Skip to content
Catholic Online SHopping 20% off RE-Grand Opening SALE

RE-Grand Opening
FREE Shipping over $49 (lower 48)

In spite of tax revenue all-time highs - government still running in the deficit

By Catholic Online (NEWS CONSORTIUM)
3/18/2014 (3 years ago)
Catholic Online (www.catholic.org)

Five-month deficit still at $377 billion

According to the Monthly Treasury Statement for February, inflation-adjusted federal tax revenues hit a record $1,104,947,000,000 in the first five months of fiscal 2014. It would stand to reason that the government would have partially dug itself out of its hole. No chance - as the federal government still ran a $377,379,000,000 deficit during that time.

Congress passed and President Obama signed 'The American Taxpayer Relief Act,' in early 2013. While this act made permanent some of the lower tax rates enacted for ten-year periods under President George W. Bush, it also increased some tax rates.

Congress passed and President Obama signed "The American Taxpayer Relief Act," in early 2013. While this act made permanent some of the lower tax rates enacted for ten-year periods under President George W. Bush, it also increased some tax rates.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
3/18/2014 (3 years ago)

Published in Business & Economics

Keywords: Tax revenue, deficit, taxes


LOS ANGELES, CA (Catholic Online) - Treasury publishes the government's "total receipts" monthly, including all revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes. This also includes Social Security and Medicare taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties and "miscellaneous receipts."

The $1,104,947,000,000 that the federal government collected from October through February in fiscal 2014 was $90,193,750,000 more than the $1,014,753,250,000 it collected in October through February in fiscal 2013.

Prayer, fasting and almsgiving.

Following that fiscal year, the second highest federal tax intake in the first five months of a fiscal year occurred in the first five months of fiscal 2007, when the government collected $1,076,721,860,000 in 2014 dollars . or $28,225,140,000 less than in the first five months of this fiscal year.

The first five months of fiscal 2007 ran from October 2006 through February 2007. The last recession hit in December 2007 and ended in June of 2009.

Congress passed and President Obama signed "The American Taxpayer Relief Act," in early 2013. While this act made permanent some of the lower tax rates enacted for ten-year periods under President George W. Bush, it also increased some tax rates.

"Amends the Internal Revenue Code to: (1) revise income tax rates for individual taxpayers whose taxable income is at or below the $400,000 threshold amount ($450,000 for married couples filing a joint return) and increase the rate to 39.6 percent for taxpayers whose taxable income exceeds the threshold, (2) set the threshold for the phase out of personal tax exemptions and itemized deductions at $250,000 for individual taxpayers ($300,000 for married couples filing a joint return), and (3) increase the top marginal estate tax rate from 35 percent to 40 percent," the Congressional Research Service summary of the law reports.

The law also: "Increases the capital gains tax rate from 15 percent to 20 percent for taxpayers whose taxable income exceeds the $400,000 threshold amount."

---


'Help give every student and teacher Free resources for a world-class moral Catholic education'


Copyright 2017 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for AUGUST 2017
Artists.
That artists of our time, through their ingenuity, may help everyone discover the beauty of creation.


Comments


More Business & Economics

Get ready for self checkout everywhere: 3.5 million retail cashiers are about to be replaced by automation Watch

Image of Retail cashiers often loathe self checkout stands. However, both cashiers and self checkout stands are facing replacement as new technologies threaten to eliminate the checkout process.

Automation is coming soon to a store near you as retailers look for ways to cut costs and improve profits. The best way to accomplish this ... continue reading


'Budgets are moral documents'

Image of

The highly relevant quote, "Budgets are moral documents," has been arguably attributed to Rev. Martin Luther King, Jr. But if he didn't ... continue reading


Central bankers warn of looming global recession Watch

Image of A recession could be lurking around the corner and central banks have been asked to take note, especially in Asia.

A group of central bankers has warned that a great recession, possibly larger than the 2007-2008 recession is looming on a global scale. ... continue reading


The end of the farm as we know it has arrived - here's how we're about to change the way we grow food Watch

Image of Farming, with its backbreaking labor and myriad of challenges, is about to become an anachronism. Vertical farming will replace the traditional farm within the next few decades.

Farming as we know it is about to disappear. The entire disappearance may take generations to happen, and there will always be a few farms ... continue reading


Why Google, YouTube, Facebook and others need to be broken up -- or regulated Watch

Image of Monopolies are back, and they're taking over everything.

Is to time to break up the monopolies? As Google, Facebook and others grow larger, calls for their breakup are emerging. There is an urgent ... continue reading


Never Miss any Updates!

Stay up to date with the latest news, information, and special offers.

Catholic Online Logo

Copyright 2017 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2017 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.