Federal Tax Revenue Sets Record

Federal tax revenue for Fiscal Year 2014 is growing at a record pace, with government receipts at $1,934,919,000,000 in May, reports CNS News.

But despite the record high revenue, the government has run a deficit of $436.382 billion for the first eight months of the fiscal year. Fiscal 2014 began in October and will end on September 30, 2014.

– In May 2014 alone, the government brought in nearly $200 billion but spent almost $330 billion.
– According to estimates from the Office of Management and Budget (OMB), the federal government will collect more than $3 trillion in taxes for Fiscal Year 2014 but will spend more than $3.6 trillion, resulting in a nearly $649 billion deficit.
– Prior to this year, the largest federal tax revenue through May took place in Fiscal Year 2007 when the federal government took in $1.908 trillion.

Most of the government’s tax revenue came from the individual income tax, followed by social insurance taxes such as the payroll tax and the unemployment insurance tax.

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