WH Predicts: Tax Revenues Will Cross $3T Mark For First Time in U.S. History in FY '14-- $29,673 Per Full-Time Worker

Photo Credit: AP Photo/Charles DharapakThe latest Monthly Treasury Statement, which was released on Wednesday afternoon, relies on the estimate made by the White House Office of Management and Budget to say that federal tax revenues will top $3 trillion for the first time in the nation’s history in fiscal 2014.

In fact, the record $3,023,004,000,000 in tax revenues that the White House is predicting the federal government will rake in during fiscal 2014 not only exceeds the inflation-adjusted revenue taken in by the government in any previous year, it also equals $29,673 in tax revenue for every full-time worker in the country.

It is also equals $9,534 for every man, woman and child currently living in the country.

Until now, the record-setting year for inflation-adjusted federal tax revenues was fiscal 2007. In that year, the federal government brought in $2,899,644,380,000 in constant 2013 dollars.

If the White House is correct that total federal tax receipts will hit $3,023,004,000,000 in fiscal 2014, that would represent an increase of $123,359,620,000 in constant 2013 dollars over fiscal 2007’s record tax haul of $2,899,644,380,000. Real tax revenues this year, according to the White House estimate, will be 4.25 percent higher than they have ever been.

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