Worthy Christian News » US News » $1.48 Trillion: Government Collects Record-High Taxes in First Half of FY 2016


$1.48 Trillion: Government Collects Record-High Taxes in First Half of FY 2016

Wednesday, April 13, 2016 | Tag Cloud

(Worthy News) - Inflation-adjusted federal tax revenues hit a record $1.48 trillion for the first half of fiscal year 2016, but the federal government still ran a $461 billion deficit during that time, according to the latest monthly Treasury Department statement.

Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items.

In the first half of fiscal 2016, which included the months of October, November, December, January, February, and March, the amount of taxes collected by the federal government outpaced the first half of all previous fiscal years, even after adjusting for inflation. The 2016 fiscal year begins on Oct. 1, 2015, and runs through Sept. 30, 2016. [ ... Read More (Source) ]

Copyright 1999-2017 Worthy News. All rights reserved.
Fair Use Notice:This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner.

Worthy Christian News » US News » $1.48 Trillion: Government Collects Record-High Taxes in First Half of FY 2016

1 thought on “$1.48 Trillion: Government Collects Record-High Taxes in First Half of FY 2016

Leave a Comment

Worthy Christian News » US News » $1.48 Trillion: Government Collects Record-High Taxes in First Half of FY 2016