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You'll never believe where your tax dollars are going!
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We all pay our taxes like the dutiful, law-abiding citizens we should be, yet somehow the United States government continues to run a deficit in the billions each year.
Highlights
CALIFORNIA NETWORK (https://www.youtube.com/c/californianetwork)
4/13/2016 (9 years ago)
Published in Politics & Policy
LOS ANGELES, CA (Catholic Online) - According to the latest monthly Treasury Department statement, the first half of fiscal year 2016 has seen a record high of $1.48 trillion - post inflation adjustment.
Somehow, despite reaching nearly $1.5 trillion, the federal government ran a $461 billion deficit during the same time they pulled in money from taxpayers.
In accordance to U.S. law, the treasury department has made its receipts available to the public.
These receipts include tax revenue from individual income taxes, corporate income taxes, unemployment insurance taxes, excise taxes, gift taxes and more.
The majority of the $1.48 trillion were from individual income taxes and totaled $675 billion.
As more late-filers continue to stream in and contribute their debt to the federal government, the U.S. continues to spend.
According to the Washington Free Beacon, in 1998 the federal government collected only $1.11 trillion in inflation-adjusted revenue for the first half of the fiscal year, a difference of 33 percent.
What is the government doing with these funds to result in a deficit every single year? The answer is simple: War is expensive. Despite the Obama administration's claim that no more units will be deployed to fight in the Middle East, air strikes and humanitarian aid adds up and show no signs of slowing.
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