The Ship RMS Titanic Sank This Day in 1912
The RMS Titanic broke in half and sank at 02:20 AM zulu on this day in 1912. Should never have happened, but metallurgists of the day didn’t understand the adverse effect of phosphorous upon the ductile to brittle transition temperature of steel. Today the Titanic rests at the bottom of the Atlantic Ocean at Latitude 41° 43′ 57″ North, Longitude 49° 56′ 49″ West, over 12,000 feet underwater. 1,514 men, women and children perished, only 710 survived. May they all rest in peace. The last Titanic survivor died in 2009. Not the worst maritime disaster in history, but the one seared into the conscience of the English speaking world.
Most of us, however, associate April 15th with the annual deadline for filing your U.S. and Michigan personal income taxes. Just how much money is extracted in personal income taxes on this fateful day?
Michigan expects to collect $ 8.3 billion in individual income taxes for its General Fund and refund $ 1.8 billion during the current fiscal year. A net of $ 6.6 billion. Our School Aid Fund will receive an additional $ 2.6 billion in personal income taxes. So Michigan’s total take from personal income taxes this fiscal year will be $ 9.17 billion. Total net Michigan government revenue is expected to be $ 52.7 billion during this fiscal year. The difference between the $ 9.17 billion in personal income tax revenues and the $ 52.7 billion in total net revenues – $ 43.5 billion – is all the other taxes and Federal funding which Michigan receives. Personal income taxes amount to 17.4% of all Michigan state government spending.
The White House expects to collect $ 1,610 billion ($ 1.6 trillion!) in personal income taxes during the current fiscal year. The Federal and Michigan government fiscal years have been in sync since the mid 1970s, both now starting on October 1st. Total net U.S. government revenue is expected to be $ 3,430 billion during this fiscal year. The difference between the $ 1,610 billion in personal income tax revenues and the $ 3,430 billion in total Federal revenues is all the other Federal taxes, about $ 1,820 billion. Those other Federal taxes exceed the amount collected in personal income taxes by 13%. The Federal government also spends a lot more than it takes in; FY 2016 total Federal spending is expected to be $ 3,964 billion, creating a projected Federal deficit of $ 535 billion, 13.5% of all Federal spending.
Funny how both the Federal and Michigan governments tack these income tax figures to the very end of their hundred plus page long budget documents, in small print to boot. All the ‘for the children‘ spending gets top billing in the glossy front pages.
Misery loves company. Now you know just how much company you have today.