Tax Revenues Rises, Deficit Falls in USA
April 11, 2014 Taxation in USA
WASHINGTON D.C. – Tax revenues are up in the USA, and the size of the national budget deficit has hit its lowest point in 14 years.
On April 10th the US Department of the Treasury released the monthly Treasury Statement, showing that over the first six months of the current 2014 fiscal year tax revenues have increased, government expenditures have decreased, and the national budget deficit has shrunk significantly.
According to the Department of the Treasury, over the month of March tax revenues reached a total USD 216 billion, and government expenditures amounted to USD 253 billion, leaving a deficit of USD 37 billion, the lowest monthly total since March 2000.
The Treasury also showed that tax revenues have improved not only in March but also over the course of the first six months of the 2014 fiscal year, with tax collections growing by 10 percent compared to the same period last year, to a level of USD 1 321 billion, while expenditures fell by 3.51 percent to USD 1 734 billion, leaving a budget deficit of USD 413 billion.
The Treasury now projects that over the rest of the financial year, the cumulative budget deficit will rise by USD 235 billion, to approximately USD 648 billion.
Photo by: Son of Groucho