US now spending 26% of available tax revenue just to pay interest
This is irrespective of the trillion dollars they borrowed.
The IRS collected $2.49 trillion in taxes last year (net of refunds). But of this amount, $891 billion was from payroll tax.
According to FICA and the Social Security Act of 1935, however, this amount is tied directly to funding Social Security and Medicare. It is not to be used for interest payments.
Based on this data, the amount of tax revenue that the US government had available to pay for its operations was $1.599 trillion in FY2013.
This means they actually spent approximately 26% of their available tax revenue just to pay interest last year… a much higher number than 17%.
This is an unbelievable figure. The only thing more unbelievable is how masterfully they understate reality… and the level of deception they employ to conceal the truth.
It will go much higher mark my words.It reminds of something that really bothers me.You hear people saying we should do all kinds of asinine shit the feds want done.Their rationale is we pay those taxes we want that money back home.
Well riddle me this why should we send that money there just to be laundered by a bunch of far away bureaucrats and politicians why not keep it closer to home with bureaucrats and assholes you can obstensibly keep an eye on.
It's like the breakout of which states get back a percentage of tax dollars back from the feds.
How could it be possible to get dollar to dollar back who is funding all the stupid shit they do in DC.
We just borrow that money I guess to fund the bureaucrats and their gold plated bennies.
It's gonna come crashing down we are not immune to the laws of economics and it is gonna be a bloodbath.
H/T Bad Blue Prep
This is irrespective of the trillion dollars they borrowed.
The IRS collected $2.49 trillion in taxes last year (net of refunds). But of this amount, $891 billion was from payroll tax.
According to FICA and the Social Security Act of 1935, however, this amount is tied directly to funding Social Security and Medicare. It is not to be used for interest payments.
Based on this data, the amount of tax revenue that the US government had available to pay for its operations was $1.599 trillion in FY2013.
This means they actually spent approximately 26% of their available tax revenue just to pay interest last year… a much higher number than 17%.
This is an unbelievable figure. The only thing more unbelievable is how masterfully they understate reality… and the level of deception they employ to conceal the truth.
It will go much higher mark my words.It reminds of something that really bothers me.You hear people saying we should do all kinds of asinine shit the feds want done.Their rationale is we pay those taxes we want that money back home.
Well riddle me this why should we send that money there just to be laundered by a bunch of far away bureaucrats and politicians why not keep it closer to home with bureaucrats and assholes you can obstensibly keep an eye on.
It's like the breakout of which states get back a percentage of tax dollars back from the feds.
How could it be possible to get dollar to dollar back who is funding all the stupid shit they do in DC.
We just borrow that money I guess to fund the bureaucrats and their gold plated bennies.
It's gonna come crashing down we are not immune to the laws of economics and it is gonna be a bloodbath.
H/T Bad Blue Prep