(CNSNews.com) - The federal debt has increased by more than $1 trillion in the first six months of fiscal 2021, according to the official figures published by the U.S. Treasury.
On Sept. 30, 2020, the last day of fiscal 2020, the federal debt closed at $26,945,391,194,615.15. At the close of business on March 29, it was $27,990,843,257,187.65.
Thus, the federal debt has risen $1,045,452,062,572.50 so far in fiscal 2021.
It took 205 years from the founding of the republic in 1776 for the federal government to accumulate its first $1 trillion in debt. At the close of business on Sept. 30, 1981, the last day of fiscal 1981, the debt stood at $997,855,000,000.00, according to the Monthly Statement of the Public Debt. By Oct. 31, 1981, it had risen to $1,005,042,000,000.00.
In 2018, the most recent year for which the IRS has published comprehensive data on tax returns, Americans filed 100,424,240 “taxable returns.” “A taxable return,” says the IRS, “is a return on which the taxpayer reports total income tax greater than zero dollars.” It can be filed by a single person, or a married couple filing jointly, or a head of household.
The current federal debt of $27,990,843,257,187.65 equals $278,725.96 for each of the 100,424,240 income-tax-paying units there were in the United States in 2018.