US Gov Runs Deficit with Record Individual Income Tax Collection

The U.S. federal government has a spending problem, not a revenue problem.

According to the Monthly Treasury Statement, a record amount of individual income taxes were collected by the federal government “through the first eight months of fiscal 2018 (Oct. 1, 2017 through the end of May).”

CNSNews.com reports:

Despite the record individual income tax collections, the federal government still ran a deficit of $532,241,000,000 over those same eight months, according to the Treasury statement.

The approximately $1,143,141,000,000 in individual income taxes that the Treasury collected in October through May of this fiscal year was $56,273,800,000 more (in constant May 2018 dollars) than the $1,086,867,200,000 (in constant May 2018 dollars) in individual income taxes that the Treasury collected in October through May of fiscal 2016—which was the previous record.

Although a record amount of funds were collected by the federal government, spending is greater than incoming revenue, resulting in a deficit of over $500 billion.

Despite the record individual income taxes that the Treasury collected in the first eight months of this fiscal year, the federal government still ran a deficit of $532,241,000,000 during the period. That is because while it collected $2,224,526,000,000 in total taxes, the federal government spent $2,756,767,000,000.

Seems like the federal government could learn from hard-working families that live on a budget and don’t spend beyond their means.

Responsible families live on a budget and don’t spend beyond their means but Congress lives by a different standard.

Members of both political parties get elected by spending money not cutting spending.

 

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