$1,079,224,000,000: FY2016 Taxes Set Record Through January; $7,169 Per Worker; Feds Still Run $160.39B Deficit

By Terence P. Jeffrey | February 11, 2016 | 12:36pm EST

(CNSNews.com) - The federal government took in a record of approximately $1,079,224,000,000 in tax revenues in the first four months of fiscal 2016 (Oct. 1, 2015 through Jan. 31, 2016), according to the Monthly Treasury Statement.

That equaled approximately $7,169 for every person in the country who had either a full or a part-time job in January.

It is also an increase of about $33,000,000,000 in constant 2015 dollars from the $1,046,224,000,000 in revenue (in constant 2015 dollars) that the Treasury took in during the first four months of fiscal 2015.

As it was hauling in these record tax revenues, the Treasury was spending approximately $1,239,615,000,000, and ended up the first four months of the fiscal year with a deficit of approximately $160,391,000,000, according to the monthly statement.

According to the Bureau of Labor Statistics, total seasonally adjusted employment in the United States in January (including both full and part-time workers) was 150,544,000. That means that the record federal tax revenue of $1,079,224,000,000 that the Treasury has taken in so far this fiscal year already equals approximately $7,169 per worker.

In January 2015, there were 148,104,000 people employed in the United States. So, the then-record of $1,046,224,000,000 in revenues the Treasury pulled in during the first four months of fiscal 2015 (Oct.-Dec. 2014) equaled approximately $7,064 per worker.

The largest single source of federal tax revenue so far this fiscal year—as listed in Table 3 of the Monthly Treasury Statements summary of receipts and outlays--has been the individual income tax, which has brought the federal government approximately $532,792,000,000.

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