The overwhelming portion of the taxes you pay as personal income tax are now going towards literally nothing.
The most recent Treasury data showed that as the federal government approaches a $35 trillion national debt, $1.14 trillion is expected to be spent on interest payments alone this fiscal year.
According to Blocknomi:
Interest payments on the federal debt now account for 76% of all personal income taxes collected. This means that for every dollar Americans pay in income tax, about 76 cents go towards paying interest on the national debt.
For reference, roughly 45%, or nearly half of the federal government’s revenue is from personal income taxes.
The "76%" statistic is for recent data from June, which showed that the U.S. government spend $140 billion on interest for Treasury debt securities and ollected $185 billion in individual income taxes the same month.
The rapid growth of the national debt is alarming many observers. At the start of 2000, the U.S. federal government debt stood at $5.77 trillion. By 2010, it had more than doubled to $12.77 trillion. The debt reached $23.22 trillion at the beginning of 2020. Now, just a few years later, it has climbed to nearly $35 trillion.
In the last fiscal year of the Trump presidency, annual interes on the debt were at $521 billion, which was $44 billion (15%) higher than the $454 billion the government was spending the year before he took office. By contrast the government’s annual interest expense under Biden increased by a whopping $619 billion from what he inherited, a 114% increase.
In other words, so severely did Biden screw up the nation’s finances that the federal government’s annual interest expense under Trump was closer to zero than it is to Biden’s.
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