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.
Many Taxpayers Surprised by Smaller Refunds
Many Taxpayers Surprised by Smaller Refunds Sticker shock in the retail industry is not uncommon. But many taxpayers, this year, have been getting somewhat of a sticker shock when it comes to their tax refunds. That’s because so far this tax season, refunds have been down. Way down. The Tax Cut and Jobs Act came with…
Don’t Expect to Find These Deductions When You File This Year
Don’t Expect to Find These Deductions When You File This Year A lot has been made of the all the tax changes this year, thanks to the Tax Cut and Jobs Act. Many of the laws have been altered and some have been completely eliminated. Certain credits have been cut, while others have been increased.…
Florida Man Tries to Keep Huge Tax Refund That Was A Mistake
Florida Man Tries to Keep Huge Tax Refund That Was A Mistake Just about every taxpayer eagerly waits for his or her tax refund this time of year. No matter what they plan to do with it, taxpayers can’t wait for that fat check from the IRS. But what if you somehow got a huge…
How Much Will Amazon Pay in Taxes on $11.2 Billion in Profit?
You might think a company that makes more than $11 billion in profit would have a huge tax bill. After all, that makes complete sense. However, in the case of Amazon, the online retail giant, their tax bill is quite small. In fact, according to recent reports, the company will be paying a whopping $0…