Federal Tax Revenues Set Record Through May; Feds Still Running $436B Deficit

www.cnsnews.com...

(CNSNews.com) - Federal tax revenues continue to run at a record pace (in inflation-adjusted dollars) in fiscal 2014, as the federal government’s total receipts for the fiscal year closed May at an unprecedented $1,934,919,000,000, according to the Monthly Treasury Statement.'

The single largest source for the federal government’s record tax receipts in the first eight months of FY 2014 was the individual income tax, which brought the Treasury $903.024 trillion. The second largest source was what the Treasury calls “Social Insurance and Retirement Receipts,” which includes the Social Security payroll tax, the unemployment insurance tax and other retirement taxes. This accounted for $694.268 billion in tax revenue.

The third largest source of federal revenue in the first eight months of fiscal 2014 was the corporation income tax, which brought in $164.840 billion.'

Good god that's a lot of income! Guess that payroll tax that Obama approved is paying off.

a reply to: Swills

The single largest source for the federal government’s record tax receipts in the first eight months of FY 2014 was the individual income tax, which brought the Treasury $903.024 trillion.

That has to be a typo.

I think it should be 903.024 billion.

If their reciepts read 1.9 trillion and they brought in 900 trillion, then there would be one hell of a surplus.

Or am I reading that wrong?

a reply to: liejunkie01

Could be a typo. Either way, records have been set, will the gov't pay off our debt and spend these dollars wisely?

LOL, nah

originally posted by: Swills
a reply to: liejunkie01

Could be a typo. Either way, records have been set, will the gov't pay off our debt and spend these dollars wisely?

LOL, nah

It is impossible to pay off the debt. The government borrows all the money it runs on it was set so it could never be paid off because we owe more than is in circulation.

a reply to: buster2010

True, my point is will they spend our taxes wisely? You know, stop accruing so much debt, maybe pay some back? How about we end foreign aid? I mean, all simple questions but we're all aware this gov't, well the people in charge, are not into solving problems but would rather create them.

originally posted by: Swills
a reply to: buster2010

True, my point is will they spend our taxes wisely? You know, stop accruing so much debt, maybe pay some back? How about we end foreign aid? I mean, all simple questions but we're all aware this gov't, well the people in charge, are not into solving problems but would rather create them.

They will never spend our money wisely because a majority of the people they are supposed to serve is basically broke. They only listen to the people that have the money to buy them those are the people that they spend our money on.

a reply to: buster2010

Exactly.

We're screwed.