by Terence P. Jeffrey
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.
In the month of April itself, which usually sees the peak tax revenues for the year, the federal government ran a surplus of $106.853 billion. While taking in $414.237 billion in total receipts during the month, the government spent $307.383 billion.
In fiscal 2013, the federal government also ran a one-month surplus in April, taking in $406.723 billion during the month and spending $293.834 billion, leaving a surplus of $112.889 billion.
After the one-month April 2013 surplus, the federal government promptly returned to the red in May 2013, taking in $197.182 billion in tax receipts while spending $335.914 billion, leaving a deficit of $138.732 billion for the month.
Through all of fiscal 2013, the federal government ended up running a deficit of $680.229 billion according to the Treasury.
The White House Office of Management and Budget has estimated that in the full fiscal 2014, the federal government will collect $3.001721 trillion in taxes, spend $3.650526 trillion, and run a deficit of $648.805 billion.
The OMB has also estimated that, while running that deficit, the federal government will collect a record amount in inflation-adjusted tax revenues.
When adjusted for inflation (to constant 2014 dollars), the second-greatest federal tax haul through April was in fiscal 2007. That year, the federal government took in approximately $1.715 trillion in total receipts (in 2014 dollars) by the end of April.
The single largest source for the federal government’s record tax receipts in the first seven months of FY 2014 was the individual income tax, which brought the Treasury $823.079 billion. 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 $602.698 billion in tax revenue.
The third largest source of federal revenue in the first seven months of fiscal 2014 was the corporation income tax, which brought in $156.808 billion.
Federal tax revenues for fiscal 2014 set records through February, through March, and through Tax Day, April 15.
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Terence P. Jeffreyis editor in chief of CNSNews.com.