total keeps growing. In 2013, 2,999 renounced their citizenship, an increase of 221% from 2012. In 2014, 3,415 renounced their citizenship, the highest total ever. But 2015 appears to be on track to see 5,000 say goodbye to the U.S., said David Hryck, a partner at Reed Smith in New York and a tax lawyer with a clientele studded with one-percenters. He added: “I have so many clients asking me about doing this now.”
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