WASHINGTON, D.C. (Worthy News)– Despite record federal tax revenues of $1.9 trillion, the federal government still managed to run a deficit of $436 billion through the first eight months of the fiscal year, according to the U.S. Treasury.
The single largest source for the federal government’s record tax receipts in the first eight months of FY 2014 was the individual income tax, which brought the Treasury $903.024 trillion. The second largest source was what the Treasury calls “Social Insurance and Retirement Receipts,” which includes the Social Security payroll tax, the unemployment insurance tax and other retirement taxes. This accounted for $694.268 billion in tax revenue.
The third largest source of federal revenue in the first eight months of fiscal 2014 was the corporation income tax, which brought in $164.840 billion. — Source