Federal Taxes, Spending and Deficit All Set Records Through May
(Worthy News) – The federal government set new records in the taxes it collected, the spending it engaged in and the deficit it ran through the first eight months of fiscal 2021 (October through May), according to the Monthly Treasury Statement.
Federal taxes hit a record $2,606,879,000,000 while federal spending climbed to $4,670,668,000,000, resulting in a federal deficit of $2,063,789,000,000.
When the historical October-through-May tax revenues are adjusted for inflation into May 2021 dollars (using the Bureau of Labor Statistics inflation calculator), the second-highest tax revenues for the October-through-May period came in fiscal 2016. That year the Treasury collected $2,397,198,010,000 in total tax revenues (in constant May 2021 dollars) in the first eight months of the fiscal year. [ Source: CNS News (Read More…) ]
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