Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

3/18/2014 (2 years ago)

Catholic Online (www.catholic.org)

Five-month deficit still at $377 billion

According to the Monthly Treasury Statement for February, inflation-adjusted federal tax revenues hit a record $1,104,947,000,000 in the first five months of fiscal 2014. It would stand to reason that the government would have partially dug itself out of its hole. No chance - as the federal government still ran a $377,379,000,000 deficit during that time.

Congress passed and President Obama signed 'The American Taxpayer Relief Act,' in early 2013. While this act made permanent some of the lower tax rates enacted for ten-year periods under President George W. Bush, it also increased some tax rates.

Congress passed and President Obama signed "The American Taxpayer Relief Act," in early 2013. While this act made permanent some of the lower tax rates enacted for ten-year periods under President George W. Bush, it also increased some tax rates.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

3/18/2014 (2 years ago)

Published in Business & Economics

Keywords: Tax revenue, deficit, taxes


LOS ANGELES, CA (Catholic Online) - Treasury publishes the government's "total receipts" monthly, including all revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes. This also includes Social Security and Medicare taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties and "miscellaneous receipts."

The $1,104,947,000,000 that the federal government collected from October through February in fiscal 2014 was $90,193,750,000 more than the $1,014,753,250,000 it collected in October through February in fiscal 2013.

Prayer, fasting and almsgiving.

Following that fiscal year, the second highest federal tax intake in the first five months of a fiscal year occurred in the first five months of fiscal 2007, when the government collected $1,076,721,860,000 in 2014 dollars . or $28,225,140,000 less than in the first five months of this fiscal year.

The first five months of fiscal 2007 ran from October 2006 through February 2007. The last recession hit in December 2007 and ended in June of 2009.

Congress passed and President Obama signed "The American Taxpayer Relief Act," in early 2013. While this act made permanent some of the lower tax rates enacted for ten-year periods under President George W. Bush, it also increased some tax rates.

"Amends the Internal Revenue Code to: (1) revise income tax rates for individual taxpayers whose taxable income is at or below the $400,000 threshold amount ($450,000 for married couples filing a joint return) and increase the rate to 39.6 percent for taxpayers whose taxable income exceeds the threshold, (2) set the threshold for the phase out of personal tax exemptions and itemized deductions at $250,000 for individual taxpayers ($300,000 for married couples filing a joint return), and (3) increase the top marginal estate tax rate from 35 percent to 40 percent," the Congressional Research Service summary of the law reports.

The law also: "Increases the capital gains tax rate from 15 percent to 20 percent for taxpayers whose taxable income exceeds the $400,000 threshold amount."

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for May 2016
Universal:
Respect for Women: That in every country of the world, women may be honored and respected and that their essential contribution to society may be highly esteemed.
Evangelization: Holy Rosary: That families, communities, and groups may pray the Holy Rosary for evangelization and peace.



Comments


More Business & Economics

100k Americans work for China as China continues to purchase major US companies Watch

Image of New reports indicate nearly 100 thousand U.S. jobs report to China (AMC Theatres).

By Kenya Sinclair (CALIFORNIA NETWORK)

China has been purchasing major American companies, resulting in nearly 100,000 U.S. citizens working to support the Chinese economy. LOS ANGELES, CA (Catholic Online) - State-owned companies and those closely-related to the Chinese government are responsible for the ... continue reading


The world of news is changing, Buzzfeed struggles to keep up Watch

Image of Buzzfeed is struggling, can they cope with the shift in media culture?

By Marshall Connolly (CALIFORNIA NETWORK)

There's growing concern that Buzzfeed doesn't have a very bright future, at least as far as news is concerned. The firm has missed its projected revenues, and it may look to the news for the place to cut. LOS ANGELES, CA (California Network) - It's hard to get news ... continue reading


Two hundred French police raid Google over unpaid taxes as it's revealed firm may owe nearly $2 BILLION! Watch

Image of Police have raided the Google headquarters in Paris, seeking evidence of tax evasion.

By Marshall Connolly (CALIFORNIA NETWORK)

Your favorite brands may be in trouble for tax evasion. Over a hundred police officers and another hundred support personnel have raided Google's headquarters in France as part of an investigation into the company's taxes. Google is one of many brands that may owe ... continue reading


Censorship in America is alive and well. You'll be surprised to see who you can thank! Watch

Image of Obama and Zuckerberg work closely. It's not clear on what.

By David Drudge (CALIFORNIA NETWORK)

Freedom of the press may be the most important fundamental right in a free society. This is why censorship, particularly on social networks such as Facebook, is particularly onerous. LOS ANGELES, CA (California Network) - Freedom of the press is enshrined in the First ... continue reading


Facebook censor scandal - What is Zuckerberg up to? Watch

Image of Facebook censorship scandal prompts Zuckerberg to move (Pinterest).

By Kenya Sinclair (CALIFORNIA NETWORK)

Mark Zuckerberg is set to hold a meeting on Wednesday with Glenn Beck and Dana Perino to talk Facebook's censorship scandal. LOS ANGELES, CA (Catholic Online) - Recently a Gizmodo report accused Facebook of suppressing conservative news in the "trending" section.The ... continue reading


YES, bosses should let their employees power nap. So why don't they? Watch

Image of Studies show a short nap at work and increase productivity, alertness, memory, and cognition.

By Marshall Connolly (CALIFORNIA NETWORK)

There's something to be said for the afternoon siesta, after all. Or at least a power nap, according to one sleep expert from the University of Adelaide. Research shows that a ten-to-fifteen-minute nap in the afternoon improves performance. LOS ANGELES, CA (California ... continue reading


191 THOUSAND mining jobs lost since September '14 Watch

Image of With less coal, the US will need to turn to other countries (Pinterest).

By Kenya Sinclair (CALIFORNIA NETWORK)

Coal provides a cheap and efficient source of power - and the United States has lost 191,000 miners to provide this commodity. LOS ANGELES, CA (Catholic Online) - According to the <a href=http://www.bls.gov/news.release/pdf/empsit.pdf>Bureau of Labor ... continue reading


Obama brags in face of economic failure Watch

Image of The Obama administration claims the economy is thriving - but what is REALLY going on (TPNN)?

By Kenya Sinclair (CALIFORNIA NETWORK)

We all know "that guy." You know the one - the guy who is obsessed with conspiracy theories and who swears the government is out to get us. Well, according to newly released economic data, "that guy" might be (partially) right. LOS ANGELES, CA (Catholic Online) - U.S. ... continue reading


Yes, there's definitely something wrong with millennials, and here's what it is! Watch

Image of As far as millennials are concerned, the American dream is just that -- you have to be asleep to believe it.

By Marshall Connolly (CALIFORNIA NETWORK)

Across the country, the news is shocking. Over half of the millennials think socialism might be a good thing. Most of them believe the American dream is a myth, and public perception is that something is wrong with them. Why do they just want "free stuff?" LOS ANGELES, ... continue reading


Billionaire Soros warns China is near economic collapse Watch

Image of China's economy may be heading for trouble.

By Marshall Connolly (CALIFORNIA NETWORK)

Billionaire George Soros is sounding the alarm, China is about to go down and the rest of the world could follow. According to Soros, there is a major resemblance between China now and the United States in 2007-2008 just before the U.S. economy entered the Great ... continue reading


All Business & Economics News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Advent Prayer HD Video
  • St. Joan of Arc: Saint of the Day for Monday, May 30, 2016
  • Daily Readings for Monday, May 30, 2016
  • Alabama Supreme court recognizes same-sex adoption
  • How much did Goldman Sachs' CEO invest in hedge fund?: Hillary ...
  • 100k Americans work for China as China continues to purchase major US ...
  • Daily Reading for Wednesday, June 1st, 2016 HD Video

Daily Readings

Reading 1, Second Peter 1:2-7
2 Grace and peace be yours in abundance through the knowledge of our ... Read More

Psalm, Psalms 91:1-2, 14-15, 15-16
1 You who live in the secret place of Elyon, spend your nights in the ... Read More

Gospel, Mark 12:1-12
1 He went on to speak to them in parables, 'A man planted a vineyard; he ... Read More

Saint of the Day

Saint of the Day for May 30th, 2016 Image

St. Joan of Arc
May 30: St. Joan of Arc is the patroness of soldiers and ... Read More