US Seeing Highest Spending Since 2009 Stimulus
Real federal spending in FY 2017 was the 2nd highest in the history of the United States, topped only by Y 2009, when former president Barack Hussein Obama’s $840-B stimulus law was enacted according to reports.
Fiscal Year (FY) 2017 also saw the 2nd highest real federal individual income tax totals of any year in US history, the Monthly Treasury Statement reported Friday.
Total federal tax revenues were the 3rd highest in US history.
Despite the tax money, the federal government ran a deficit of $665.7-M.
The GOP-controlled Congress enacted all federal spending legislation in FY’s 2016 and 2017.
Here is the breakdown:
- Total federal spending in FY 2017 was $3,980,605,000,000. Total federal tax revenue was $3,314,893,000.
- In FY 2009, real federal spending was $4,024,794,600,000 (adjusted using the Bureau of Labor Statistics inflation calculator)
- Federal individual income taxes hit their all-time peak in FY 2015, when the Treasury took in $1,598,265,180,000 in constant Y 2017 dollars in individual income taxes. In FY 2017, individual income tax collections hit $1,587,119,000,000, the 2nd largest sum in individual income taxes the federal government has ever collected.
- Total federal tax revenue was $3,314,894,000,000 in FY 2017.
Have a terrific weekend.
Latest posts by Paul Ebeling (see all)
- The Street’s Key Stock Analysts Research Report - December 10, 2019
- Gold’s Great Year Points to Another - December 10, 2019
- Buy a New Ferrari to Drive, Buy the Stock as an Investment - December 9, 2019