Witnessing the US Income Shaken by a Debt Storm

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Erlina Fury Santika 03/05/2023 17:02 WIB

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The United States has a massive debt of US$31.46 trillion, equivalent to approximately Rp463 quadrillion. How has US revenue been generated until now?

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United States Revenue (2015-2023)*

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A major problem is plaguing the United States (US). The superpower faces the possibility of defaulting on its soaring debt, which has reached US$3.46 trillion, or approximately Rp460 quadrillion, by June 2023.

As reported by Katadata, this potential default is due to lower-than-expected tax revenues.

The US Treasury Department relies on tax revenue and extraordinary measures to fully and timely pay federal bills until Congress raises or suspends the debt ceiling.

So, what are the actual revenues or income of the United States?

Data from the official US government website, Fiscal Data Treasury Gov, shows that US revenue in 2015 reached US$4.05 trillion, or approximately Rp59.444 trillion (using an exchange rate of Rp14,677 per US dollar).

After 2015, US revenue remained relatively consistent, ranging from US$3.9 trillion to US$4 trillion.

Even during the pandemic, the US still recorded revenue of US$3.9 trillion (Rp57.242 trillion) in 2020.

A significant achievement occurred in 2022, with revenue reaching US$4.9 trillion (Rp71.919 trillion). This figure represents 20% of the US Gross Domestic Product (GDP).

Fiscal Data states that the majority of federal revenue comes from individual and corporate income taxes, and social insurance taxes such as social security taxes.

Generally, federal revenue depends on tax collection from individuals and corporations. Revenue also increases during periods with higher tax rates.

"Alternatively, when individuals or corporations earn less money or tax rates are lowered, the government receives less revenue. In 2022, the US government collected the highest total revenue in its history," claims Fiscal Data.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Witnessing the US Income Shaken by a Debt Storm

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