Tax Collection Hits Record Figure

Tuesday, 17 Sep 2013 01:30 PM

By Jim Meyers

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The federal government has set a record for tax revenues collected through the first 11 months of fiscal 2013 — yet still ran a deficit of $755 billion during the same period.

The government collected nearly $2.5 trillion — $2,472,542,000,000 to be exact — and spent $3,227,888,000,000 from Oct. 1, 2012, through Aug. 31, according to the monthly Treasury statement for August.

The revenue was up about $285 billion from the first 11 months of fiscal 2012.

The increase was due largely to legislation passed at the end of 2012 raising taxes. The top income tax rate rose from 35 percent to 39.6 percent, the top tax rate on dividends and capital gains rose from 15 percent to 20 percent, and certain personal exemptions and deductions were phased out for high earners, CNS News reported.

An additional 3.8 percent tax on dividends, interest, capital gains, and royalties also took effect this year.

Yet the deficit in August alone was $148 billion.

The largest outlay during the 11 months was by the Department of Health and Human Services, $832.8 billion. Interest on the debt was $395.8 billion during the 11 months.

When revenue figures are adjusted for inflation, the first 11 months of fiscal 2013 exceeds the revenue collected through August in any of the last 16 years, except for 2007, when the government collected $2.25 trillion in current year dollars and $2.57 trillion in constant 2013 dollars.

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