Federal Tax Collection Hits Record High for 2015 Fiscal Year

The federal government collected a record $3,248,723,000,000 in tax revenue for the 2015 fiscal year, amounting to a whopping $21,833 per worker, according to the recently released Monthly Treasury Statement.

From CNS News,

“It is also up about $212,927,100,000 in constant 2015 dollars from the $3,035,795,900,000 in revenue (in 2015 dollars) that the Treasury raked in during fiscal 2014. Even as the Treasury was hauling in a record $3,248,723,000,000 in tax revenues in fiscal 2015, the federal government was spending $3,687,622,000,000. So, the federal government ran a deficit of $438,899,000,000 for the fiscal year.”

The largest portion of fiscal 2015’s tax collection comes from individual income tax, amounting to $1,540,802,000,000, while payroll taxes for “social insurance and retirement receipts” raked in $1,065,277,000,000. Corporate tax rates yielded an additional $343,797,000,000.

Increased tax legislation was enacted in 2012 after president Obama struck a deal with Republicans which included increasing the top income tax rate from 35 per cent to 39.6 per cent. Dividends, interest, capital gains and royalties increased an additional 3.8 per cent after Obamacare took effect in 2013.

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