American workers paid out record levels of federal tax in January, with the U.S. Treasury collecting over $1 trillion between October 1st to January 31st, the opening months of 2017 tax year.
Yet, the government still ran a deficit of $157 billion, well above initial targets.
Adjusted for inflation, the total figure stands at a staggering $1.082 trillion, a $5.6 billion increase compared to the same period in 2016, averaging $7,133 per worker.
According to the Monthly Treasury Statement, over half of tax revenues, $550 billion, came from individual income tax. Social security payments and payroll taxes took in $360 billion, while corporation tax amounted to $84 billion, less than 10% of the total figure.
Federal tax rates have risen significantly since the Obama administration took office in 2008. In December, it emerged that in the eight years of the Obama administration, the national debt rose by $7.917 Trillion, a 68 per cent increase on what George W. Bush accrued by the end of his presidency.
Last year also saw a year of mass regulation imposed by the Obama administration, with an average 18 regulations added for every new law, and a record 97,000 pages of rules printed in the Federal Register.
President Donald Trump has promised significant tax breaks for both individuals and companies, as the new administration looks to boost competition.
“We are going to be cutting taxes massively for both the middle class and for companies,” Trump said in a meeting with business leaders in January. “And that’s massively. We’re trying to get it down to anywhere from 15 to 20 percent.”
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