Federal Government Still Facing Huge Deficit
Federal Government Still Facing Huge Deficit
Does it seem like no matter how much money the federal government collects in tax revenue, they will still never have enough? For a lot of people the, answer is a resounding “yes.” The country’s Monthly Treasury Statement lends even more credence to that belief.
What does the Treasury say?
According to the latest treasury statement, the federal government has collected a record amount in tax revenues, an astounding $1,934,919,000,000, so far for the 2014 fiscal year through May. However, hold back the applause; there’s a catch. Despite those record revenues of close to two trillion dollars, the federal government also reported a national deficit of $436.382 billion in the first eight months of this fiscal year, which ends in September.
In fact, according to officials, the Treasury expects to collect $3.001721 trillion for the entire 2014 fiscal year. However, the federal government also expects to spend $3.650526 over that same time period, which amounts to a deficit of $648.805 billion.
Bottom Line
So guess where the government is getting most of its revenue. If you said from individual income tax, then give yourself a pat on the back. So far, individual income tax has brought the Federal Treasury $903.024 trillion in the first eight months of the 2014 fiscal year. This just furthers the argument that no matter how much money the government takes from taxpayers, they will always find a way to waste it.
If you are looking for ways to keep more of your hard-earned money, instead of letting the federal government waste it, then you should contact GROCO and let us help. Click here to learn more about what we can do for you.
We hope you found this article about “Federal Government Still Facing Huge Deficit” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
Don’t Expect to Find These Deductions When You File This Year
Don’t Expect to Find These Deductions When You File This Year A lot has been made of the all the tax changes this year, thanks to the Tax Cut and Jobs Act. Many of the laws have been altered and some have been completely eliminated. Certain credits have been cut, while others have been increased.…
Florida Man Tries to Keep Huge Tax Refund That Was A Mistake
Florida Man Tries to Keep Huge Tax Refund That Was A Mistake Just about every taxpayer eagerly waits for his or her tax refund this time of year. No matter what they plan to do with it, taxpayers can’t wait for that fat check from the IRS. But what if you somehow got a huge…
How Much Will Amazon Pay in Taxes on $11.2 Billion in Profit?
You might think a company that makes more than $11 billion in profit would have a huge tax bill. After all, that makes complete sense. However, in the case of Amazon, the online retail giant, their tax bill is quite small. In fact, according to recent reports, the company will be paying a whopping $0…
How to Claim Deductions for the Business Use of Your Vehicle
How to Claim Deductions for the Business Use of Your Vehicle One of the most common tax deductions for those who have a business is the use of a vehicle. If you use your vehicle for business then depending on your situation, you could reduce your business income significantly. That could be a big boost…