Americans are sending record amounts of cash to Uncle Sam—who apparently still needs more money.
Taxpayers have paid a grand total of $3.25 trillion in taxes for fiscal year 2015, according to newly released federal data, which was $228 billion higher than the total receipts in fiscal year 2014. That water mark was an increase of 8 percent, and was the highest amount on record.
According to the Monthly Treasury Statement released Thursday, more than one-third of fiscal 2015's taxes came from individuals, at $1.54 trillion, while corporations paid little more than one-ninth at $347.80 billion. The rest comes from social insurance and retirement taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous receipts.
Despite the record intake, the U.S. government ran a deficit of $438.90 billion for the fiscal year—it's lowest level in eight years.
However, according to a joint statement by Treasury Secretary Jacob Lew, and Director of the Office of Management and Budget Shaun Donovan, the deficit is still $144 billion less than predicted in President Obama's fiscal year 2016 budget.
The U.S. government has been embroiled in a debate over the debt ceiling in recent days. In a Thursday letter to Congress, Lew said the U.S. debt limit will be exhausted Nov. 3, two days earlier than anticipated.
