Fed are raking in the dough … and still spending more than they get.

The WH-OMB estimates that, in FY 2014, the federal government will collect a record amount in inflation-adjusted tax revenues (i.e. taxes) while still running a deficit,


Source: CNS; See the Monthly Treasury Statement. for details

 

More specifically …

The OMB has estimated that in the full fiscal 2014, the federal government will …

  • collect $3.001721 trillion in taxes
  • spend $3.650526 trillion
  • run a deficit of $648.805 billion.

=====

Note that the prior high water marks in inflation-adjusted tax receipts happened in periods of relatively low tax rates and strong economic growth.

The current spurt in inflation-adjusted tax receipts is happening with a sluggish economy and increasing tax rates.

Hmmm.

#HomaFiles

Follow on Twitter @KenHoma            >> Latest Posts

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s