Federal Tax Revenues at Record High

Via CNS News:

CNSNews.com) – Federal tax revenues hit an all-time non-inflation-adjusted monthly high of approximately $406.7 billion in April, according to newly released data from the U.S. Treasury.

Overall federal tax revenues in April 2013 were up 28 percent from April 2012, and individual-income-tax revenues specifically were up 36 percent.

Because federal income tax returns are due on April 15, April is almost always the peak month for federal tax revenues. (Over the past twelve years, the only year that deviated from that pattern was 2010, when the federal government took in $251 billion in July compared to $245.3 billion in April.)

Prior to this April, nominal federal monthly tax revenues had hit their historic peak in April 2008, when they reached approximately $403.8 billion. The third highest month for federal tax revenues was April 2007, when they hit $383.6 billion, and the fourth highest month was April 2012, when they hit $318.8 billion.

The $406.7 billion in overall tax revenue the Treasury raked in this April was an increase of about 28 percent from the $318.8 billion raked in last April.

The Monthly Treasury Statement, released today, reported the record $406.7 billion in tax revenue that came in during April in nine categories: $240.204 billion in individual income taxes; $36.083 billion in corporate income taxes; $97.211 billion in employment and general retirement taxes; $9.817 billion in unemployment insurance taxes; 0.281 billion in other retirement taxes; $6.922 billion in excise taxes; $5.888 billion in estate and gift taxes; $2.495 billion in customs duties; and $7.822 billion in miscellaneous receipts.

The $240.204 billion in individual income taxes that Americans paid to the federal Treasury in April 2013 was approximately 36 percent more than the $178.565 billion in individual income taxes Americans paid in April 2012.

Thanks to the record tax revenue, the federal government ran a $112.9 billion surplus in April. However, in the first seven months of fiscal 2013 (October through April), the federal government has run a deficit of $487.6 billion.


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