$2.46T: Tax Revenues for FY14 Hit Record Through July--Gov't Runs $460B Deficit

August 13, 2014 - 6:29 PM

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(AP Photo)

(CNSNews.com) -- Inflation-adjusted federal tax revenues hit a record $2,469,178,000,000 for the first 10 months of the fiscal year this July, but the federal government still ran a $460,450,000,000 deficit during that time, according to the Monthly Treasury Statement.

Each month, the Treasury publishes the government’s “total receipts,” including all revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes (including Social Security and Medicare taxes), unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and “miscellaneous receipts.”

In constant 2014 dollars, the $2,469,178,000,000 that the federal government collected from October through July in fiscal 2014 was $129,126,250,000 more than the $2,340,051,750,0000 it collected in October through July in fiscal 2013.

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The Treasury has been tracking these data since 1977 and at that time the federal government collected $1,142,724,890,000 in inflation-adjusted revenue in the first 10 months of fiscal 1977. This means that since then, revenues have more than doubled, increasing by 116.1 percent.

After the current fiscal year, the second highest federal tax intake in the first 10 months of a fiscal year occurred in the first 10 months of fiscal 2007, when the government collected $2,432,115,460,000 in 2014 dollars – or $37,062,540,000 less than in the first 10 months of this fiscal year.

The first half of fiscal 2007 ran from Oct. 1, 2006 through March 31, 2007. The last recession hit in December 2007 and ended in June 2009.

Although the federal government brought in a record of approximately $2,469,178,000,000 in revenue in the first 10 months of fiscal 2014, according to the Treasury, it also spent approximately $2,929,628,000,000, leaving a deficit of approximately $460,450,000,000.