Despite taking in a record amount of individual income taxes, the feds continue to operate with a massive deficit.
In the first six months of fiscal year 2017 (October 2016 – March 2017), the federal government brought in over $695 billion in individual income taxes, a record amount for the first six months of any fiscal year.
In addition to those income tax revenues, the feds also brought in over $547 billion in Social Security and other payroll taxes.
The amount of individual income taxes may have been a record high, but corporate taxes dropped, bringing the total tax revenues down slightly from last fiscal year. CNS News reported:
The largest part of that decline can be attributed to a drop in corporate income tax collections. In the first six months of fiscal 2016, the federal government brought in $124,954,730,000 (in constant 2017 dollars) in corporate income taxes. In the first six months of this fiscal year, it has brought in only $100,234,000,000—a decline of about $24,720,730,000.
Receipts from customs duties and excise taxes are also down from last year.
In the first six months of fiscal 2016, the federal government collected $18,115,860,000 (in constant 2017 dollars) in customs duties. In the first six months of fiscal 2017, it has collected only $16,936,000,000—a decline of about $1,179,869,000.
In the first six months of fiscal 2016, the federal government collected $40,233,320,000 (in constant 2017 dollars) in excise taxes. In the first six months of this fiscal year, it has collected only $37,488,000,000—a decline of $2,745,320,000.
Last year, they brought in a total of $1,513,124,070,000 (that’s trillion) tax revenues. This year, they only brought in $1,473,137,000,000 (again, trillion).
As is probably the case with most Americans, the more money the feds bring in, the more money they spend. From CNS News:
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.
The $526,855,000,000 deficit equals about $3,443 for every person with job.
Liberals looking at these numbers would likely focus on the relatively measly tax contributions from corporations, compared with how much individuals paid. It doesn’t seem fair. But liberals would say that the solution is for corporations to pay more. You know, their ‘fair share.’ I don’t think that’s the solution.
Individuals should be paying a lot less. But then how are we going to fund the government, liberals might ask? You wouldn’t be able to at its current level. The federal government would have to downsize. Whole departments would have to be eliminated. Most of what our government has is entirely unconstitutional anyway.
A country that insists on living beyond its means is destined to live beneath its means, to quote a certain former congressman from Texas.
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