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deficit

Jane Richey / September 16, 2013

Record Taxes Collected by US Government

The federal government raked in a record of approximately $2,472,542,000,000 in tax revenues through the first eleven months of fiscal 2013, which ran from Oct. 1, 2012 through the end of August, according to the Monthly Treasury Statement for August.

That is up about $285 billion from the approximately $2,187,527,000,000 in taxes the government took in through August of fiscal 2012.

Despite these record tax revenues, the federal government still accumulated a $755 billion deficit in the first eleven months of fiscal 2013. Total federal spending through the first eleven months of the fiscal year was $3.228 trillion.

At the end of last year, the president struck a deal with Republicans in Congress to enact legislation that increased taxes. This included pushing the top income tax rate from 35 percent to 39.6 percent, increasing the top tax rate on dividends and capital gains from 15 percent to 20 percent, and phasing out personal exemptions and deductions starting at an annual income level of $250,000.

An additional 3.8 percent tax on dividends, interests, capital gains and royalties–that was embedded in the Obamacare law–also took effect this year.

Read more.

Jane Richey / August 14, 2013

Fuzzy Math on Federal Deficit and Debt?

The Treasury Department’s Financial Management Service (FMS), which publishes both the federal government’s official Daily Treasury Statement and its official Monthly Treasury Statement, is reporting that in July the federal government ran a deficit of $98 billion but that the federal government’s debt remained exactly $16,699,396,000,000 for the entire month.

The FMS said that the deficit went up $98 billion ($97,594,000,000) in the Monthly Treasury Statment for July, which it released on Monday.

At the same time, the FMS said the debt stayed at exactly $16,699,396,000,000 in its Daily Treasury Statements, which are published every business day. The Daily Treasury Statements show the daily value of the federal government debt that is subject to a legal limit set by Congress.

Read more.

Jane Richey / July 25, 2013

Three Whoppers From Obama’s Speech

President Obama sure was excited about his speech yesterday. He talked for more than an hour in sweeping, grandiose terms about everything that’s happened since he became President, and everything that’s still going to happen.

If only more of it were true.

Here are three major whoppers Obama tried to sell yesterday.

1. Obamacare is going great.

2. I cut the deficit in half.

3. Middle-class income is stuck in the ’70s.

Read more.

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