Another Federal Tax Record Set in October
As the year winds down and we look ahead to another tax season, the Federal Reserve is looking at another record tax collection in October. According to the latest numbers released in the Monthly Treasury Statement, October set an all time record high for the month, with $221,692,000,000 collected. What a great way to start the fiscal year for the Treasury. That was an increase of more than $6.7 billion from last October.
However, despite the incredible numbers coming in, the federal government still had a deficit of more than $44 billion in the month, thanks to expenditures of more than 265 billion. Meantime, if you were to break down the numbers in October, on average the Federal Reserve collected roughly $1,459 from everyone who worked either full- or part-time during the month.
So where did the majority of that record revenue come from, you ask? The answer is largely from individual tax returns. According to the Treasury, Americans paid $121,576,000,000 in income taxes in October. But the tax bill for Americans doesn’t stop there. Collectively the country paid another $79,361,000,000 in Social Security and additional payroll taxes.
The rest of the money came from corporate taxes: $2,27 billion; excise taxes: $5.7 billion; and estate and gift taxes: $3.06 billion.
You also might like Despite Record Revenues, Federal Government Still Facing Huge Deficit
http://www.cnsnews.com/news/article/terence-p-jeffrey/221692000000-federal-taxes-set-record-october-1459-worker-feds-still
Startup Fundraising – Do You Know Who You Are Talking To?
Startup Fundraising – Do You Know Who You Are Talking To? Venture capital, private equity, mezzanine debt, venture debt, angel money, investment bank? What’s the difference and who are the players? Many people start looking for funding and become involved with investment bankers or business brokers without really understanding what they are looking for or…
Republican Lawmaker Pushing Real Tax Reform
Republican Lawmaker Pushing Real Tax Reform By Kent Livingston Will our country ever see true tax reform? While politicians continue to battle over who should pay what and who is getting away with highway robbery, none of them seem to be able to come up with a better plan to actually fix our country’s broken…
Six Facts About the American Opportunity Tax Credit
Six Facts About the American Opportunity Tax Credit Many parents and college students will be able to offset the cost of college over the next two years under the new American Opportunity Tax Credit. This tax credit is part of the American Recovery and Reinvestment Act of 2009. Here are six important facts the IRS…
Small Businesses, Bite a Chunk Out of Your Taxes!
Small Businesses, Bite a Chunk Out of Your Taxes! A tax savvy entrepreneur like yourself probably knows that maximizing your deductible business expenses lowers your taxable profit. After all it is how much money you have left in your pocket that sometimes matter. Here are some deductions which may help you take a bite out…