Federal tax revenues for the first 5 months of FY2014, $1.104 trillion, hit an inflation-adjusted record

posted at 8:01 pm on March 17, 2014 by Steve Eggleston

There is a reason President Obama thinks the era of economic austerity is over – CNS News reports that in the first five months of FY2014, between October 2013 and February 2014, the federal government took in a record $1,104,947,000,000 in tax revenue. That is not only a current-dollar record, but also an inflation-adjusted record:

Inflation-adjusted federal tax revenues hit a record $1,104,947,000,000 in the first five months of fiscal 2014, but the federal government still ran a $377,379,000,000 deficit during that time, according to the Monthly Treasury Statement for February….

In constant 2014 dollars, the $1,104,947,000,000 that the federal government collected from October through February in fiscal 2014 was $90,193,750,000 more than the $1,014,753,250,000 it collected in October through February in fiscal 2013.

After the current fiscal year, the second highest federal tax intake in the first five months of a fiscal year occurred in the first five months of fiscal 2007, when the government collected $1,076,721,860,000 in 2014 dollars—or $28,225,140,000 less than in the first five months of this fiscal year.

The nominal-dollar outlays of $1,482,327,000,000 was the third highest over the first five months of a fiscal year, behind only FY2013 and FY2011. On an inflation-adjusted basis, every year prior to FY2009 saw less spending in the first five months than FY2014.

Even though the $377 billion deficit over the first five months is the best such performance during the Obama administration, it is worse than every year prior to FY2009 on both a current-dollar (not inflation-adjusted) and a constant-dollar (inflation-adjusted) basis. FY2008, which was closest, saw a $264,339,000,000 current-dollar/$294,442,000,000 constant-dollar deficit in the first five months of that year.

Indeed, even when adjusted for inflation, the $1.104 trillion the federal government took in would have resulted in a first-five-month surplus every year prior to FY2003. That is something so rare, between FY1981 and now, that happened only twice, in FY2000 and FY2001.


Related Posts:

Breaking on Hot Air

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

Answered my question…
:)

OmahaConservative on March 17, 2014 at 8:02 PM

Answered my question…
:)

OmahaConservative on March 17, 2014 at 8:02 PM

Which one?

Steve Eggleston on March 17, 2014 at 8:04 PM

Two threads below…

OmahaConservative on March 17, 2014 at 8:05 PM

Dunno about this–probably just all those front loaded Obamacare taxes.
It’s a trap

Doc Holliday on March 17, 2014 at 8:06 PM

Get the presses rolling . . . . . we’ve got to crank-out more paper . . . . . we’ve got to hyper-print, so we can hyper-infl . . . . . . . . . . . . . . oops.

listens2glenn on March 17, 2014 at 8:07 PM

Two threads below…

OmahaConservative on March 17, 2014 at 8:05 PM

Oh that one. I’ll be here along with Dustin, Jeff, Bruce, and some people from the Townhall side of the Empire. It takes a lot of people to do what AP does.

Steve Eggleston on March 17, 2014 at 8:07 PM

This long term debt and continued deficit spending is a national security issue. We cannot have both guns and butter regardless of what the dims say.

Look at Europe. They have spent all their money on social programs to buy votes and now their military is so depleted that they cannot resist Russia. We are headed that direction if we’re not already there.

Kaffa on March 17, 2014 at 8:09 PM

Oh that one. I’ll be here along with Dustin, Jeff, Bruce, and some people from the Townhall side of the Empire. It takes a lot of people to do what AP does.

Steve Eggleston on March 17, 2014 at 8:07 PM

Always glad to see you, ‘bud. How do you feel about the Green Room going away?

OmahaConservative on March 17, 2014 at 8:11 PM

Federal tax revenues for the first 5 months of FY2014, $1.104 trillion”

Oh great.
/

tominsd on March 17, 2014 at 8:12 PM

“Pretty soon we’ll be talking real money here.” – Obama Regime

predator on March 17, 2014 at 8:13 PM

Obamacare is working!

In the way Obama wanted it to work.

Not in the way he said it would work.

s1im on March 17, 2014 at 8:16 PM

***

It takes a lot of people to do what AP does.

Steve Eggleston on March 17, 2014 at 8:07 PM

Watch his cats?

BuckeyeSam on March 17, 2014 at 8:19 PM

Always glad to see you, ‘bud. How do you feel about the Green Room going away?

OmahaConservative on March 17, 2014 at 8:11 PM

I’m ambivalent on that. I was (and am) but a guest here, and Salem decided to take that a different direction. After all, (almost) all of us had our own platforms, and it did seem to serve its purpose of giving us more exposure than we had at our individual sites.

Most of the gang set up and went to Liberty Unyielding. That place is big enough that it’s part of the Right Channels section of links.

Steve Eggleston on March 17, 2014 at 8:21 PM

Watch his cats?

BuckeyeSam on March 17, 2014 at 8:19 PM

You’re a funny guy :-)

Seriously, AP puts almost all of the Headline posts up, in addition to the late-afternoon/evening posts and the QOTD.

Steve Eggleston on March 17, 2014 at 8:24 PM

Answered my question…
:)

OmahaConservative

No Allah means no Walking Dead thread I guess. Too bad. Last night’s episode was worth talking about for a change.

xblade on March 17, 2014 at 8:31 PM

I guess AP is still one real person. Right?

22044 on March 17, 2014 at 8:31 PM

Fed almost entirely on the fake market valuations that the Fed is pushing ever higher. What was the income tax revenues?

astonerii on March 17, 2014 at 8:32 PM

Most of the gang set up and went to Liberty Unyielding. That place is big enough that it’s part of the Right Channels section of links.

Steve Eggleston on March 17, 2014 at 8:21 PM

Had no idea that site existed. Bookmarked…

OmahaConservative on March 17, 2014 at 8:33 PM

If they can borrow half the budget, they can borrow all of the budget. If they can print half the budget, they can print it all too.

In a world where this is occurring, what does money mean anyway? Apparently money is only a limitation for the schmucks out here in Peasantville, while our aristocrats just take what they want with a printing press.

Another Libertarian on March 17, 2014 at 8:37 PM

Jobs! Jobs! Jobs! (Federal jobs)

faraway on March 17, 2014 at 8:40 PM

Answered my question…
:)

OmahaConservative on March 17, 2014 at 8:02 PM

Which one?

Steve Eggleston on March 17, 2014 at 8:04 PM

Steve Eggleston:—-
OC:—————–Lol:)

canopfor on March 17, 2014 at 8:41 PM

AP on vacation, or did he diss one of Ed’s friends?

Midas on March 17, 2014 at 8:41 PM

had no idea that site existed. Bookmarked… OmahaConservative on March 17, 2014 at 8:33Pm

J.E. Dyer is over there too.

wolly4321 on March 17, 2014 at 8:42 PM

Fed almost entirely on the fake market valuations that the Fed is pushing ever higher. What was the income tax revenues?

astonerii on March 17, 2014 at 8:32 PM

Off the February MTS:

- Individual income taxes (includes reductions as a result of refunds) – $513,769,000,000 (compared to $500,591,000,000 October 2012-February 2013)
- Corporate income taxes – $85,422,000,000 (compared to $71,433,000,000 the same time last year)
- Social insurance/retirement taxes (mostly Social Security and Medicare) – $380,968,000,000 (compared to $327,272,000,000 last year)

Steve Eggleston on March 17, 2014 at 8:49 PM

No Allah means no Walking Dead thread I guess. Too bad. Last night’s episode was worth talking about for a change.

xblade on March 17, 2014 at 8:31 PM

Anyone that didn’t watch last night’s episode is dirty rotten RINO.

faraway on March 17, 2014 at 8:50 PM

Where is the Prankster thread?

faraway on March 17, 2014 at 8:51 PM

AP on vacation, or did he diss one of Ed’s friends?

Midas on March 17, 2014 at 8:41 PM

Vacation. He’ll be back next week.

Steve Eggleston on March 17, 2014 at 8:54 PM

Vacation. He’ll be back next week.

Steve Eggleston on March 17, 2014 at 8:54 PM

Great, hope he’s getting some relaxation.

Midas on March 17, 2014 at 8:58 PM

AP on vacation, or did he diss one of Ed’s friends?

Midas on March 17, 2014 at 8:41 PM

Heh…
Poor Schad may never live that down

OmahaConservative on March 17, 2014 at 8:58 PM

It’s almost as if WE RAISED THE TAX RATE! Oh, wait. We did!

GarandFan on March 17, 2014 at 10:05 PM

It’s almost as if WE RAISED THE TAX RATE! Oh, wait. We did!

GarandFan on March 17, 2014 at 10:05 PM

And it isn’t enough.

Steve Eggleston on March 17, 2014 at 10:08 PM

If there ever needed to be a Walking Dead thread, tonight was the night :(

americanmama on March 17, 2014 at 10:20 PM

…it’s only money!

KOOLAID2 on March 17, 2014 at 10:49 PM

If you pump up your Wall Street financier buddies with Fed-printed money, some of it comes back in revenue, but it’s still Fed-printed money.

slickwillie2001 on March 17, 2014 at 11:06 PM

WoooHooo!!!!!!!!

On track for a measly 900 billion deficit. Happy days are here again!!!!!

Want to save America? Live on a farm. Have a big family. Home school them. What’s a social security number?

WryTrvllr on March 17, 2014 at 11:54 PM

And it isn’t enough.

Steve Eggleston on March 17, 2014 at 10:08 PM

There isn’t enough money in the universe.

trigon on March 18, 2014 at 12:06 AM

2007 “record” Tax collections were accomplished with UE averaging less than 5 and Labor Force Participation 3 points higher. make the call:

1) Regulate, obfuscate and alienate a Country into high long term UE and no growth, like Obama has done, OR…

2) Lower taxes, especially on business investment, and reap the benefit of a growing tax base and near full employment.

Bush’s problem was never income, it was out-flow.

Pelosi Schmelosi on March 18, 2014 at 1:52 AM