Federal Reserve Chairman Janet Yellen, referencing the Congressional Budget Office's long-term budget projections, told the Joint Economic Committee of Congress today that under current policies the federal government’s deficits “will rise to unsustainable levels.”
(Worthy News) - The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly Treasury Statement released today.
However, the federal government also ran a deficit of $898,112,000,000 for those eleven months, according to the statement.
Prior to this year, the record federal individual income tax collections for the first eleven months of the fiscal year occurred last year, when the Treasury collected $1,460,379,260,000 in individual income taxes in constant August 2018 dollars (adjusted using the Bureau of Labor Statistics inflation calculator). [ Source: CNS News (Read More...) ]
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.