$416,014,000,000: Federal Taxes Set Record in First 2 Months of FY16; $2,785 Per Worker; Feds Still Run $201.1B Deficit
(CNSNews.com) - The federal government continued to collect taxes at an unprecedented pace in the beginning of fiscal 2016, raking in a record of approximately $416,014,000,000 in revenues through the first two months of the fiscal year (Oct. 1, 2015 through the end of November), according to the Monthly Treasury Statement released today [1].
In the entirety of fiscal 2015, which ended on Sept. 30, the federal government collected a record $3,248,723,000,000, which worked out to about $21,833 for every person who held a job in the country as of September.
The record-setting $416,014,000,000 in taxes that the federal govnerment collected in just the first two months of this fiscal year equals approximately $2,785 for every person in the country who had either a job in November.
[2]
It is also up about $9,977,670,000 in constant 2015 dollars from the $406,036,330,000 in revenue (in 2015 dollars) that the Treasury raked in during the first two months of fiscal 2015--when the government was on its way to setting a tax record for that year.
Despite the record tax revenues of $416,014,000,000 in the first two months of this fiscal year, the government spent $617,116,000,000 in those two months, and, thus, ran up a deficit of $201,102,000,000 during the period.
According to the Bureau of Labor Statistics, total seasonally adjusted employment in the United States in November was 149,364,000 (including both full and part-time workers) was 149,364,000. That means that the federal tax haul so far this fiscal year has equaled about $2,785.24 for every person in the United States with a job.
In 2012, President Barack Obama struck a deal with Republicans in Congress to enact legislation that increased taxes. That included increasing the top income tax rate from 35 percent to 39.6 percent, increasing the top tax rate on dividends and capital gains from 15 percent to 20 percent, and phasing out personal exemptions and deductions starting at an annual income level of $250,000.
An additional 3.8 percent tax on dividends, interests, capital gains and royalties--that was embedded in the Obamacare law--also took effect in 2013.
The largest share of this year’s record-setting October-November tax haul came from the individual income tax. That yielded the Treasury $202,835,000,000. Payroll taxes for “social insurance and retirement receipts” took in another $162,416,000,000. The corporate income tax brought in $7,928,000,000.
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