The government broke tax records in FY 2015, but that didn’t stop them from running a budget 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 June.
… 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.
This means the average tax on each American worker in FY 2015 was 150% of the income threshold of the poverty line. In other words, some workers got taxed more than Americans who are considered to be in poverty earn in an entire year.
The GDP of the United States in 2014 was $17.42 trillion. That means that in only 10 months, the government taxed Americans the equivalent of 15.3% of all goods and services produced in the US last year.
I realize that am not the first to say this, and I will certainly not be the last, but: Stop the madness!!!
These numbers are proof that America does not have a revenue problem, we have a spending problem.