The federal government collected $3.27 trillion in taxes in fiscal year 2016, according to the latest monthly Treasury Department statement. The federal government ran a deficit of $587 billion despite the record revenue.
Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items.
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Time For Truth: (Free Beacon) – Government Collects $3.27 Trillion in Taxes in Fiscal Year 2016
Facebook’s UK arm ended 2015 with an £11.3m credit to offset against future tax payments just months after vowing to contribute more to the Exchequer.
Despite reporting a worldwide profit of $6.19bn (£4.97bn), accounts for the social network’s British holding company show that it ended the year with a £11.3m tax credit, compared to a charge of £4,327 in the prior year.
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Time For Truth: (The Telegraph) – Facebook gets £11m tax credit, after vowing to pay more to taxman
President Obama has swelled the ranks of government PR, adding hundreds of new public relations specialists to the federal payroll during his time in office, costing taxpayers a half-billion dollars a year, the government’s chief watchdog said Wednesday.
That doesn’t include the more than $100 million the administration spends annually for help from private sector spinmeisters, nor does it account for the $800 million spent on contracts for advertising in 2015, according to the Government Accountability Office.
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Time For Truth: (The Washington Times) – Obama’s army of PR staffers costs taxpayers $500 million per year
The New York Times has excited the Clinton campaign and the rest of the media with a revelation that Republican nominee Donald Trump declared a $916 million loss in 1995 that might have resulted in him not paying taxes in some subsequent years.
The implication, reinforced by CNN’s Jake Tapper on State of the Union on Sunday morning, is that Trump “avoided” paying taxes, when in fact his tax liability was zero.
But the Times itself has “avoided” paying taxes — in 2014, for example.
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Time For Truth: (Breitbart) – The New York Times Paid No Taxes in 2014
Indonesia plans to pursue Alphabet Inc’s Google for five years of back taxes, and the search giant could face a bill of more than $400 million for 2015 alone if it is found to have avoided payments, a senior tax official said.
Muhammad Haniv, head of the tax office’s special cases branch, told Reuters its investigators went to Google’s local office in Indonesia on Monday.
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Time For Truth: (Reuters) – Google may face over $400 million Indonesia tax bill for 2015: government official