Inside Track
Record Taxes Collected, Record Deficit Recorded
The federal government has collected a record amount of money from Americans in the form of taxes in the first eight months of Fiscal Year 2016, which began last October 1. The new zenith of tax collection is an astronomical $2.4 trillion.
Despite this high-water mark for the plunder of the producers of the country, the U.S. government’s budget deficit continued swelling, reaching another record for the time period: $407 billion, according to the Treasury Department’s monthly statement of receipts and outlays of the federal government.
It is instructive to remember that despite branding themselves as the party of limited government and fiscal responsibility, Republicans have been in control of the House of Representatives — where revenue-raising bills must originate — since 2011, and of both the House and Senate since 2015, and the federal government is flabbier than ever.
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