Federal Deficit

Federal deficit to hit record $3.8 trillion: Watchdog

The federal government will run a deficit of at least $3.8 trillion this year, likely quadrupling in just one year, a watchdog calculated Monday, as Uncle Sam opens up the checkbook to try to ease the burden of the coronavirus pandemic. President Trump will oversee a deficit equivalent to 18.7% of gross domestic product, the Committee for a Responsible Federal Budget calculated. That’s double the deficit in 2009, when President Obama was leading the country through the Great Recession. Total debt, meanwhile, will soar to more than 100% of GDP for the first time since World War II. And if anything, those projections are on the conservative side and deficits “are likely to be much higher,” CRFB said, because they only account for the laws enacted so far. Congress is already talking about another couple rounds of spending. CRFB said a surge in spending is “inevitable and necessary,” but warned the country will have to brace for tough decisions later in order to bring things back in line.

Indeed..  That is why it is SO critical that the Senate and President Trump push back against House Speaker Nancy Pelosi’s (D-CA) desire to put a LOT of unnecessary, irrelevant, liberal agenda, “pork” (or “porn” as Sen. John Kennedy calls it) into any future stimulus bills.

Feds Collect Record Taxes Through August; Still Run $673.7B Deficit

The federal government collected record total tax revenues through the first eleven months of fiscal 2017 (Oct. 1, 2016 through the end of August), according to the Monthly Treasury Statement. Through August, the federal government collected approximately $2,966,172,000,000 in total tax revenues. That was $8,450,680,000 more (in constant 2017 dollars) than the previous record of $2,957,721,320,000 in total tax revenues (in 2017 dollars) that the federal government collected in the first eleven months of fiscal 2016. At the same time that the federal government was collecting a record $2,966,172,000,000 in tax revenues, it was spending $3,639,882,000,000—and, thus, running a deficit of $673,711,000,000. Individual income taxes have provided the largest share (47.9 percent) of federal revenues so far this fiscal year. From Oct. 1 through the end of August, the Treasury collected $1,421,997,000,000 in individual income taxes. Payroll taxes provided the second largest share (35.9 percent), with the Treasury collecting $1,065,751,000,000 in these taxes. The $233,631 in corporate income taxes collected in the first eleven months of fiscal 2017 equaled only 8.6 percent of total tax collections. The $21,172,000,000 collected in estate and gift taxes equaled only 0.71 percent of total taxes collected this fiscal year. (Tax revenues were adjusted to constant 2017 using the Bureau of Labor Statistics inflation calculator.)

$2,446,920,000,000: Federal Taxes Set Record Through June; $16,451 Per U.S. Worker—Feds Still Run $313B Deficit

The federal government raked in a record of approximately $2,446,920,000,000 in tax revenues through the first nine months of fiscal 2015 (Oct. 1, 2014 through the end of June), according to the Monthly Treasury Statement released today. That equaled approximately $16,451 for every person in the country who had either a full-time or part-time job in June. It is also up about $178,156,270,000 in constant 2015 dollars from the $2,268,763,730,000 in revenue (in inflation-adjusted 2015 dollars) that the Treasury raked in during the first nine months of fiscal 2014. Despite the record tax revenues of $2,446,920,000,000 in the first nine months of this fiscal year, the government spent $2,760,301,000,000 during those nine months, and, thus, ran up a deficit of $313,381,000,000 during the period. According to the Bureau of Labor Statistics, total seasonally adjusted employment in the United States in June (including both full and part-time workers) was 148,739,000. That means that the federal tax haul so far this fiscal year has equaled $16,451 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-through-June tax haul came from the individual income tax. That yielded the Treasury $1,167,500,000,000. Payroll taxes for “social insurance and retirement receipts” took in another $771,048,000,000. The corporate income tax brought in $255,453,000,000.

That should make every tax-paying American want to vomit.  Shame on the Republican-controlled congress for striking ANY deal with Obama that raises taxes AND spending.  They were elected in 2014 to put the brakes on Obama’s socialist ambitions which are bankrupting our country; NOT sign deals with him!!  Write your member of Congress and BOTH U.S. Senators and tell them you want them to cut wasteful domestic spending now!