Fed takes in record of over $3 trillion in taxes

The latest Monthly Treasury Statement has showed that inflation-adjusted federal tax revenues and tax revenues have reached their highest point even as of the 2014 fiscal year.

LOS ANGELES, CA (Catholic Online) - The inflation-adjusted tax revenue reached $3,020,848,000,000, but the U.S. government still spent enough to create a $483,350,000,000 deficit during that time.

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Each month, the Treasury Department publishes the "total receipts" of the government, which includes all revenues from individual income taxes, corporate income taxes, social insurance and retirement taxes,-which included taxes from Social Security and Medicare-unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties and other "miscellaneous receipts."

This year, the tax revenues come primarily from individual income taxes, which totaled $1,394,567,000,000.

Corporation income taxes totaled $320,731,000,000, employment and general retirement totaled $735,602,000,000, employment and general retirement totaled $229,465,000,000, unemployment insurance totaled $55,394,000,000, other retirement receipts totaled $3,472,000,000, excise taxes totaled $93,368,000,000, estate and gift taxes totaled $19,300,000,000, customs duties totaled $33,926,000,000 and miscellaneous receipts totaled $135,024,000,000.

The fiscal year 2014 revenue was collected from October 2013 through September 2014, and was $188,581,890,000 more than what the government collected in fiscal year 2013.

Back in 1977, the federal government collected $1.4 trillion dollars in inflation-adjusted revenue for that fiscal year. Since then, revenues have more than doubled, rising by 115.7%.

The second highest revenue collected by the government came in fiscal year 2007, when the government collected $2.9 trillion, just $75 million below this years revenue.

While the government took in $3,020,848,000,000 trillion in tax revenue, it also spent $3.5 trillion, leaving a deficit of nearly $490 billion.

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