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Record Revenue, Yet Still Running A Deficit


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The government is still running more than a half-trillion dollar deficit right now, with one month left to go in the fiscal year, despite record revenue being hauled in.

CNSNews reports that “Inflation-adjusted federal tax revenues hit a record $2,663,426,000,000 for the first 11 months of the fiscal year this August, but the federal government still ran a $589,185,000,000 deficit during that time, according to the latest Monthly Treasury Statement.”

Thus, the government is still over-spending, to the tune of $3,252,611,000,000 in total expenses so far this year.

Here’s the breakdown of revenue:

Individual income taxes: $1,233,274,000,000

Corporate income taxes: $247,200,000,000

Employment and general retirement (off-budget): $674,338,000,000

Employment and general retirement (on-budget): $209,281,000,000

Unemployment insurance: $54,591,000,000

Other retirement receipts: $3,155,000,000

Excise taxes: $73,051,000,000

Estate and gift taxes: $17,702,000,000

Customs duties: $30,902,000,000

Miscellaneous receipts: $119,933,000,000

So just remember, the problem isn’t enough tax revenue or underfunded programs — it’s that the government can’t seems to stay on budget or within its revenue receipts. All this overspending does is just continue to add to the growing deficit.