A lot of you might not realize that tax day was July 15. The government pushed the date back from April 15 due to the coronavirus pandemic. So, we got a little reprieve in the spring. But as they say, nothing is certain but death and taxes. The grim reaper and the taxman always cometh eventually.
If you got a refund, you probably went ahead and filed earlier this year so you could get that nice check from Uncle Sam. I did not get a refund. Therefore, I put off filing until the last minute. That means I had to write a big fat check to the IRS last Wednesday.
A lot of people claim that taxation is the price we pay to live in a “civilized” society. But given the fact that the vast majority of our tax dollars fund weapons meant to break things and kill people, I kind of question that notion.
Regardless, taxation is the price we pay for overreaching, unconstitutional government and that price tag is going up by the minute.
The federal budget deficit in the month of June totaled nearly the entire 2019 fiscal year shortfall and would rank sixth largest-ever if it were a yearly deficit.
The June deficit came in at $864.1 billion dollars, according to the latest Treasury Department report. To put that into perspective, here are the biggest annual budget deficits in U.S. history.
- 2009 – $1.413 trillion (G.W. Bush/Obama)
- 2011 – $1.300 trillion (Obama)
- 2010 – $1.294 trillion (Obama)
- 2012 – $1.077 trillion (Obama)
- 2019 – $984 billion (Trump)
- June2020 – $864 billion (Trump)
When the calendar year deficit for 2019 came in at just over $1 trillion, I said the federal government was “spending us into oblivion.” It’s hard to even come up with words to describe a monthly budget shortfall of $864 billion.
And yet most people don’t seem to care.
You should care.
Because as the saying goes: there’s no such thing as a free lunch. We’re going to pay for all this — either through more taxation or inflation. Probably both.
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