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,
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.