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.
Finding Networking Opportunities Is Easy!
Finding Networking Opportunities Is Easy! By Leni Chauvin Business networking is all about forming strong relationships built on mutual respect and trust. Those relationships are the basis for the single most important tool that we all need if we want to survive in the competitive 21st century. I’m talking about referrals. And today’s savvy business…
5 Marketing Moves for Business Success
5 Marketing Moves for Business Success By David Newman Effective marketing can be simplified into five moves – five concrete actions – that you can implement immediately. Your challenge: try one or more of these NOW. Marketing has traditionally been broken down to a formula known as “the 5P’s” – the five factors that make…
Video Conferencing – It Finally Works
Video Conferencing – It Finally Works By Harold German Remember those bulky, expensive video conferencing systems you would see in well-equipped conference rooms not too long ago? You know, the ones the office manager never allowed you to touch? Every now and then, you were invited to sit in on a video meeting and you…
Technology & Business Expansion: Matching Your Data Systems to the Business Growth
Technology & Business Expansion: Matching Your Data Systems to the Business Growth By Dan Kaplan Fueling the high growth rate for Retailers, Manufacturers and Distributors is a flurry of mergers and acquisitions. In today’s world of mergers and acquisitions, and heavy usage of the Web, companies are facing a new reality. Software that meets the…