Tax Day Tax Revenue Set All-Time Record

April 21, 2014 - 12:26 PM
IRS

(AP Photo)

(CNSNews.com) - Inflation-adjusted federal tax revenues hit an all-time record of $1,428,710,000,000 from the beginning of the fiscal year on Oct. 1 through April 15, the deadline for filing federal tax returns for 2013, according to the Daily Treasury Statement.

Each business day, the Treasury publishes a statement summarizing the government’s accounts as of the close of the previous business day. This daily statement includes an accounting of total “Federal Tax Deposits” thus far in the fiscal year, which starts on Oct. 1 and ends on Sept. 30. Total “Federal Tax Deposits” include withheld income and employment taxes, individual income taxes, railroad retirement taxes, excise taxes, corporation income taxes, federal unemployment taxes, estate and gift taxes and miscellaneous Internal Revenue Service receipts.

Tax Day Tax Revenue-Record

As of the close of business on April 15, according to the Daily Treasury Statement, the Treasury had taken in $1,428,710,000,000 in total taxes so far this fiscal year.

In constant 2014 dollars, that was $79,165,040,000 more than the $1,349,544,960,000 the Treasury had collected in taxes by April 15 fiscal 2013, and was a record for federal tax collection as of April 15.

Prior to this year, the highest federal tax intake by Tax Day, April 15, occurred in fiscal 2008, when the government collected $1,391,321,650,000 in 2014 dollars, or $37,388,350,000 less than what it had collected by April 15 of this year.

In years when April 15 fell on the weekend, CNSNews.com compared the total taxes collected as of April 15 this year with the total tax collected by April 16 or 17 in the year in question.

Despite the record rate of revenue collection so far in this fiscal year, the Treasury reported in its monthly statement for March that through that month the government had already amassed a deficit of $413 billion for fiscal 2014.

Each business day, the Treasury publishes a statement summarizing the government’s accounts as of the close of the previous business day. This daily statement includes an accounting of total “Federal Tax Deposits” thus far in the fiscal year, which starts on Oct. 1 and ends on Sept. 30. Total “Federal Tax Deposits” include withheld income and employment taxes, individual income taxes, railroad retirement taxes, excise taxes, corporation income taxes, federal unemployment taxes, estate and gift taxes and miscellaneous Internal Revenue Service receipts.

As of the close of business on April 15, according to the Daily Treasury Statement, the Treasury had taken in $1,428,710,000,000 in total taxes so far this fiscal year.

In constant 2014 dollars, that was $79,165,040,000 more than the $1,349,544,960,000 the Treasury had collected in taxes by April 15 fiscal 2013, and was a record for federal tax collection as of April 15.

Prior to this year, the highest federal tax intake by Tax Day, April 15, occurred in fiscal 2008, when the government collected $1,391,321,650,000 in 2014 dollars, or $37,388,350,000 less than what it had collected by April 15 of this year.

In years when April 15 fell on the weekend, CNSNews.com compared the total taxes collected as of April 15 this year with the total tax collected by April 16 or 17 in the year in question.

Despite the record rate of revenue collection so far in this fiscal year, the Treasury reported in its monthly statement for March that through that month the government had already amassed a deficit of $413 billion for fiscal 2014.

The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.