The U.S. federal government is reportedly hit another record in tax collection. The first 10-months of United States fiscal year 2015 (Oct 1, 2014 through the end of July 2015) saw a mind-boggling tax revenues of US$2,672,414,000,000. The figure released by Treasury means a new record in federal taxes.

 

In case you still couldn’t figure out how much was the figure above, that’s US$2.672 Trillion, a huge “T” and not “B”. Essentially, the humongous figure means US$17,955 was collected from every full-time or part-time worker in America. So, if you’re one of the hard working Americans who contributed to the tax pool, give yourself a pat on the back.

In comparison, the first 10-months of fiscal 2014 only saw US$2,489,016,030,000 in revenue (in inflation-adjusted 2015 dollars). This means Obama administration has done a good job which enable the country raking in the extra US$183,397,970,000 this year. The Bureau of Labor Statistics also shows employment in July was 148,840,000.

 

So, how did President Obama do it? Well, President Barack Obama struck a deal with Republicans in Congress to enact legislation that increased taxes in 2012. Apparently, the top income tax rate has been increased from 35% to 39.6%, and at the same time increasing the top tax rate on dividends and capital gains from 15% to 20%.

Effective 2013, an additional 3.8% tax on dividends, interests, capital gains and royalties was also embedded in the Obamacare law. Nonetheless, the largest share of the tax revenues this year came from the individual income tax, which brought in US$1,276,630,000,000 – roughly 47% of total revenues of US$2.672 Trillion.

 

Next were payroll taxes for “social insurance and retirement receipts” which took in another US$894,374,000,000 (33%); while the corporate income tax brought in US$266,068,000,000 (10%). Still, the record breaking tax revenues were insufficient for Obama administration’s expenditure.

That’s because for the same period of 10-months, Barack Obama spent US$3,137,953,000,000 thus ran up a deficit of US$465,539,000,000. That’s about 17% more money spent than collected.

 

Other Articles That May Interest You …

• Move Over Obama, There’s A New Most Powerful Man On Planet Earth
• Forget About Oil Crisis, Here’s New US$57 Trillion Global Debt Crisis
• Great Minds Think Alike – Both Obama & Najib Are Great Debt Accumulators
• Obama Fucked Up – Here’re 10 Jaw-Dropping Facts From The Tsunami
• Imagine Obama As A Stock – At 38% Low, This Share Is Crashing!!
• U.S. Debt – How Much Does Each American Owe?
• Debts & Deficits – 21 Currencies That Have Gone Bust

 

Tweet

August 13th, 2015 by financetwitter

If you enjoyed this post, what shall you do next? Consider: