Back in fiscal 2019, which ended last September before COVID-19 hit, the federal government set two records.
It collected more money in individual income taxes than in any previous year — and then spent more.
Did the Americans who paid that record sum in income taxes get their money's worth?
Or were they ripped off?
Let's start with the basic fiscal facts. In fiscal 2019, the federal government collected $1,717,857,000,000 in individual income taxes, according to the Monthly Treasury Statement for September 2019.
Even when adjusted for inflation, that was the most in individual income taxes the federal government had ever collected. It edged out fiscal 2018, when the government collected a then-record $1,683,537,000,000 (or $1,712, 347,440,000 in constant September 2019 dollars) in individual income taxes.
Of course, the federal government imposed more than just individual income taxes on American taxpayers in fiscal 2019. It also collected $1,243,087,000,000 in social insurance and retirement taxes; $230,245,000,000 in corporation income taxes; $98,915,000,000 in excise taxes; $70,784,000,000 in customs duties; $16,672,000,000 in estate and gift taxes; and $84,637,000,000 in other miscellaneous taxes.
All this added up to $3,462,196,000,000 in total tax collections, according to the Monthly Treasury Statement......
Poster Comment:
It's so easy to imagine various fedcrooks sitting around in some room splitting up the booty -- grossly enriching their personal selves, writing themselves tons of indirect benefit, plotting massive dirty dealings with captains of industry, buying support back home with corrupt infrastructure projects etc.... with no slightest thought to the Americans they've just stomped to death.