Federal Government Runs $438 Billion Deficit for 2015

(CNSNews.com)The federal government took in a record of approximately $3,248,723,000,000 in taxes in fiscal 2015 (which ended on Sept. 30), according to the Monthly Treasury Statement released today. Continue reading →

Where the Federal Government Gets Tax Revenue From

Via Peter G. Peterson Foundation

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The federal government collects revenue from a variety of sources. The largest source is taxes on individuals’ income and payroll taxes, which together make up four-fifths of federal revenue. Individual income taxes are assessed against wage income and are progressive: that is, the tax rate someone pays increases as their income increases. Payroll taxes are a flat percentage of wage income. They are used to fund Social Security and portions of Medicare. Taxes on corporate profits, estate and gift taxes, excise taxes (a tax levied on a good or service), customs duties, and numerous other taxes comprise the remainder.

US Federal Government Interest on Debt Payments

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After August, Congress (House/Senate) will convene and raising the debt ceiling will once again be a hot topic. The US Federal Government has not passed a Constitutional required budget in almost six years. In America’s new age economics of moral relativism, spending at any level is o.k. You can get mad at it all you want if you don’t fall into this thinking, but you might as well make a lot of money and/or save your wealth while the masses cheer on this debt driven philosophy.

The Treasury Department just released their “Interest on Debt” payments for the month of July. They paid out $25 Billion in just one month. There are two fiscal months left but so far the US Government has paid out $370 Billion in payments. Most of these payments go to the Federal Reserve and foreign countries.

Here is the federal government link showing how much we have paid out for numerous years. The word “Trillion” pops up real quick when you just start adding up just a small portion of years.

These stats are good to know when thinking about your investments.