$404,155,000,000: Taxes Set Record in First 2 Months of FY15—Deficit Still $179B

By Terence P. Jeffrey | December 10, 2014 | 5:09 PM EST

House Speaker John Boehner flanked by GOP Conference Chair Cathy McMorris Rodgers (R.-Wash.) and House Majority Leader Kevin McCarthy (R.-Calif.) (AP Photo/J. Scott Applewhite)

(CNSNews.com) - The U.S. Treasury continued to rake in tax dollars at a record rate in November as the federal government closed out the first two months of fiscal 2015 with $404,155,000,000 in total receipts, according to the Monthly Treasury Statement released today.

In constant 2014 dollars, this is the first time federal revenues have topped $400 billion in the first two months of the fiscal year.

Even with these record revenues, the Treasury ran a deficit of $178.531 billion deficit in October and November as it spent $582.686 billion.

ype="node" title="Record Tax Revenues for October and November

This continued to follow the trend seen in fiscal 2014, when the Treasury brought in a record $3,020,809,000,000 in revenue, but spent $3,504,145,000,000, and ended up running a deficit of $483,336,000,000.

In the first two months of this fiscal year, the Treasury spent $1.44 for each $1.00 in tax receipts.

ype="node" title="Federal Spending Per Dollar of Revenue

Given that there are 115,831,000 households in the United States, according to the Census Bureau, the Treasury spent $5,030 per household in the first two months of fiscal 2015.

The $178,531,000,000 deficit the Treasury ran in those two months equaled $1,541 per household.

The biggest source for the record federal revenue during the two-month period was the individual income tax. It brought in $192,619,000,000 in October and November. The second biggest source was “Social Insurance and Retirement Receipts,” the taxes Americans pay for Social Security and Medicare. These brought in $146,263,000,000.

Corporate income taxes brought in $12,810,000,000 over the two months.

The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.

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