Americans paying more taxes, but deficit growing
Americans are paying more in taxes to the federal government this year, but the deficit is still growing, MarketWatch reported.
In March, the U.S. government ran a deficit of $53 billion, the Treasury Department reported on Monday. That was $16 billion more than the same month last year. For the fiscal year to date, the deficit is $439 billion, $26 billion more than the year-ago period.
Receipts of individual withheld taxes climbed by 7 percent in March. For the year, they’re up 5 percent. In the first half of fiscal 2015, total receipts – including corporate and individual taxes, customs and other fees – have climbed 7 percent.
The Congressional Budget Office says growth in wages and salaries is behind the higher income-tax receipts, while higher taxable profits in calendar year 2014 likely accounts for greater receipts of corporate taxes. The government’s budget year runs from October to September.
Spending is up 7 percent in the first six months of the fiscal year. Some of the biggest year-to-date increases are for education programs, Medicaid, and certain defense programs.