Federal Tax Collection Up, Along With Federal Debt
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
Have a Tax Issue With the IRS? You Could Always Take Them to Court
What would you do if the IRS makes a decision you don’t agree with? For example, let’s say you file a tax return and send it in expecting to receive a refund of $1,500. However, a few weeks later, instead of receiving your refund, you get a letter in the mail informing you that you…
Will Fewer Audits Lead to More Cheating?
There’s an old saying that cheaters never prosper. Of course, there are probably many people who have gotten away with cheating that would beg to differ. When it comes to taxes, however, it’s always best to avoid cheating. Surely, some people do get away with it, but if you ever get caught it could cost…
Could a Trust Be a Good Way for the Wealthy to Save on Taxes?
When you think of trusts, what comes to mind? While many people think of a financial account that is set up as part of an estate plan, there are a couple of little-known trusts that taxpayers, especially the wealthy, can use to help them save on their tax bill. These trusts are perfectly legal and…
How to Avoid Tax Preparation Scams
With so much to do and so many other important things to worry about, many people will be looking for help over the coming weeks and months with their income tax returns. While some people might just choose the first name they see to file their taxes, whom you choose can actually make a big…