Federal Taxes, Spending and Deficit All Set Records Through May
(Worthy News) – The federal government set new records in the taxes it collected, the spending it engaged in and the deficit it ran through the first eight months of fiscal 2021 (October through May), according to the Monthly Treasury Statement.
Federal taxes hit a record $2,606,879,000,000 while federal spending climbed to $4,670,668,000,000, resulting in a federal deficit of $2,063,789,000,000.
When the historical October-through-May tax revenues are adjusted for inflation into May 2021 dollars (using the Bureau of Labor Statistics inflation calculator), the second-highest tax revenues for the October-through-May period came in fiscal 2016. That year the Treasury collected $2,397,198,010,000 in total tax revenues (in constant May 2021 dollars) in the first eight months of the fiscal year. [ Source: CNS News (Read More…) ]
Worthy News reports from a biblical worldview with a commitment to accuracy, transparency, and editorial independence. Learn more about About Worthy News, our Editorial Standards, AI Use Policy, Ownership of Worthy News, News Tips and Corrections, and Worthy News Staff.
đź’ˇ Did you know? One of the best ways you can support Worthy News is by simply leaving a comment and sharing this article.
📢 Social media algorithms push content further when there’s more engagement — so every 👍 like, 💬 comment, and 🔄 share helps more people discover the truth. 🙌
Latest Worthy News
Books by George Whitten
Identity in Messiah Revealed https://identityinmessiah.com
A devotional journey calling believers out of self-doubt and into confident, Kingdom-rooted identity in the Messiah.
Get it on Amazon
The Biblical Fall Feasts Revealed https://biblicalfallfeasts.com
An in-depth look at the Biblical fall feasts and their prophetic significance for believers today.
Get it on Amazon