Feds Taxed and Borrowed $4.47 Trillion Since Last Tax Day; $13,737 for Every Man, Woman, Child in USA

By Terence P. Jeffrey | April 17, 2018 | 11:12am EDT
House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell (Screen Capture)

(CNSNews.com) - The federal government has taxed and borrowed $4,474,356,967,081 since Tax Day 2017, according to statements published by the U.S. Treasury.

That $4,474,356,967,081 in taxing and borrowing equals approximately $13,737 for each of the 325,719,178 people living in the United States as of July 2017.

In 2017, the tax filing deadline was April 18. As of that day, according to Table IV in the Daily Treasury Statement, the federal government had brought in $1,668,245,000,000 in tax revenues. For the entire fiscal year, which ended on September 30, 2017, the federal government would collect $3,314,894,000,000 in taxes, according to the Monthly Treasury Statement.

Thus, between Tax Day 2017 and the end of fiscal 2017, the federal government collected $1,646,649,000,000 in total taxes.

So far in this fiscal year, as reported by the most recent Daily Treasury Statement (April 13, 2018), the federal government has collected $1,610,384,000,000 in taxes.

Thus, since Tax Day 2017, the federal government has collected approximately $3,257,033,000,000 in taxes ($1,646,649,000,000 + $1,610,384,000,000)

On Tax Day last year (April, 18, 2017), the debt of the federal government $19,846,106,186,190.44, according to the Treasury. On April 13, 2018, which is the most recent day reported by the Treasury, the debt of the federal government was $21,063,430,153,271.02.

Thus, the debt of the federal government has increased $1,217,323,967,080.58 since last tax day.

The combined federal taxation ($3,257,033,000,000) and borrowing ($1,217,323,967,080.58) since Tax Day 2017 is approximately $4,474,356,967,080.58.

Given that the Census Bureau estimates the population of the United States was 325,719,178 as of July 2017 that means the federal government taxed and borrowed approximately $13,736.85 for every man, woman and child in the country.

 

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