PoppaGringo Loc: Muslim City, Mexifornia, B.R.

Treasury Department numbers out Wednesday show that the federal government collected a record amount of taxes in 2014, reaching $3 trillion in revenues for the first time in history.

The largest share of the tax revenue collected comes from the nearly $1.4 trillion collected in individual income taxes followed by around $320 billion collected in corporate taxes.

Federal officials say that the increased tax revenues are the result of economic improvement in the United States raising business and personal incomes.

“The president’s policies and a strengthening U.S. economy have resulted in a reduction of the U.S. budget deficit of approximately two-thirds — the fastest sustained deficit reduction since World War II,” Treasury Secretary Jack Lew said.

Of course, Lew’s victory lap ought to be cut short by the fact that despite record amounts of money coming in, fiscal 2014 ended last month with the government running a $483 billion deficit. While the deficit is at a six-year low, it’s still highly unsustainable from an economic standpoint.

This entry was posted in Taxpayer Dimes and tagged Taxes.

Snoopy

Old Gringo

Where in these figures are the increased taxes via Obummercare?

Snoopy

PoppaGringo Loc: Muslim City, Mexifornia, B.R.

They won't be available until Fiscal 2015 for 2014's taxes.

lpnmajor Loc: Arkansas

Yeah, they want a pat on the back for a slightly lower deficit. That would be like me throwing an expensive party, because I didn't borrow as much money this month to pay my bills. Perhaps, if we ever have a balanced budget and are able to stick to it and start paying back some principle, we might consider a subdued national holiday - but that would probably cause a deficit.