You know politicians are always crying about not having enough money to do what they want to do. And by money, of course, they mean your money. But it’s not revenues that are the problem for government spenders. Revenues are actually at all-time highs. In the first nine months of 2022, the government taxed its way to $3,835,390,000,000 in revenues. That’s a record haul. CNS News reports:
The federal government hauled in a record $3,835,390,000,000 in total taxes in the first nine months of fiscal 2022 (October through June), according to the Monthly Treasury Statement.
That was up $502,438,730,000—or 15.07 percent—from the then-record $3,332,951,270,000 (in constant June 2022 dollars) that the federal government collected in taxes in the first nine months of fiscal 2021.
The record $3,835,390,000,000 in total taxes that the federal government collected in the first nine months of this fiscal year included $2,135,472,000,000 in individual income taxes; $1,125,464,000,000 in social insurance and retirement receipts; $61,035,000,000 in excise taxes; $24,032,000,000 in estate and gift taxes; $74,181,000,000 in customs duties; and $109,154,000,000 in what the Treasury calls “miscellaneous receipts.”
At the same time that it was collecting this record $3,835,390,000,000 in total taxes, the federal government spent $4,350,457,000,000. Thus, the federal government ran a deficit of $515,067,000,000 in the first nine months of the fiscal year.
You know if you managed your family budget like the federal government handles America’s budget, you’d be bankrupt in a short time. And you don’t have a bucket of other people’s money to dip into when times get rough.
Rather than raising America’s taxes even further, politicians should focus on limiting the amount they’re spending.
Action Line: Limiting your own spending, and saving until it hurts is my suggestion to anyone looking to enjoy a comfortable retirement. YOU are your own biggest asset. The money you make working, and more importantly the portion of it you save, is what will have the greatest impact on your future financial freedom. You should supplement that income with a portfolio of income-producing stocks and bonds that are right for you. If you need help building a portfolio like that, get in touch with me here. If you want to get to know me better, click here to sign up for my free monthly Survive & Thrive letter.
