$404,155,000,000: Taxes Set Record in First 2 Months of FY15—Deficit Still $179B

By Terence P. Jeffrey | December 10, 2014 | 5:09pm EST

House Speaker John Boehner flanked by GOP Conference Chair Cathy McMorris Rodgers (R.-Wash.) and House Majority Leader Kevin McCarthy (R.-Calif.) (AP Photo/J. Scott Applewhite)

(CNSNews.com) - The U.S. Treasury continued to rake in tax dollars at a record rate in November as the federal government closed out the first two months of fiscal 2015 with $404,155,000,000 in total receipts, according to the Monthly Treasury Statement released today.

In constant 2014 dollars, this is the first time federal revenues have topped $400 billion in the first two months of the fiscal year.

Even with these record revenues, the Treasury ran a deficit of $178.531 billion deficit in October and November as it spent $582.686 billion.

ype="node" title="Record Tax Revenues for October and November

This continued to follow the trend seen in fiscal 2014, when the Treasury brought in a record $3,020,809,000,000 in revenue, but spent $3,504,145,000,000, and ended up running a deficit of $483,336,000,000.

In the first two months of this fiscal year, the Treasury spent $1.44 for each $1.00 in tax receipts.

ype="node" title="Federal Spending Per Dollar of Revenue

Given that there are 115,831,000 households in the United States, according to the Census Bureau, the Treasury spent $5,030 per household in the first two months of fiscal 2015.

The $178,531,000,000 deficit the Treasury ran in those two months equaled $1,541 per household.

The biggest source for the record federal revenue during the two-month period was the individual income tax. It brought in $192,619,000,000 in October and November. The second biggest source was “Social Insurance and Retirement Receipts,” the taxes Americans pay for Social Security and Medicare. These brought in $146,263,000,000.

Corporate income taxes brought in $12,810,000,000 over the two months.

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

CNSNews Reader,

The media are hard at work weaving a web of confusion, misinformation, and conspiracy surrounding the COVID-19 pandemic.

CNSNews covers the stories that the liberal media are afraid to touch. It drives the national debate through real, honest journalism—not by misrepresenting or ignoring the facts.

CNSNews has emerged as the conservative media’s lynchpin for original reporting, investigative reporting, and breaking news. We are part of the only organization purely dedicated to this critical mission and we need your help to fuel this fight.

Donate today to help CNSNews continue to report on topics that the liberal media refuse to touch. $25 a month goes a long way in the fight for a free and fair media.

And now, thanks to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you can make up to a $300 gift to the 501(c)(3) non-profit organization of your choice and use it as a tax deduction on your 2020 taxes, even if you take the standard deduction on your returns.

— The CNSNews Team

DONATE

Connect

Sign up for our CNSNews Daily Newsletter to receive the latest news.