Tax Revenues Set Record for October; Feds Still Run Monthly Deficit of $1,050 Per Household

By Terence P. Jeffrey | November 14, 2014 | 12:22 PM EST

(AP Photo/Larry Downing)

( - The federal government has started fiscal 2015 by setting yet another record for inflation-adjusted tax revenue, while running a monthly deficit of $121.7 billion, which works out to $1050.78 in deficit spending per household in the United States.

For each $1.00 the Treasury brought in during October as it set the new record for taxes collection for that month, the federal government spent $1.57.

This continues a trend seen through fiscal 2014, which ended on Sept. 30, when the federal government took in a record $3,020,809,000,000 in revenue but still ran a deficit of $483,336,000,000.

ype="node" title="Federal Tax Receipt for October

In October, the first month of fiscal 2015, total federal revenues were $212,719,000,000, according to data released by the Treasury. Federal spending was 334,432,000,000 for the month. That left a deficit of $121,713,000,000.

According to the Census Bureau’s latest estimate, there are 115,831,000 households in the United States. The federal government’s $121,713,000,000 deficit for the month equals $1,050.78 per each of those households.

ype="node" title="October Deficit

In constant 2014 dollars, the $212,719,000,000 in tax receipts the federal Treasury raked in during October is the most revenue ever for that month of the year. The next closest year was 2001. That October, the Treasury took in $211,234,700,000 in constant 2014 dollars.

The biggest source of federal tax revenue during October was the individual income tax. During the month, taxpayers forked over $106,661,000,000 in these taxes to the Treasury. Taxpayers also handed over $73,581,000,000 in payroll taxes to cover Social Security, Medicare, and unemployment insurance.

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

Enjoying your article? The MRC is NOT funded by the government like NPR - but as a non-profit, your tax-free contribution will keep the MRC your conservative premiere Media Watchdog! Support us today by completing the form below. Enjoy your article!

Sponsored Links