Federal Tax Haul Hits New Highs

(AccountingToday, By Daniel Hood; Published October 2014)

The federal government brought in $3.02 trillion in tax and other revenues in fiscal 2014 – its highest take ever.

Year-end data from the September 2014 Monthly Treasury Statement of Receipts and Outlays revealed that the government brought in:

  • $1.39 trillion in individual income taxes;
  • $320.7 billion in corporate income taxes; and,
  • $1.03 trillion in social insurance and retirement receipts.

The remainder came from excise, estate and gift taxes, and other miscellaneous receipts.

Spending for the same period, meanwhile, totaled $3.504 trillion, relatively flat compared to 2013.

The administration was quick to point out that the combination of stable outlays and higher receipts meant that the federal deficit had declined to $483 billion, a 29 percent drop from the previous year, and its lowest level since 2008.

More details and statistics are available in the Treasury release.