Newsmax - U.S. Tax Revenue Hit All-Time High in April

Amid calls from some for tax increases to deal with the deficit, the federal government collected $406.72 billion in April — the all-time noninflation-adjusted high for a single month.

Overall federal tax receipts in April were up 28 percent from April of last year, according to the Monthly Treasury Statement from the U.S. Treasury.

April is almost always the peak month for tax revenue, since tax returns — and payments of taxes owed — are due on April 15.

The previous monthly high was $403.8 billion in April 2008.

The Treasury collected $240.2 billion in individual income taxes in April, about 36 percent more than the $178.5 billion collected in April 2012.

Other revenue included about $96 billion in employment and general retirement taxes, $36 billion in corporate taxes, $9.8 billion in unemployment insurance taxes, $6.9 billion in excise taxes, $5.8 billion in estate and gift taxes, and $2.5 billion in customs duties.

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

Outlays totaled $293.8 billion in April. The largest amount went to the Department of Health and Human Services, which administers Medicare — $75.3 billion.

Next were the Social Security Administration ($71.7 billion), Department of Defense-Military Programs ($46.5 billion), and Interest on Treasury Debt Securities ($35.9 billion).

Interest on the debt is expected to cost taxpayers more than $420 billion this fiscal year.

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