Federal Tax Collection Up, Along With Federal Debt

shutterstock_449433205

 

Which presidential candidate has the better tax plan? When will Donald Trump, if ever, release his tax returns? How would Hilary Clinton’s plan for corporate taxes and the estate tax affect the business world and the wealthy? The questions go on and on. It’s tough to always get straight answers as the candidates and their staffers typically look to spin their comments in such a way to stay as neutral as possible so as to not lose any potentially undecided voters.

Meanwhile, at a time when taxes continue to be a hot topic as the presidential election nears it’s final weeks, the U.S. Treasury recently released some new data regarding tax collection over the life of the current president. According to the Treasury’s monthly statement, over the 91 months that President Obama has been in office he has now collected over $20 trillion in federal taxes.

That is a staggering figure. In addition, during that same time the federal deficit has increased from $10.6 trillion in February 2009 to it’s current amount of $19.5 trillion. So on average, how much does that mean for each taxpayer? According to the Bureau of Labor Statistics, 151.6 million people were listed as employed in the month of July in the U.S. Given the amount of money collected in taxes over the president’s time in office, the average amount each worker would’ve paid is approximately $133,216.

So while it remains to be seen how the next president will handle taxes, it’s fair to say that taxpayers, especially the wealthy, have paid an enormous tax bill during the current president’s tenure.

http://www.cnsnews.com/news/article/terence-p-jeffrey/obamas-tax-collections-surpass-20000000000000-still-incurs

Posted in
Finding a Niche in the Hispanic Market for your Small Business; family offices after the era of COVID 19

Finding a Niche in the Hispanic Market for your Small Business

Finding a Niche in the Hispanic Market for your Small Business Book Summary Part 1 of 7: The Power of Business en Espanol, 7 Fundamental Keys to Unlocking the Potential of the Spanish-Language Hispanic Market by Jose Cancela Marketing to the Hispanic demographic could pay big dividends to the tune of nearly $1 trillion in…

Slogans: Creating and Using Them In Life, Career and Business

Slogans: Creating and Using Them In Life, Career and Business

Slogans: Creating and Using Them In Life, Career and Business By Catherine Franz Information is coming at us from all directions nowadays. This pace requires us to demand that we receive it fast and predigested in order to inch ahead of the game. This also requires a new filing system method for storing the bites…

Market Yourself Through Public Speaking

Market Yourself Through Public Speaking As part of your marketing strategy, a noteworthy way for you to get exposure and new customers is public speaking. Public speaking is a powerful way to get new customers and leads, so be sure to incorporate it into your quiver of marketing techniques. By Wendy Maynard A noteworthy way…

Selling Your Success

Selling Your Success

Selling Your Success By Dean Mercado Looking for simple marketing and sales techniques to differentiate your business from the competition? Well here are 3 key ones that will help you humanize and personalize your marketing and sales approach to draw prospects in like a magnet! I attended a seminar the other day at a local…