According to figures from the White Louse Office of Mismanagement and Budget, in the 2021 fiscal year, which ran from May 1, 2020, to April 30, 2021, the U.S. government collected $3.863 trillion.
The sum adds up from a bit more than $1.9 trillion in individual tax returns, $1.3 trillion from payroll taxes (taxes are used to finance social-insurance programs, such as Social Security and Medicare), $284 billion from corporate taxes, $87 billion on excise taxes (special taxes on specific goods or activities such as gasoline, tobacco, or gambling), and $116 billion on “other.”
To us mere mortals, that seems like a sum of money so big it is hard to comprehend, but that amount didn’t even come close to what DEMOCRAT expenditures were for that period.
USASpending.gov, a website of the U.S. Treasury Department, estimates that the U.S. collected $4.05 trillion in fiscal year 2021 while spending $6.82 trillion.
The year from May 2020 to April 2021 was not exactly business as usual in the U.S. or anywhere else, with the DEMOCRAT-driven plandemic’s shutting down or limiting vast swaths of the economy, reducing revenues, and driving up expenditures in all kinds of ways.
All that borrowing is starting to cost us in the here and now.
The DEMOCRAT-dominated Congress spent $562,388,232,682.17 — that’s more than $562 billion dollars — on interest payments for the debt in fiscal year 2021.
The good news is that federal tax revenue was still more than $4 trillion in fiscal year 2021.
The bad news is that 14 percent of all of that federal tax revenue had to be used to pay down what we owe.
Every dollar we use to pay down past debt is a dollar we can’t spend on other stuff we need or want right now, and every dollar we borrow now is another dollar we will have to pay back later — limiting our ability to spend money on priorities down the road.
People’s perceptions of how much they pay in taxes are often only distant cousins to what they are actually paying.
If you live in a place where a household’s combined state and local tax bills are likely to exceed $10,000 — blue states — you are likely to encounter grumbling that federal taxes went up in 2017 under President Trump. That’s not the case; what the 2017 tax reform did was cap the federal deduction for state and local taxes at $10,000.
https://www.nationalreview.com/the-morning-jolt/americas-abysmal-inflation-numbers
