Finance

Fed Collects Record Gross Tax Revenue From Individuals

| by Lauren Briggs

In the first half of fiscal 2017, the federal government collected more money in taxes from individuals and payrolls than it ever has before, while a drop in corporate taxes has kept the fed's overall revenue lower than the year before, the U.S. Treasury said.

The Monthly Treasury Statement declared that between Oct. 1, 2016 and March 31, 2017, gross corporate tax figures are lower than last year, having dipped by approximately $24.7 billion from $124.9 billion in the first six fiscal months of 2016 to $100.2 billion in first six months of fiscal 2017, reports CNS News.

The lower corporate tax revenue is one of the main factors contributing to the federal government's reduced revenue compared to the first half of fiscal 2016.

Despite this, Americans paid approximately $695 billion in individual income taxes, which is roughly $7.3 billion more than they paid in the first half of the 2016 fiscal year.

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Meanwhile, payroll taxes, including Social Security, also proved lucrative for the government, which took in $2.7 billion more than the $544.4 billion the year before, with a total of $547.4 billion from this sector.

Excise taxes from the beginning of fiscal 2017 are $2.7 billion lower than the previous year, when it totaled $40.2 billion.

Customs taxes also dipped, with an approximately $1.2 billion decline from $18.1 billion in the first half of 2016.

Although the fed collected record-breaking individual revenue for those six months, it still clocked in with a deficit of $526.8 billion since it collected an overall $1.47 trillion in total taxes but spent $1.99 trillion.

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On average, the total taxes that the fed collected comes out to approximately $9,628 for every one of the 153 million people who have a job in the U.S.

Where is all that money going? According to Pew Research, the vast majority of tax revenue goes toward social programs.

Out of the $3.95 trillion estimated spending in fiscal 2016, 73 percent went toward human services, with 24 percent funding Social Security, 15 percent going toward Medicare and 13 percent each supporting the general health budget and income security. An additional 15 percent of the overall budget went toward national defense, six 6 went to net interest and 6 percent funded other ventures.

Sources: CNS News, Pew Research / Photo credit: Milad Mosapoor/Wikimedia Commons

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