Keeping Track: The taxes add up
In recent years, income surpasses outlays
American taxpayers will contribute more than $970 billion dollars in income taxes to the federal government this fiscal year, according to estimates from the Office of Management and Budget.
The amount is nearly half of the total $2 trillion it expects to collect. Since the US government now spends less than it takes in, some of that surplus money will help pay down the $3.4 trillion federal debt held by the public. Some may also go back to taxpayers in the form of tax cuts being considered by Congress.
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