US Tax Revenue Hits Record High, But Deficit Remains

August 15, 2014 Taxation in USA

WASHINGTON D.C. – Tax revenues in the USA have more than doubled since 1977, hitting a new record high, but, despite the increase, the government is still facing a significant budget deficit.

On August 14th the US Treasury released the Monthly Treasury Statement showing that despite seeing record high tax revenues over the first ten months of the current fiscal year, the national budget deficit was still in excess of USD 460 billion.

Over the ten months between October 2013 and July 2014, tax receipts from all tax types amounted to an inflation-adjusted total of USD 2.469 trillion, a level of approximately USD 0.129 billion more than during the same period in the previous fiscal year.

The results seen over the previous 10 months are the highest on record for that time period since Treasury records began in 1977, when the inflation-adjusted total was only USD 1.143 trillion.

The inflation-adjusted total of expenditures for the first 10 months of the current fiscal year was USD 2.930 trillion, leaving a budget deficit of more than USD 460 billion.

Photo By: Eli Christman