First Half of Current Fiscal Year a Record-Breaker for U.S. Treasury

Fiscal,Year,Symbol.,Concept,Words,'fiscal,Year',On,Wooden,Blocks

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.

Posted in
Business Angels for Your Startup Business

Business Angels for Your Startup Business

Business Angels for Your Startup Business By Mike Cain Setting up a new business can be a daunting prospect. There’s the possibility of failure, and with it, the risk of losing the money you’ve invested in your company, as well as seeing all your months or even years of hard work go to waste. But,…

Securing Second- and Third-Round Venture Capital Financing

Securing Second- and Third-Round Venture Capital Financing

Securing Second- and Third-Round Venture Capital Financing By Jim D. Ray Widget sales are booming – the competition is scrambling, demand is up, and the books are finally treading water. Your core management team has big ideas for the future of Widget Inc. Opportunity is abundant; but how will you fund that next big leap?…

Ten Ways Start-ups Use Venture Leases And Loans To Generate Millions

Ten Ways Start-ups Use Venture Leases And Loans To Generate Millions

Ten Ways Start-ups Use Venture Leases And Loans To Generate Millions By George A. Parker The rise of venture leasing and lending has created an opportunity for sophisticated entrepreneurs to gain a competitive advantage. Savvy entrepreneurs are using venture leases and loans to generate millions of dollars for shareholders by leveraging existing venture capital. They…

Avoiding AMT

Avoiding AMT

Avoiding AMT More and more taxpayers are finding a hidden tax on their individual tax returns. The alternative minimum tax (AMT) attempts to ensure that high income individuals who benefit from the tax advantages of certain deductions and exemptions will pay at least a minimum amount of tax. This tax was originally designed to keep…