(CNSNews.com) - Inflation-adjusted federal tax revenues not only hit a record high in fiscal 2014, but marked the first time that tax revenues have ever topped $3 trillion, according to the latest Monthly Treasury Statement. In fiscal year 2014, inflation-adjusted federal tax revenues hit a record $3,020,848,000,000, but the federal government still ran a $483,350,000,000 deficit during that time.
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.”
The largest share of the tax revenue so far this year has come from individual income taxes, which totaled $1,394,567,000,000 in fiscal 2014.
The rest of the receipts came from corporation income taxes totaling $320,731,000,000, employment and general retirement (off-budget) totaling $735,602,000,000, employment and general retirement (on-budget) totaling $229,465,000,000, unemployment insurance totaling $55,394,000,000, other retirement receipts totaling $3,472,000,000, excise taxes totaling $93,368,000,000, estate and gift taxes totaling $19,300,000,000, customs duties totaling $33,926,000,000 and miscellaneous receipts totaling $135,024,000,000.
In constant 2014 dollars, the $3,020,848,000,000 that the federal government collected from October through September in fiscal year 2014 was $188,581,890,000 more than the $2,832,266,110,000 it collected in October through September in fiscal year 2013.
To get a historical perspective on government tax revenues recorded more than 30 years ago, in 1977, the federal government collected $1,400,661,760,000 in inflation-adjusted revenue in fiscal year 1977. This means that since then, revenues have more than doubled, increasing by 115.7 percent.
After the current fiscal year of 2014, the second highest federal tax intake in a fiscal year occurred in fiscal 2007, when the government collected $2,945,499,140,000 – or $75,348,860,000 less than fiscal 2014. The last recession hit in December 2007 and ended in June 2009.
Although the federal government brought in a record of approximately $3,020,848,000,000 in revenue in fiscal 2014, according to the Treasury, it also spent approximately $3,504,199,000,000, leaving a deficit of approximately $483,350,000,000.