If youre interested in how much of YOUR tax dollars are being collected and spent by the Feds.... 2. Federal Revenue Set All-Time Record in April The federal government collected $414.23 billion in revenue in April, the largest total ever for a single month, and also set a record for the most revenue collected in the first seven months of a fiscal year. In fiscal 2014, which began on Oct. 1, federal revenue so far has totaled $1.735 trillion — yet the government still ran a deficit of $306.4 billion over the seven-month period, according to the Monthly Treasury Statement of Receipts and Outlays of the United States Government. In April, the government usually sees peak tax revenues for the year due to the mid-month filing deadline for income tax returns. And although the government took in $414.23 billion last month, it spent $307.38 billion — meaning there was a surplus of more than $106.8 billion. In fiscal 2013, the government also ran a surplus in April, but it returned to the red the following month, running a deficit of $138.7 billion in May. The White House Office of Management and Budget estimates that the federal government will collect $3 trillion in the full fiscal 2014, spend over $3.6 trillion, and run a deficit of about $650 billion. The largest single source of revenue for the federal government in the first seven months of this fiscal year was the individual income tax, which brought in $823 billion. The largest outlay was to the Department of Health and Human Services, which administers Medicare and Medicaid — $528 billion over the seven months. Social Security payments totaled $521 billion, the Defense Department received $341 billion, and $223.9 billion was paid out in interest on Treasury debt securities. By comparison, the Department of Education received $29.8 billion over that period. Total payments on the national debt for fiscal 2014 are estimated to cost $427 billion.
Posted on: Sun, 25 May 2014 20:05:13 +0000
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