![]() The increase in payroll tax receipts was mostly the result of higher wages and salaries. That percentage of GDP is the highest since 2009 but still lower than the percentage in every year between 19. Payroll (social insurance) taxes, the second-largest revenue source, increased by $76 billion (or 8 percent), from 5.7 percent of GDP to 5.9 percent.The increase in nonwithheld receipts was slightly offset by income tax refunds that were up by $2 billion (or 1 percent). Most of those additional payments were for the 2014 tax year, but some were for 2013. Nonwithheld payments of income taxes rose by $33 billion (or 7 percent), mainly reflecting larger estimated tax payments made in fiscal year 2014. A small share of that increase in withheld taxes occurred because the tax rates in effect from October 2013 through December 2013 (the first quarter of fiscal year 2014) were higher for income above certain thresholds than the rates in effect during the same span the year before. Income taxes withheld from workers' paychecks rose by $47 billion (or 4 percent), largely the result of higher wages and salaries. That percentage of GDP is the highest since 2007 and is larger than the percentage in any other year since 2001. Individual income taxes the largest revenue source, rose by $78 billion (or 6 percent), from 7.9 percent of GDP in 2013 to 8.1 percent in 2014.Receipts from all major sources increased more than GDP in 2014: Spending amounted to 20.3 percent of GDP in 2014- slightly more than the percentage in 2008, lower than the percentage in any other year since then, and slightly less than the 40-year average of 20.5 percent. Net spending by the government was $50 billion more in 2014 than in 2013, but it was less, in nominal terms, than outlays in 2009, 2011, and 2012. As a percentage of GDP, revenues rose from 16.7 percent in 2013 to 17.5 percent in 2014, exceeding the average over the past 40 years (17.3 percent) for the first time since 2007 (see the figure). In dollar terms, revenues have increased by 44 percent since 2009. In 2014, the government's revenues increased (in nominal terms) for the fifth consecutive year, reaching $3.0 trillion, which was $247 billion, or almost 9 percent, more than revenues in 2013. Fiscal year 2014 was the fifth consecutive year in which the deficit declined as a share of the nation's gross domestic product (GDP): The deficit peaked at 9.8 percent of GDP in 2009 it fell to 4.1 percent in 2013 and to 2.8 percent in 2014. In fiscal year 2014, which ended on September 30, the federal budget deficit totaled $483 billion- $197 billion less than the shortfall in 2013. ![]()
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