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.
Copyright 2017 - Distributed by THE CALIFORNIA NETWORK
Pope Francis Prayer Intentions for JUNE 2017
National Leaders. That national leaders may firmly commit themselves to ending the arms trade, which victimizes so many innocent people.
The Supreme Court has ruled 7-2 in favor of Trinity Lutheran Church, that Missouri's denial of the church's application to have its ... continue reading
Nancy Pelosi, long the reigning queen of the Democratic party, is about to lose her crown. Under her leadership, the Democratic Party has ... continue reading
Why do liberals want to kill conservatives? Here's a list of liberal threats and attacks on conservatives since mid-2016 Watch
When people don't like the outcomes of political decisions, they can become passionate. There was no shortage of conservative outrage ... continue reading
The Crusades never ended. Despite popular belief, the world's most ardent Muslims covet Jerusalem. And they have no intention of ending ... continue reading
There is only one kind of Islam in the world, and the politically correct ignore this fact at their peril. To understand the risk posed by ... continue reading
by Catholic Online
- Daily Readings for Thursday, June 29, 2017
- ISIS sex slave forced to EAT her COOKED one-year-old BABY
- Waymo announces self driving trucks, industry close to shifting
- Daily Reading for Friday, June 30th, 2017 HD Video
- Mafia responds to Pope Francis' suggestion they be excommunicated HD ...
- The Martyrdom of the Apostles Peter and Paul Invites Us Into a New ...
- St. Peter: Saint of the Day for Thursday, June 29, 2017
- pope francis
- St. John
- holy spirit
- morning prayer
- Saint Elizabeth
- St. Augustine
- Saint Anne
- st agnes
- saint monica
- saint catherine
- Saint Lucy
- saint clare
- saint rose
- st rose of lima
- immaculate conception
- st augustine
- st monica
- saint of the day
- St. Elizabeth
- Daily Reading for Thursday, June 29th, 2017 HD
- Terrorists using Christians as sex slaves and human shields in the Philippines HD
- Daily Reading for Wednesday, June 28th, 2017 HD
- Central bankers warn of looming global recession HD