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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."

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