So far this year, the federal government brought in more money than ever, but even at record tax receipts, the government is far outspending its intake.
During these first 11 months of fiscal year 2014, the feds brought in $2.66 trillion in tax receipts. Despite this, the federal government is still running a $598 billion deficit, according to the latest Monthly Treasury Statement.
CNSNews.com reports that individual income taxes totaling $1,233,274,000,000 formed the largest share of the government’s revenue in the first 11 months of fiscal 2014:
The rest of the receipts came from corporation income taxes totaling $247,200,000,000, employment and general retirement (off-budget) totaling $674,338,000,000, employment and general retirement (on-budget) totaling $209,281,000,000, unemployment insurance totaling $54,591,000,000, other retirement receipts totaling $3,155,000,000, excise taxes totaling $73,051,000,000, estate and gift taxes totaling $17,702,000,000, customs duties totaling $30,902,000,000 and miscellaneous receipts totaling $119,933,000,000.
This intake of tax revenue is $134,705,540,000 more than the feds had brought in by this time last year.
Yet, even as the federal government brought in a record-high in revenue thus far for fiscal year 2014, it also spent approximately $3,252,611,000,000, overspending revenue by approximately $589,185,000,000.
Follow Warner Todd Huston on Twitter @warnerthuston or email the author at igcolonel@hotmail.com.
COMMENTS
Please let us know if you're having issues with commenting.