US Sets Record Revenue & Nearly $800 Billion Deficit

[Michael Hackmer, CEO and Founding Partner, Government Contractors]

The U.S. federal government set a record in individual income tax revenue in 2018, collecting more than $1.683 trillion from taxpayers, according to the Monthly Treasury Statement released this month.

The period reflects the government’s fiscal year, which runs from October 2017 to September 2018.

However, while the government collected more revenue from taxpayers in history, it ran a nearly $800 billion deficit.

Data shows that these deficits are starting to add up, and could reduce the government’s ability in the future to fund essential programs.

Do you think the deficit is a problem?

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