Feds still digging into debt after collecting almost $2 trillion in tax revenue
By Catholic Online (NEWS CONSORTIUM)
6/17/2014 (3 years ago)
Catholic Online (www.catholic.org)
According the federal government's Monthly Treasury Statement, tax revenues continue to rise, having closed out the fiscal year in May with an unprecedented $1,934,919,000,000 in total receipts.
President Obama's administration has set a record for tax revenue taken in a fiscal year.
LOS ANGELES, CA (Catholic Online) - Despite the record revenue, the federal government still ran a deficit in the first eight months of the 2014 fiscal year which began on October 1, 2013, owing more than $436 billion.
In May alone the government managed a deficit of $129.971 billion, spending $329.860 billion after bringing in $199.889 billion.
The White House Office of Management and Budget has estimated that after the full fiscal 2014 year which ends on September 30, the government will have spent $3.650526 trillion after collecting $3.001721 in taxes-running a deficit of about $648 billion.
In addition to the above, the OMB has estimated that while running this deficit, the government will collect a record amount of inflation-adjusted tax revenues. After adjusting for inflation, the second-biggest tax haul occurred in fiscal 2007, when the government collected around $1.908 trillion.
The largest source for this money has been the individual income tax, which brought the Treasury $903.024 trillion. The second largest source is what the Treasury calls "Social Insurance and Retirement Receipts," which includes Social Security payroll tax, unemployment insurance tax and other retirement taxes. These sources accounted for $694.268 billion in tax revenue.
Corporate income tax was the third largest source, bringing in $164.840 billion.
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