Tax Revenue Sets Record : Deficit Surges Unabated

No matter how much revenue is collected it will never be enough as it seems spending is a relative thing. There is always new and better ways to buy votes for up coming elections. Taking responsibility for the countries survivability is of no concern as the progressive socialists block any kind of reform for the tax code or debt reduction.

Federal Tax Revenue Sets Record
Source: Terence P. Jeffrey, "Federal Tax Revenues Set Record Through May; Feds Still Running $436B Deficit," CNS News, June 12, 2014.

June 18, 2014 deficit

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.