• If you are having problems logging in please use the Contact Us in the lower right hand corner of the forum page for assistance.

Buckwheat Spending Like Drunken Sailor

Mike

Well-known member
(CNSNews.com) - Federal tax revenues continue to run at a record pace (in inflation-adjusted dollars) in fiscal 2014, as the federal government’s total receipts for the fiscal year closed May at an unprecedented $1,934,919,000,000, according to the Monthly Treasury Statement.

Despite record revenue, the federal government still ran a deficit of $436.382 billion in the first eight months of the fiscal year, which began on Oct. 1, 2013 and will end on Sept. 30, 2014.

In the month of May alone, the federal government ran a deficit of $129.971 billion--bringing in $199.889 billion in revenue while spending $329.860 billion.

The White House Office of Management and Budget has estimated that in the full fiscal 2014, the federal government will collect $3.001721 trillion in taxes, spend $3.650526 trillion, running a deficit of $648.805 billion.

Record Federal Tax Revenues Through May FY 2014

The OMB has also estimated that, while running that deficit, the federal government will collect a record amount in inflation-adjusted tax revenues.

When adjusted for inflation (to constant 2014 dollars), the second-greatest federal tax haul through May was in fiscal 2007. By the end of May that year, the federal government took in approximately 1.908 trillion in total receipts in constant 2014 dollars.

The single largest source for the federal government’s record tax receipts in the first eight months of FY 2014 was the individual income tax, which brought the Treasury $903.024 billion. The second largest source was what the Treasury calls “Social Insurance and Retirement Receipts,” which includes the Social Security payroll tax, the unemployment insurance tax and other retirement taxes. This accounted for $694.268 billion in tax revenue.

The third largest source of federal revenue in the first eight months of fiscal 2014 was the corporation income tax, which brought in $164.840 billion.
 

Mike

Well-known member
loomixguy said:
That's not fair, Mike. When drunken sailors run out of money, they STOP spending.

I hope all sailors everywhere will accept my apologies. :wink:

I only titled it like this because OT used that analogy for Bush once upon a time. :lol: Little did he know............................. :roll:
 

hopalong

Well-known member
littlejoe said:
how's yer storage unit treatin' ya, loopy? purty comfy?


Absolutely lil joe/oldtimer both planes and I stay cool and dry...... and my phone even rings,,,

Now that you have my address when you gonna come and visit??? :wink: :wink: or ya going hide behind your computer screen? and flap your jaws??
 

Traveler

Well-known member
It's called investing in America. Remember the Democraps always bellyaching about things being done on the backs of the poor? Seems they don't mind out of control spending on the backs of the children and future generations.
 

hopalong

Well-known member
hopalong said:
littlejoe said:
how's yer storage unit treatin' ya, loopy? purty comfy?


Absolutely lil joe/oldtimer both planes and I stay cool and dry...... and my phone even rings,,,

Now that you have my address when you gonna come and visit??? :wink: :wink: or ya going hide behind your computer screen? and flap your jaws??


well lil joe/oldtimer?you gonna man up or hide?????? By the way a flew a coupe of folks into Boseman just the other day...If you had given me your ADDRESS I would have looked ya up,,, instead you hide behind you screen
:wink: :wink: :wink:
 
Top