$739B: Tax Revenues for 1st Quarter of FY15 Hit Record; Gov’t Runs $176B Deficit
January 14, 2015 - 12:57 PM
By Ali Meyer
tax revenues
(CNSNews.com) - Inflation-adjusted federal tax revenues hit a record $739,482,000,000 for the first quarter of fiscal year 2015, but the federal government still ran a $176,664,000,000 deficit during that time, according to the 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.”
In constant 2014 dollars, the $739,482,000,000 that the federal government collected in October, November and December of 2014, which is the first quarter is fiscal 2015, was $65,768,870,000 more than the $673,713,130,000 it collected in the first quarter of fiscal 2014.
In fiscal year 1998, which is the first data available on the Treasury website, the government collected $568,494,170,000 in the first quarter of 1998 in inflation-adjusted revenue. This means that since then, revenues have increased by 30.1 percent.
After the current fiscal year, the second highest federal tax intake in the first quarter of a fiscal year occurred in the first quarter of fiscal 2007, when the government collected $690,441,730,000 in 2014 dollars – or $49,040,270,000 less than in the first quarter of this fiscal year.
Although the federal government brought in a record of approximately $739,482,000,000 in revenue in the first quarter of fiscal 2015, according to the Treasury, it also spent approximately $916,146,000,000, leaving a deficit of approximately $176,664,000,000.
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