Federal Tax Revenue Hits Record High

Overall federal revenues came in slightly higher in fy 2018 up 0 5.

Federal tax revenue hits record high. According to the report the government took in 238 2 billion in taxes in february. Federal tax revenues will reach 3 trillion in 2014 for the first time in the nation s history the white house office of management and budget said. I was surprised the 2020 number was as high as it was said pat westhoff of the fapri think tank at the university of missouri who projected in june that farm subsidies would set a record this year. As a result deficits for 2018 climbed 113 billion.

For fiscal year 2018 which started last october taxes are. Spending on the other hand was 127 billion higher in fiscal 2018. According to the latest monthly report from the congressional budget office revenues in april totaled 515 billion a 13 increase over last april and an all time high for the month. The year before tax revenues were 236 8 billion.

In fiscal year 2014 inflation adjusted federal tax revenues hit a record 3 020 848 000 000 but the federal government still ran a 483 350 000 000 deficit during that time. Tax revenues hit record high in april may 10 2007 2 10 pm ap federal revenue collections hit an all time high in april contributing to a further improvement in the budget deficit for the year.