$1,477,901,000,000+:Tax-Day Tax Record

Terence P. Jeffrey | April 15, 2015 | 4:35pm EDT
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(AP Photo)

(CNSNews.com) - The federal government has set an all-time record for the amount of inflation-adjusted tax revenue brought into the federal Treasury from the beginning of the fiscal year through the April 15 tax-filing deadline.

As of the close of business on April 14, the Treasury had brought in a record $1,477,901,000,000 since fiscal 2015 started on Oct. 1, 2014, according the Daily Treasury Statement released this afternoon.

We won't know how much additional tax revenue the Treasury hauled in today until it releases its next daily statement tomorrow at 4:00 p.m. But every dollar of it will add to the new record.

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Despite this record flow of tax revenue, the federal government ran a deficit of $439.47 billion in October through March, according to the Monthly Treasury Statement that was released Monday afternoon.

In fiscal 2014, in constant 2015 dollars, the Treasury collected $1,416,555,440,000 in taxes from the beginning of the fiscal year through the close of business on April 15. Up until then, that was the record federal tax haul through April 15. This year’s total of $1,477,901,000,000 through April 14, already surpasses last year’s record through April 15 by $61,345,560,000—or 4.3 percent.

In fiscal 2009, the year President Barack Obama took office, the Treasury brought in $1,249,523,180,000 in constant 2015 dollars through April 15. Since then real tax federal tax revenue collected through April 15 has increased by $228,377,820,000—or 18.3 percent.

CNSNews.com determined the amount of real tax revenue collected each year through April 15 by taking the “total” federal tax deposits reported on the Daily Treasury Statement for April 15 (or for the next business day if April 15 fell on a weekend) and then converting it to 2015 dollars using the Bureau of Labor Statistics inflation calculator.

Of the $1,477,901,000,000 in tax revenues the Treasury brought in in this fiscal year through the close of business yesterday, $1,223,936,000,000 came in income and employment taxes withheld from workers’ paychecks. Another $36,054,000,000 came from individual income taxes that were paid directly. $166,553,000,000 came from corporate income taxes. $41,970,000,000 came from excise taxes. $5,006,000,000 came from unemployment taxes. $3,510,000,000 came from railroad retirement taxes. And $872,000,000 came from estate taxes, gift taxes, and other miscellaneous taxes.

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