Tax Revenues Hit Record for First Half of FY 2014
(CNSNews.com) -- Inflation-adjusted federal tax revenues hit a record $1,320,793,000,000 in the first half of fiscal 2014, but the federal government still ran a $413,264,000,000 deficit during that time, according to the Monthly Treasury Statement for March.
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 $1,320,793,000,000 that the federal government collected from Oct. 1, 2013 through March 2014 (the first half of fiscal year 2014) was $106,742,000,000 more than the $1,214,051,050,000 it collected in October through March in fiscal 2013.
After the current fiscal year, which ends on Sept. 30, 2014, the second highest federal tax intake in the first half of a fiscal year occurred in fiscal 2007, when the government collected $1,277,401,270,000 in 2014 dollars, or $43,391,730,000 less than in the first half 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 $1,320,793,000,000 in revenue in the first half of fiscal 2014, according to the Treasury, it also spent approximately $1,734,057,000,000, leaving a deficit of approximately $413,264,000,000.