We ask you, humbly: don't scroll away.

Hi readers, it seems you use Catholic Online a lot; that's great! It's a little awkward to ask, but we need your help. If you have already donated, we sincerely thank you. We're not salespeople, but we depend on donations averaging $14.76 and fewer than 1% of readers give. If you donate just $5.00, the price of your coffee, Catholic Online School could keep thriving. Thank you.

Help Now >

You'll never believe where your tax dollars are going!

Free World Class Education
FREE Catholic Classes

The United States ran a $461 billion deficit as federal tax revenues hit a record high.

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.

Embrace your Faith

Highlights

By Kenya Sinclair (CALIFORNIA NETWORK)
CALIFORNIA NETWORK (https://www.youtube.com/c/californianetwork)
4/13/2016 (8 years ago)

Published in Politics & Policy

Keywords: Taxes, defecit, debt, federal, U.S.

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.

Make Lent Work for You - Download Now!

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.

Find Daily Reading videos here-SUBSCRIBE

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.

---

The California Network is the Next Wave in delivery of information and entertainment on pop culture, social trends, lifestyle, entertainment, news, politics and economics. We are hyper-focused on one audience, YOU, the connected generation. JOIN US AS WE REDEFINE AND REVOLUTIONIZE THE EVER-CHANGING MEDIA LANDSCAPE.