Federal Taxes Hit Record Through February; Government Still Runs $386 Billion Deficit

(CNSNews.com) – Inflation-adjusted federal tax revenues hit a record $1,185,613,000,000 in the first five months of fiscal 2015, but the federal government still ran a $386,537,000,000 deficit during that time, according to the latest Monthly Treasury Statement.

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.”

FebruaryTaxRevenues2015 (1)

In constant 2015 dollars, the $1,185,613,000,000 that the federal government collected from October through February in fiscal 2015 was $94,803,620,000 more than the $1,090,809,380,000 it collected in October through February in fiscal 2014.

That $1,090,809,380 that the federal government brought in in October through February of fiscal 2015 is now the second-highest-ever federal tax intake through February.

Although the federal government brought in a record of approximately $1,185,613,000,000 in revenue in the first five months of fiscal 2015, according to the Treasury, it also spent approximately $1,572,149,000,000—leaving a deficit of approximately $386,537,000,000. Source

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