US Tax Revenues Break Records

October 16, 2014 Taxation in USA

taxes in the USAWASHINGTON D.C. – Tax revenues in the USA are hitting record highs as collections of both personal and corporate income taxes see significant growth.

On October 15th the US Treasury Department issued the Monthly Treasury Statement for the fiscal year through to September 30th 2014, showing that the national budget deficit has reached the lowest level since 2007.

The lowered budget deficit has been attributed to the fact that the total of tax revenues collected reached USD 352 billion, the first time that the tax take breached USD 3 trillion since records began.

The total tax receipts were fuelled by a 6 percent increase in collections of personal income taxes, and a 17 percent rise in the collection of corporate income taxes.

The current budget deficit is USD 483.4 billion, significantly lower than the level in the previous year when the deficit was USD 680.2 billion, or approximately a third of the record-high USD 1.4 trillion budget seen in 2009.

Photo By: Ervins Strauhmanis