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Federal Taxes Did Not Set Record Through June; $400,847,000,000 Deficit for First 9 Months of FY16
Cybercast News Service ^ | July 14, 2016 | 2:36 PM EDT | Terence P. Jeffrey

Posted on 07/14/2016 12:25:29 PM PDT by Olog-hai

The federal government collected approximately $2,468,827,000,000 in tax receipts in the first nine months of fiscal 2016 (October through June), according to the Monthly Treasury Statement released today.

Unlike May, when the federal government set a record for inflation-adjusted tax revenues collected in the first eight months of a fiscal year, the federal taxes collected through June did not set a record for inflation-adjusted tax revenues in the first nine months of a fiscal year.

While bringing in $2,468,827,000,000 in tax revenues during the first nine months of fiscal 2016, the federal government spent approximately $2,869,674,000,000—running a deficit of $400,847,000,000. …

(Excerpt) Read more at cnsnews.com ...


TOPICS: Business/Economy; Crime/Corruption; Government
KEYWORDS: fiscalabyss; fiscalcliff; obama; socialism; taxes

1 posted on 07/14/2016 12:25:29 PM PDT by Olog-hai
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To: Olog-hai; expat_panama

Here’s some more for ya! :)


2 posted on 07/14/2016 12:31:12 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: Olog-hai

You know, pretty soon someone is going to notice this...

*SMIRK*


3 posted on 07/14/2016 12:31:48 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: Olog-hai

Has the self-proclaimed “extremely intelligent, self-important” one figured out that killing small businesses kills the amount of taxes that they can pay in yet? Didn’t think so. He’s an economist expert ya know.


4 posted on 07/14/2016 12:33:36 PM PDT by jsanders2001
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To: Olog-hai

Bush’s fault.


5 posted on 07/14/2016 12:44:03 PM PDT by VRW Conspirator (American Jobs for American Workers.)
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To: Olog-hai

Because Ryan gave O everything he wanted plus


6 posted on 07/14/2016 12:54:34 PM PDT by Nifster (I see puppy dogs in the clouds)
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To: Olog-hai
From Debt to the Penny, the national debt as of July 12 is $19,372,930,080,447.35. On October 1, 2015, it was $18,150,616,066,342.53.

Now, I'm just an engineer - but if I do my math, that's about a $1.22 trillion increase in debt, meaning the actual deficit - the money we spent that we needed to borrow to cover - was about 3 times higher than that reported here.

We'll see an actual deficit of $1.5 trillion by the end of FY2016...

PS: I figure the actual deficit, the real cash-flow shortage, is simply the amount your debt goes up. All the unpaid bills, excess spending, credit usage, all must be covered by debt of some form. And that all adds the the total Federal debt. Only talking about "on budget" items allows DC to ignore debt from Social Security, or Medicare, or other "off budget" expenditures.

7 posted on 07/14/2016 1:10:40 PM PDT by Shanghai Dan
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To: Olog-hai

Just like payroll taxes did not match employment claims, not even close.


8 posted on 07/14/2016 1:14:48 PM PDT by steve86 (Prophecies of Maelmhaedhoc O'Morgair (Latin form: Malachy))
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To: steve86

Np problem. Just print up more, and drive down the value of whatever people have managed to save.


9 posted on 07/14/2016 1:35:02 PM PDT by pieceofthepuzzle
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To: Diana in Wisconsin

tx! ::studying::


10 posted on 07/14/2016 2:40:25 PM PDT by expat_panama
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To: Olog-hai

But government spending did improve GDP numbers.


11 posted on 07/14/2016 2:46:19 PM PDT by Son House (The American Recovery and Reinvestment Act of 2009; the Original Legislative Fraud.)
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To: Olog-hai

So they took less from the productive as productivity declines.


12 posted on 07/14/2016 2:49:36 PM PDT by Son House (The American Recovery and Reinvestment Act of 2009; the Original Legislative Fraud.)
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To: Diana in Wisconsin
...according to the Monthly Treasury Statement released today.

Seems those monthly statements come w/ a lot of noise/static:

I mean, technically in the month of June the O admin had a budget surplus!

13 posted on 07/14/2016 3:10:28 PM PDT by expat_panama
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To: expat_panama

:)


14 posted on 07/14/2016 3:46:30 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: Shanghai Dan

In federal lingo, “deficit” is current fiscal year revenues minus current fiscal year expenses. “debt” is the sum over all fiscal years.

It sounds like what you’re talking about is “interest on the debt.”


15 posted on 07/14/2016 5:27:12 PM PDT by scrabblehack
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To: scrabblehack

Well, I’m looking at the increase in the debt. And to the best of my knowledge, the only way debt can increase is if your expenses outweigh your revenue.

The “Federal Deficit” is just the “on-budget” items which do not include Social Security, or the Post Office, or several other Federal spending programs that have been decreed to be “off budget”.

But when you take revenue and subtract expenses, the shortfall of revenue becomes debt - we sell bonds to cover it. And that’s gone up by $1.2 trillion so far this year.


16 posted on 07/15/2016 12:34:57 AM PDT by Shanghai Dan
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