For the first time ever, real federal tax revenues topped $1 trillion in the first four months of the fiscal year--October through January--according to data released Wednesday by the U.S Treasury.
Federal tax revenues hit a record $1,046,224,000,000 for fiscal year 2015 through January, according to the Monthly Treasury Statement, but the federal government still ran a $194,209,000,000 deficit during that time.
Each month, the Treasury publishes the government’s “total receipts,” including all revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes (including Social Security and Medicare taxes), unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and “miscellaneous receipts.”
In constant 2014 dollars, the $1,046,224,000,000 that the federal government has collected in October, November and December of 2014 and January of fiscal 2015, is $85,626,000,000 more than the $960,598,000,000 it collected in fiscal 2014 through January.
That $960,598,000,000 that the federal government brought in in October through January of fiscal 2014 is now the second-highest-ever federal tax intake through January.
In fiscal year 1998, the federal government collected $797,331,210,000 through January in constant 2014 dollars. Since then, real federal revenues in the October through January period have increased by 31.2 percent.
Although the federal government has brought in a record of approximately $1,046,224,000,000 in revenue in October through January of this fiscal year, according to the Treasury, it has also spent approximately $1,240,433,000,000, leaving a deficit of approximately $194,209,000,000.
We'd say it's time for a change in Washington. What do you think?
The Article V Convention of States process can propose and ratify constitutional amendments that would force Congress to be fiscally responsible.
The best part?
Congress can't do anything about it.