Interest Consumes 40% of Income Taxes, U.S. Treasury’s Unsustainable Path Raises Default and Inflation Fears

By Citizen Watch Report

The interest payments on the national debt alone used up 40% of all the money collected from individual income taxes in October. This means a significant portion of the taxes paid by individuals goes just towards paying the interest on the money the government has borrowed.

The US Treasury is now spending almost twice as much on interest compared to the previous year