(CNSNews.com) - The U.S. Treasury hauled in $240,418,000,000 in total taxes in the month of May, setting a record for inflation-adjusted tax revenues for that month of the year, according to the Monthly Treasury Statement released this week.
Despite these record revenues, however, the federal government still ran a deficit of $88,426,000,000 in May—because it spent $328,844,000,000 in the month.
In the first eight months of fiscal 2017 (October through May), the federal government hauled in $2,169,160,000,000 in total taxes and spent $2,602,013,000,000—thus, running a deficit of $432,853,000,000. Fiscal 2017 will end on Sept. 30, 2017.
Prior to this year, fiscal 2006 held the record for most federal taxes collected in the month of May. That year, the Treasury collected $232,837,160,000 (in constant 2017 dollars) during May.
The third largest tax haul the federal government ever achieved in the month of May was last year (fiscal 2016), when the Treasury collected $228,814,030,000 (in constant 2017 dollars.)
While the $240,418,000,000 that the Treasury collected this May set a record for federal tax revenues in the month May, federal tax collections in the first eight months of fiscal 2017 (October through May) did not set a record.
That distinction is still held by fiscal 2016—the last full fiscal year of President Barack Obama’s tenure.
In October through May of fiscal 2016, the Treasury collected $2,179,362,400,000 in total tax revenues (in constant 2017 dollars). That was $10,202,400,000 more than the $2,169,160,000,000 that the Treasury collected in October through May of this fiscal year.
(Tax revenues were adjusted to constant 2017 dollars using the Bureau of Labor Statistics inflation calculator.)
The $240,418,000,000 in taxes the federal government collected in the month of May 2017 equaled approximately $1,572 for each of the 152,923,000 people the Bureau of Labor Statistics said had a job in the United States during the month.
The $88,246,000,000 deficit the Treasury ran during May equaled approximately $577 for each of the 152,923,000 people with a job.