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Taxpayers Forked Out Record Amount in 2015, Didn't Dent Deficit

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By    |   Saturday, 17 Oct 2015 01:00 PM

Taxpayers paid $3.25 trillion in taxes in fiscal year 2015, federal data released this week shows, but the government still ran a massive deficit over the same period.

The taxes that came in were an increase of 8 percent and marked the highest amount on record, according to the Monthly Treasury Statement, reports CNBC.The total was $228 billion over the total receipts for fiscal year 2014.

Most of the tax money came from individuals, who made paid one-third of the taxes, or $1.54 trillion of the total, compared to corporations, who only paid one-ninth of the taxes, or $347.8 billion.

Other tax revenue came from retirement, excise, estate, and gift taxes, customs duties and other tax payments.

The U.S. government's deficit hit $438.9 billion, its lowest in eight years, but Treasury Secretary Jacob Lew and Office of Management and Budget Director Shaun Donovan said in a joint statement  the federal shortfall was still $144 billion lower than what President Barack Obama predicted for fiscal year 2016.

"President Obama’s agenda continues to put Federal finances on a sustainable footing while laying the foundation for durable economic growth and broadly shared prosperity," said Lew.

"Under the President’s leadership, the deficit has been cut by roughly three-quarters as a share of the economy since 2009 – the fastest sustained deficit reduction since just after World War II."

Donovan further commented that the report shows the nation's finances can be put on a "strong and sustainable path" while investments are made in growth an opportunity.

"We need to stay focused on strengthening our economy, which means passing a long-term budget that fully funds the government and reverses the harmful cuts known as sequestration to allow for critical investments in both our economic and national security," Donovan said.

Meanwhile, the U.S. debt limit will run out on Nov. 3, two days sooner than was anticipated, Lew told Congress in a letter, while the government continues to debate the debt ceiling.

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Taxpayers paid $3.25 trillion in taxes in fiscal year 2015, federal data released this week shows, but the government still ran a massive deficit over the same period.
record, taxes, massive, deficit
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2015-00-17
Saturday, 17 Oct 2015 01:00 PM
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