New Record: Federal Tax Revenues Top $3T for 1st Time

Cybercast News Service ^ | October 15, 2014 - 2:52 PM | Ali Meyer

[Olog-hai]

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. …

[Olog-hai]

Looks like a White House prediction has actually come true.

[Catmom]

And how much are we spending?

[all the best]

More bad news.

[NormsRevenge]

Just imagine how much of that is ate up by WFG&C?

Waste Fraud Graft & Corruption.

Some say , minimum, 30%…

Others, more likely, 50%..

Poof.

Even 10 % is too much.

[BikerJoe]

They’ll be doing a little better tomorrow. I sent them 10 grand today.

[DCmarcher-976453]

21 new obamacare taxes suck the cash out of the economy and into the fed coffers. Raises cost of health care, reduces income, making health care unaffordable, great!

[nesnah]

Yeah, good news. The government has sucked $3 thousand, thousand million out of the economy.

Happy days are here again!

[DoughtyOne]

And it's still not enough to balance our budget.


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[Iron Munro]

Three trillion?

That means King Obozo can spend five trillion...

/s

[RayChuang88]

Actually, with something like FairTax, the tax revenue could be US$500 billion per year higher than this because with no more taxation of the process of earning money, economic activity will be way higher.

[Olog-hai]

The next step would have to be the people putting curbs on just how the feds spend that money.