WA Examiner: Federal tax receipts for the first ten months of the fiscal year hit a new record in July, according to the Congressional Budget Office, reaching a total of $2.679 trillion by the end of the month. The figure comes with a couple of caveats: It sounds slightly better after adjusting for inflation, but the deficit sounds worse.
Total revenue represented a slight increase over 2015, according to the agency's monthly budget review, when the feds took in $2.672 trillion over the same period. But the federal deficit for the ten month period was much larger than last year. The feds this time took in $514 billion less than they spent spent, compared to $466 billion in 2015.
The deficit has gone from 17% of taxes to 19% of taxes, so Congress has an additional 2% of expenses to cover. The increase in taxes is minuscule and taxes receipts have tapered off to near zero growth. Recent measures of corporate income bode ill for taxes. During the expansion tax income had been growing at 5-10% at times, as we restored production and inflated asset prices.
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