DC Sets New Records…in Taxes, Debt, and Spending
Next time a statist tells you the US needs to raise taxes point out that the US tax collections are at a record high, yet the US continues to run record deficits (hat tip Conservative News Service):
Federal tax revenues continue to run at a record pace (in inflation-adjusted dollars) in fiscal 2014, as the federal government’s total receipts for the fiscal year closed May at an unprecedented $1,934,919,000,000, according to the Monthly Treasury Statement.
Despite record revenue, the federal government still ran a deficit of $436.382 billion in the first eight months of the fiscal year, which began on Oct. 1, 2013 and will end on Sept. 30, 2014.
In the month of May alone, the federal government ran a deficit of $129.971 billion–bringing in $199.889 billion in revenue while spending $329.860 billion….
The White House Office of Management and Budget has estimated that in the full fiscal 2014, the federal government will collect $3.001721 trillion in taxes, spend $3.650526 trillion, running a deficit of $648.805 billion…
Foreign holdings of US Treasury securities are also at a record level. Interestingly, while China has reduced its holdings of debt over the past few months, Russia increased its holdings in April.
Clearly the Federal Government does not have a tax problem it has a spending problem. Campaign for Liberty will continue to work to reduce federal spending in all areas as part of our push for Real Cuts, Right Now.