Record Revenues for the Federal Government as Debt Grows

The Federal government is collecting record revenues yet they still can’t balance the budget. We have a massive spending problem, buttressed by a record number of Americans willing to live off money plundered from their productive neighbors (and I include “transfer payment” recipients as well as corporate pirates who guarantee income streams and government contracts through lots of campaign donations).

Corporate_taxes

CNS News reports: “$2.66T: Tax Revenues for FY14 Hit Record Through August; Gov’t Still Runs $589B Deficit.”

Inflation-adjusted federal tax revenues hit a record $2,663,426,000,000 for the first 11 months of the fiscal year this August, but the federal government still ran a $589,185,000,000 deficit during that time, according to the latest Monthly Treasury Statement.

Each month, the Treasury publishes the government’s “total receipts,” including all revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes (including Social Security and Medicare taxes), unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and “miscellaneous receipts.”

The largest share of the tax revenue so far this year has come from individual income taxes, which totaled $1,233,274,000,000 in the first 11 months of fiscal 2014.

The rest of the receipts came from corporation income taxes totaling $247,200,000,000, employment and general retirement (off-budget) totaling $674,338,000,000, employment and general retirement (on-budget) totaling $209,281,000,000, unemployment insurance totaling $54,591,000,000, other retirement receipts totaling $3,155,000,000, excise taxes totaling $73,051,000,000, estate and gift taxes totaling $17,702,000,000, customs duties totaling $30,902,000,000 and miscellaneous receipts totaling $119,933,000,000.

In constant 2014 dollars, the $2,663,426,000,000 that the federal government collected from October through August in fiscal year 2014was $134,705,540,000 more than the $2,528,720,460,000 it collected in October through August in fiscal year 2013.

As long as the people are morally corrupt, this situation will continue to get worse and worse.

We need a Balanced Budget Amendment. We need an Article V Convention of the States. Above all, we need a spiritual awakening.