Tags: tax | revnue | record | high

2014 Tax Revenues Will Be Highest In US History

Friday, 15 Nov 2013 11:24 AM

By Courtney Coren

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.

The $3,023,004,000,000 estimated tax revenues is the most inflation-adjusted revenue the government will bring in compared to every previous year, CNSNews.com reported.

That means $29,673 will be collected for each full-time employee working more than 35 hours per week, and $9,534 for each person living in the United States.

The last record revenue year was fiscal 2007, when the federal government brought in $2,899,644,380,000, adjusted for 2013 inflation. The 2014 revenue will show a $123,359,620,000 increase over 2007.

President Barack Obama and congressional Republicans agreed on a bill at the end of 2012  to increase the top income tax rate to 39.6 percent from 35 percent, and increase dividends and capital-gains tax rate to 20 percent from 15 percent.

The measure also reduced exemptions and deductions for individuals making more than $250,000.

The Congressional Budget Office predicted in March that the country was on track for record tax revenues.

Related Stories:
Obama: More Taxes Needed to Pay Off Deficit
Tax Collection Hits Record Figure



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