Despite Record Revenues, Federal Government Still Facing Huge Deficit

Does it seem like no matter how much money the federal government collects in tax revenue, they will still never have enough? For a lot of people the, answer is a resounding “yes.” The country’s Monthly Treasury Statement lends even more credence to that belief.

According to the latest treasury statement, the federal government has collected a record amount in tax revenues, an astounding $1,934,919,000,000, so far for the 2014 fiscal year through May. However, hold back the applause; there’s a catch. Despite those record revenues of close to two trillion dollars, the federal government also reported a national deficit of $436.382 billion in the first eight months of this fiscal year, which ends in September.

In fact, according to officials, the Treasury expects to collect $3.001721 trillion for the entire 2014 fiscal year. However, the federal government also expects to spend $3.650526 over that same time period, which amounts to a deficit of $648.805 billion.

So guess where the government is getting most of its revenue. If you said from individual income tax, then give yourself a pat on the back. So far, individual income tax has brought the Federal Treasury $903.024 trillion in the first eight months of the 2014 fiscal year. This just furthers the argument that no matter how much money the government takes from taxpayers, they will always find a way to waste it.

If you are looking for ways to keep more of your hard-earned money, instead of letting the federal government waste it, then you should contact GROCO and let us help. Click here to learn more about what we can do for you.