Which presidential candidate has the better tax plan? When will Donald Trump, if ever, release his tax returns? How would Hilary Clinton’s plan for corporate taxes and the estate tax affect the business world and the wealthy? The questions go on and on. It’s tough to always get straight answers as the candidates and their staffers typically look to spin their comments in such a way to stay as neutral as possible so as to not lose any potentially undecided voters.
Meanwhile, at a time when taxes continue to be a hot topic as the presidential election nears it’s final weeks, the U.S. Treasury recently released some new data regarding tax collection over the life of the current president. According to the Treasury’s monthly statement, over the 91 months that President Obama has been in office he has now collected over $20 trillion in federal taxes.
That is a staggering figure. In addition, during that same time the federal deficit has increased from $10.6 trillion in February 2009 to it’s current amount of $19.5 trillion. So on average, how much does that mean for each taxpayer? According to the Bureau of Labor Statistics, 151.6 million people were listed as employed in the month of July in the U.S. Given the amount of money collected in taxes over the president’s time in office, the average amount each worker would’ve paid is approximately $133,216.
So while it remains to be seen how the next president will handle taxes, it’s fair to say that taxpayers, especially the wealthy, have paid an enormous tax bill during the current president’s tenure.
The post Federal Tax Collection Up, Along With Federal Debt first appeared on Advisors to the Ultra-Affluent – Groco.