2016 tax receipts soon will reach record high
The federal government will have raked in almost $3.3 trillion in revenue after fiscal 2016 tax receipts reach a new high, according to the Congressional Budget Office.
The feds raked in more than $3.268 trillion for the year, the agency reported in its monthly budget review, $19 billion more than the previous record set in 2015. The fiscal year, which runs from Oct. 1 to Sept. 30, ended on Friday.
The difference is negligible, at less than one percent, and if inflation is taken into account, the titleholder is still 2015. The feds collected $3.301 trillion in inflation-adjusted receipts that year.
However, cause for optimism diminishes when the deficit is taken into account. The feds spent $588 billion more than they took in this year, compared to $439 billion in fiscal 2015. The figure came to over $50 billion more than estimates projected at the beginning of the year, a problem economists attributed to weaker revenue than they expected.
Spending and taxes are out of control. America can’t afford to keep running itself into the ground financially. Click here to help Tea Party Patriots urge lawmakers to implement a tax system that is simpler, flatter and fairer!