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Individual Income Taxes Set Record Through February

by Terence P. Jeffrey, CNS News:

The federal government collected a record of approximately $611,318,000,000 in individual income tax revenues through the first five months of fiscal 2017 (Oct. 1, 2016 through the end of February), according to the Monthly Treasury Statement released today.

That is about $6,733,300,000 more than the $604,584,700,000 in individual income taxes (in constant 2017 dollars) that the federal government collected through the first five months of fiscal 2016.

Despite collecting a record amount in individual income taxes, the Treasury still ran a $348,984,000,000 deficit in the first five months of this fiscal year.

Social Security and other payroll taxes also increased in the first five months of FY17 compared to the first five months of FY16. In Oct.-Feb. of last fiscal year, the Treasury collected $433,161,000,000 in payroll taxes (in constant 2017 dollars). In Oct.-Feb, of this fiscal year, it collected $451,445,000,000. That is an increase of about $18,284,000,000 in payroll taxes.

However, despite the increases in revenues from the individual income tax and payroll taxes over the first five months of fiscal 2017, overall federal tax collections were down slightly during the Oct.-Feb. period of FY17 compared to FY16.

In the first five months of FY6, the federal government collected $1,263,101,350,000 in total tax revenues (in constant 2017 dollars). In the first five months of this fiscal year, it collected $1,256,553,000,000. That is a drop of about $6,548,350,000.

Revenues from corporate income taxes, excise taxes, and customs duties all declined in the first five months of FY17 compared to FY16.

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3 comments to Individual Income Taxes Set Record Through February

  • Ed_B

    “That is about $6,733,300,000 more than the $604,584,700,000 in individual income taxes (in constant 2017 dollars) that the federal government collected through the first five months of fiscal 2016. Despite collecting a record amount in individual income taxes, the Treasury still ran a $348,984,000,000 deficit in the first five months of this fiscal year.”

    Which is living proof that neither taxation nor economic growth can keep up with financial stupid. What we need is some fiscal self-control or the US Gov is gonna bankrupt itself so badly that there won’t be ANY kind of spin that will cover it up. They will simply be flat-ass out of money. Period. No mention from DC on freezing government spending and letting inflation eat away at it, is there? Nope, not even close. Also no mention of reducing the size of FedZilla so that this monster of a government doesn’t simply consume the nation that gave it birth. Again, not even close. IMO, the US Gov needs to be reduced in size by at least 1/3, if not more. If this needs to be done slowly over time and / or in stages, so be it. But GET ON WITH IT instead of continuing the same idiotic spending frenzy that has given us the $20T in unpayable debt… so far. No doubt there will be more to come. A LOT more.

    • glitter 1

      Ed_B,

      Here is my supposition,the federal government is running at least 1 trillion(probably 1.5 Trillion or more) in deficit spending every year now,which is not covered with taxation so where is the additional money coming from and why isn’t that malfeasance manifesting itself in the form of economic collapse?
      The extra currency is being created by the Fed/Treasury(QE to infinity)and directly injecting it into the economy via the welfare state,i.e.every immigrant(legal/illegal),refugees by the hundreds of thousands or perhaps millions(along with all the ever increasing domestics on the dole, and they all get direct welfare to the tune of $25-35,000 yearly,along with extending of credit, each/family.All this cash/credit(created out of thin air)is being injected directly into the economy,which is keeping it afloat.Think of it,helicopter money via the welfare state and as long as the Dollar remains the global reserve currency the US can get away with the endless money printing.This is one of the reasons the immigration issue(s)resolution has no force and foot dragging behind it.Slow/Stop/End the immigration/refugee welfare free give away and the helicopter money injection via that vector will begin to show up in the economic metrics,which are hanging on by a thread as it is now.
      Coupled with the ever expanding “War Machine” requiring ever growing need for funding and I believe it isn’t a stretch to postulate that the US Gov is printing what it needs to keep it all going and using the aforementioned to launder all that QE into the economy in order to make up for the lack of industrial GDP to support it.
      If and when the US looses the Reserve Currency status,it’s going to result in extreme culture shock and quickly.

  • The Truth

    Thats because many people refunds are being stolen and changed without explanation. They never put the real info out there as to how many tax returns have been changed and lowered without any letter of information as to why. They also never have anyone to speak to on their contact numbers only a machine that disconnects with no assistance. So the numbers look good only because they can take from you now and never pay you later. No different from the BLS numbers, its all a scam.

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