While federal tax revenues are at an all-time high - federal government still running a deficit
By Catholic Online (NEWS CONSORTIUM)
7/15/2014 (2 years ago)
Catholic Online (www.catholic.org)
While federal tax revenues continue to run at a record pace in fiscal 2014, their still no way out of the forest yet. The federal government's total receipts for the fiscal year closed last month at an unprecedented $2,258,565,000,000, according to the Monthly Treasury Statement.
What's the old saying?
LOS ANGELES, CA (Catholic Online) - With $323.646 billion in revenue coming into federal coffers last month alone, the federal government spent $253.127 billion, and ran a surplus for the month of $70.519 billion.
In spite of this one-month surplus, the government has still run a cumulative deficit of $385.855 billion in the first nine months of fiscal 2014. Why?
The federal government in fiscal 2013 also ran a one-month surplus in June, which amounted to $75.114 billion. The feds ended fiscal 2013 with a full-year deficit of $680.221 billion.
The White House Office of Management and Budget has estimated that in the full fiscal 2014, the federal government will collect $3.001721 trillion in taxes and spend $3.650526 trillion, while running a deficit of $648.805 billion.
The office has also estimated that the federal government will collect a record amount in inflation-adjusted tax revenues.
When adjusted for inflation, the second-greatest federal tax haul through June was in fiscal 2007. By the end of June that year, the federal government had taken in approximately $2.232 trillion in total receipts in constant 2014 dollars.
For the first nine months of FY 2014, the single largest source for the federal government's record tax receipts in was the individual income tax, which brought the Treasury approximately $1.0458 trillion.
The second largest source was what the Treasury calls "Social Insurance and Retirement Receipts," which includes the Social Security payroll tax, the unemployment insurance tax and other retirement taxes.
The third largest source of federal revenue in the first eight months of fiscal 2014 was the corporation income tax, which brought in $235.018 billion.
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