Business is Good in Washington
A record high $3 trillion in tax revenue was collected by the federal government FY 2014. Increases in personal income and corporate taxes by the Treasury Department shows the economy is ticking up. As a result, the budget deficit is at its lowest point since 2007 still at over $400 billion. In 2010 the deficit reached as high as $1.4 trillion. So, all in all, not bad with based on what we have to work.
In fiscal 2014 the federal government estimates revenue will be $3.0 trillion. State revenue for 2014 is "guesstimated" by usgovernmentrevenue.com at $1.6 trillion and local government revenue is "guesstimated" by usgovernmentrevenue.com at $1.1 trillion.
Total revenue at all levels of government in the United States is "guesstimated" by usgovernmentrevenue.com to be $5.4 trillion in 2014.
The bad news is that this will likely give our politicians the green light to spend more money and fight over the revenue, which will result in more gridlock. It is unlikely they will ride the healthy momentum toward eliminating deficits altogether and begin paying down the nations nearly $18 trillion debt.
In government, increased revenue means increased spending.