Federal Tax Revenues Set Record Through April

The U.S. Treasury has reported the balance sheet for the 2014 fiscal year-to-date (started Oct 1, 2013).

Revenues are up and spending is down but still showing a Y-T-D deficit of more than $300 billion.

April actually shows a spending *surplus* of around $107 billion !!!

It looks like the credit rating of the U.S. may not be affected (yet) as it has already under Obama.

The nation's credit rating is important because bad credit could make bond investors shy and scared. The U.S. needs to be able to sell bonds in order to get cash to pay the old bonds off and to raise money for their wild deficit spending habits.

Good thing there's still some responsible people holding down the binge spenders.

Federal tax revenues continue to run at a record pace in fiscal 2014, as the federal government’s total receipts for the fiscal year closed April at $1,735,030,000,000, according to the Monthly Treasury Statement.

Despite this record revenue, the federal government still ran a deficit of $306.411 billion in the first seven months of the fiscal year, which began on Oct. 1, 2013 and will end on Sept. 30, 2014.

Federal Tax Revenues Set Record Through April

Great news! Now if we could just raise taxes a bit more, maybe create a few additional ones we will be right on the road to economic bliss.

a reply to: xuenchen

At the end of the roman empire was taxing the citizens 40% and giving them back nothing. The Barbarians charged a 20% tax and actually provided protection, the taxpayers weren't defeated they just didn't do anything to stop them.
If some invading hoard would cut my tax rate in half and provide services then Damn Skippy I would open the door for them and suggest they start eliminating the people who are sucking up the most taxes, The government and their Corporate masters.

I want low taxes, something to show for what I am paying, beyond that I want to be left the Flap alone.

originally posted by: xuenchen
Federal Tax Revenues Set Record Through April

Oh goody, it's that biased website (formerly known as Conservative News Service) CNS News again. Let's just double check it...
Receipts-
Oct '13 - Apr '14: $1.735 Trillion
Oct '12 - Apr '13: $1.603 T (adjusted for inflation: $1.625 T)
Oct '11 - Apr '12: $1.383 T (adj: $1.423 T)
Oct '10 - Apr '11: $1.309 T (adj: $1.376 T)
Oct '09 - Apr '10: $1.199 T (adj: $1.299 T)
Oct '08 - Apr '09: $1.256 T (adj: $1.383 T)
Oct '07 - Apr '08: $1.549 T (adj: $1.700 T)
Oct '06 - Apr '07: $1.504 T (adj: $1.714 T)
Oct '05 - Apr '06: $1.352 T (adj: $1.585 T)
Oct '04 - Apr '05: $1.216 T (adj: $1.471 T)
Oct '03 - Apr '04: $1.070 T (adj: $1.338 T)
Oct '02 - Apr '03: $1.056 T (adj: $1.356 T)
Oct '01 - Apr '02: $1.116 T (adj: $1.466 T)
Oct '00 - Apr '01: $1.252 T (adj: $1.670 T)
Oct '99 - Apr '00: $1.172 T (adj: $1.608 T)
Oct '98 - Apr '99: $1.080 T (adj: $1.532 T)
Oct '97 - Apr '98: $1.025 T (adj: $1.486 T)
Now I've run out of their numbering scheme... alas. Guess I'll have to look at their website for the Excel file...
Oct '96 - Apr '97: $0.923 T (adj: $1.359 T)
Oct '95 - Apr '96: $0.849 T (adj: $1.279 T)
Oct '94 - Apr '95: $0.692 T (adj: $1.073 T)
Oct '93 - Apr '94: $0.717 T (adj: $1.143 T)
Oct '92 - Apr '93: $0.659 T (adj: $1.078 T)
Oct '91 - Apr '92: $0.632 T (adj: $1.064 T)
Oct '90 - Apr '91: $0.623 T (adj: $1.081 T)
Oct '89 - Apr '90: $0.597 T (adj: $1.079 T)
Oct '88 - Apr '89: $0.569 T (adj: $1.084 T)
Oct '87 - Apr '88: $0.521 T (adj: $1.041 T)
Oct '86 - Apr '87: $0.506 T (adj: $1.053 T)
Oct '85 - Apr '86: $0.448 T (adj: $0.966 T)
Oct '84 - Apr '85: $0.434 T (adj: $0.953 T)
Oct '83 - Apr '84: $0.384 T (adj: $0.873 T)
Oct '82 - Apr '83: $0.343 T (adj: $0.814 T)
Oct '81 - Apr '82: $0.366 T (adj: $0.896 T)
Oct '80 - Apr '81: $0.334 T (adj: $0.868 T)
This is as far back as this report seems to have data for. I suppose they are correct on this claim, assuming the CPI calculator is accurate; it's a bit higher than the previous high during '06-'07 (by about 1.23%).

I suppose they are correct on this claim, assuming the CPI calculator is accurate; it's a bit higher than the previous high during '06-'07 (by about 1.23%).

a reply to: Greven

Yeah, notice that that previous high was just before the GFC. When the GFC crashed the employment figures, revenues crashed too. Now that employment has recovered and surpassed the employment figures of the Bush years, people are paying taxes again.

Isn't that interesting? People who work pay taxes. In spite of voodoo economics of the failed neo-conservative halfwits, and the scorched earth economics of the psuedo-conservative seditionists, the American economy IS recovering.

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