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 DeficitThe 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 TaxesIn 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.”
Featured image via YouTube.
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