Corrupt US Government Runs Deficit Despite Record Breaking 2014 Tax Totals of $1,934,919,000,000
It’s a pretty sad state of affairs when Obama’s ultra-corrupt perversion of the US Government can take an unprecedented amount of money from the American People and still not be able to spend within their means.
“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, running a deficit of $648.805 billion.”
I am 100% convinced that Obama’s goal is to drive up the debt on Americans so far and so fast that our nation turns into a socialist nation – where everyone but government officials are broke – something that the corrupt and criminal Obama administration is well on their way to accomplishing.
Federal tax revenues continue to run at a record pace (in inflation-adjusted dollars) in fiscal 2014, as the federal government’s total receipts for the fiscal year closed May at an unprecedented $1,934,919,000,000, according to the Monthly Treasury Statement.
Despite record revenue, the federal government still ran a deficit of $436.382 billion in the first eight months of the fiscal year, which began on Oct. 1, 2013 and will end on Sept. 30, 2014.
In the month of May alone, the federal government ran a deficit of $129.971 billion–bringing in $199.889 billion in revenue while spending $329.860 billion.
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, running a deficit of $648.805 billion.
Record Federal Tax Revenues Through May FY 2014The 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 May was in fiscal 2007. By the end of May that year, the federal government took in approximately 1.908 trillion in total receipts in constant 2014 dollars.
The single largest source for the federal government’s record tax receipts in the first eight months of FY 2014 was the individual income tax, which brought the Treasury $903.024 trillion. 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 $694.268 billion in tax revenue.
The third largest source of federal revenue in the first eight months of fiscal 2014 was the corporation income tax, which brought in $164.840 billion.
As CNSNews.com has previously reported, federal tax revenues for fiscal 2014 set records through February, through March, through Tax Day, April 15, and through April.
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Corrupt US Government Runs Deficit Despite Record Breaking 2014 Tax Totals of $1,934,919,000,000