US Deficit Nears 70% of the Tax Intake

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The United States is set to borrow $2.3 trillion this year according to the Congressional Budget Office (CBO). “The federal budget deficit for 2021 is $2.3 trillion in CBO’s projections. At 10.3 percent of GDP, that deficit would be the second largest since 1945, exceeded only by the shortfall recorded last year, which equaled 14.9 percent of GDP,” says Phillip Swagel, CBO’s Director. This amounts to about 70% of the tax intake which for 2020’s fiscal year, running from July to September, stood at $3.42 trillion. $1.609 trillion was from individual income taxes. Corporate taxes brought $211.8 billion. Social insurance and retirement receipts were $1.310 trillion. Excise taxes were $86.8 billion. Customs duties were $68.6 billion. Miscellaneous receipts were $116.5 billion. While Estate and gift taxes were just $17.6 billion. The tax intake for 2021 is projected to be around the same at $3.7 trillion, meaning the US government is…

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