Tags: tax revenue | record high | spending | deficit

Govt Spending Spree Erases Record Tax Haul

By    |   Friday, 13 Mar 2015 01:18 PM

The United States hit yet another record in taxes and spending, as the government raked in nearly $1.2 trillion in revenue but spent $386 billion more than it collected, according to the latest monthly report from the Treasury Department.

The Monthly Treasury Statement for February shows the government collected $1,185,613,000,000 in taxes since the beginning of the 2015 fiscal year in October.

However, the United States spent $386,537,000,000 more that it brought in, CNS News reported Friday.

The Treasury statement reflects all revenue collected from "individual income taxes, corporate income taxes, social insurance and retirement taxes (including Social Security and Medicare taxes), unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and 'miscellaneous receipts,' " CNS noted.

The total tax revenue was nearly $95 billion more than the government collected during the same five-month period in fiscal 2014.

The report comes more than a month after President Barack Obama called for a $74 billion spending increase in his budget for fiscal 2016.

The constantly increasing tax revenue and growing budget deficit are more proof that Americans are overtaxed and the government is out of control, according to Nick Novak, a former political aide to Wisconsin Gov. Scott Walker.

"As tax day approaches, there are quite a few Americans who are dreading the thought of filing their tax returns," he wrote Thursday in The Washington Times.

"Under the current system, the rates are too high, the brackets are too numerous and the loopholes are too unfair. Big businesses and wealthy individuals can afford high-priced accountants to navigate the tax code, while small local companies and middle class families get stuck with an ever-increasing bill."

© 2017 Newsmax. All rights reserved.

   
1Like our page
2Share
US
The United States hit yet another record in taxes and spending, as the government raked in nearly $1.2 trillion in revenue but spent $386 billion more than it collected, according to the latest monthly report from the Treasury Department.
tax revenue, record high, spending, deficit
278
2015-18-13
Friday, 13 Mar 2015 01:18 PM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved