First Half of Current Fiscal Year a Record-Breaker for U.S. Treasury
It’s been another record year for the federal government so far, which is in the midst of its current fiscal year. At the end of March, when the government reached its halfway point of the 2016 fiscal year, it had already collected $1.48 trillion. One might think that this massive haul would help ease the nation’s federal deficit. However, despite the record intake, the federal government still finds itself in the hole to the tune of $461 billion.
According to the U.S. treasury Department, the amount of taxes it has collected from October 2015 through March of this year has been greater than any other previous fiscal year on record. That even takes adjustment for inflation into consideration.
The Treasury Department counts revenues from several sources, including individual income taxes, unemployment insurance taxes, social insurance and retirement taxes, estate and gift taxes, corporate income taxes, excise taxes and a few other items. Of the $1.48 trillion collected so far this fiscal year, the majority comes from individual income taxes, which accounts for nearly half of the total, at $675 billion.
By way of comparison, last year, the federal government collected a total of $3.24 trillion in taxes for the entire 2015 fiscal year.
Nevada Set to Give Tesla Motors Huge Tax Deal
Nevada Set to Give Tesla Motors Huge Tax Deal By Alan Olsen One of the world’s most popular new car companies continues to make waves as it works to not only redefine how cars are made and run, but also change the way cars are sold. The latest move by Tesla Motors is not only…
Tips for Helping You Beat Those Annoying Fees and Taxes
Tips for Helping You Beat Those Annoying Fees and Taxes “How do I beat all of those bothersome taxes and fees and get more return on my investments?” It’s a question that almost all investors ask, but it’s one that many people never get answered. In order to get the most out of your investment…
Most Expensive Cars of 2017
Most Expensive Cars of 2017 Are you in the market for a new car this year? Need some slick new wheels to impress your friends? Maybe you want to add to your already impressive collection, or find the right piece to start a new one. Whatever the case, if you’re looking for a new set…
The Roots of the Family Business
The Roots of the Family Business By Elizabeth Bowden-David As entrepreneurs, my husband and I take every opportunity to teach our children about the family business. They are still pretty young, so we stick to basic concepts such as product, customer, revenue, cost, and profit. Many of these discussions take place around the dinner table…