by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Ali Meyer documents for Washington Free Beacon readers the federal government’s record-high tax collection for the 2015 budget year.
The federal government collected a record amount of taxes in the first three quarters of fiscal year 2015, exceeding $2.4 trillion in revenue, according to the latest monthly Treasury Department statement. Despite the record revenue, the federal government ran a deficit of $313 billion.
Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items.
In the first three quarters of fiscal 2015, the amount of taxes collected by the federal government outpaced the first three quarters of all previous fiscal years, even after adjusting for inflation. The 2015 fiscal year begins on Oct. 1, 2014 and runs through Sept. 30, 2015.
The federal government collected $2,446,920,000,000 from October through June in fiscal year 2015. Most of the $2.4 trillion came from individual income taxes, which comprised almost half of that total, totaling $1.1 trillion. …
… Although the federal government brought in a record of approximately $2.4 trillion in revenue in the first nine months of fiscal 2015, according to the Treasury, it also spent approximately $2.7 trillion, leaving a deficit of approximately $313 billion.
When tax collection hits record levels, and the government still runs a deficit, the problem is overspending.