It appears that Americans are sending record amounts of cash to Uncle Sam in the form of taxes. The scary thing is Uncle Sam apparently still needs more money.
It has been reported that taxpayers have paid a grand total of $3.25 trillion (that’s right) in taxes for the fiscal year 2015, according to newly released federal data, which was $228 billion higher than the total receipts in fiscal year 2014. That’s $228 BILLION higher that 2014.
That is an increase of 8 percent. The scary thing is this was the highest amount on record.
This past Thrusday the Monthly Treasury Statement was released and it stated that more than one-third of fiscal 2015’s taxes came from individuals, at $1.54 trillion, while corporations paid little more than one-ninth at $347.80 billion.
The rest comes from social insurance and things like retirement taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous receipts.
That’s a lot of cash coming in but sadly despite the record intake of 2015, the U.S. government ran a deficit of $438.90 billion for the fiscal year. Although it’s the lowest level in eight years, that’s still a lot of cash still owed considering how much came in.
In a joint statement by Treasury Secretary Jacob Lew, and Director of the Office of Management and Budget Shaun Donovan it appears the deficit is still $144 billion less than predicted in President Obama’s fiscal year 2016 budget.
What do you think about that?