$400,847,000,000 Deficit for First 9 Months of FY16; Federal Taxes Did Not Set Record Through June

By Terence P. Jeffrey | July 14, 2016 | 2:36pm EDT

(CNSNews.com) - The federal government collected approximately $2,468,827,000,000 in tax receipts in the first nine months of fiscal 2016 (October through June), according to the Monthly Treasury Statement released today.

Unlike May, when the federal government set a record for inflation-adjusted tax revenues collected in the first eight months of a fiscal year, the federal taxes collected through June did not set a record for inflation-adjusted tax revenues in the first nine months of a fiscal year.

While bringing in $2,468,827,000,000 in tax revenues during the first nine months of fiscal 2016, the federal government spent approximately $2,869,674,000,000—running a deficit of $400,847,000,000.

In the month of June alone, the Treasury brought in approximately $329,572,000,000 in revenues and spent approximately $323,320,000,000—running a surplus for the month of 6,252,000,000.

Because of that one-month surplus, the fiscal-year-to-date deficit dropped from the $407,099,000,000 it had been through May to the $400,847,000,000 total through June.

In October through June of fiscal 2015, the federal government collected approximately $2,446,920,000,000 tax receipts in 2015 dollars, according to the Monthly Treasury Statement. But--when that is adjusted to 2016 dollars using the Bureau of Labor Statistics inflation calculator--it equals $2,480,152,370,000.

The $2,468,827,000,000 in federal tax revenues collected in October through June of this fiscal year was $11,325,370,000 less than $2,480,152,370,000 in federal tax revenues in 2016 dollars collected in October through June of fiscal 2015.

Chart from June 2016 Monthly Treasury Statement. (Screen Capture)

The last time federal tax revenues (in constant 2016 dollars) declined in the first nine months of one fiscal year compared to the first nine months of the previous year was in fiscal 2010, which marked the end of a three-year period (2008-2010) of such declines.

Real federal tax revenues in the October through June period hit what was then a peak in fiscal 2007, when they were $2,253,954,810,000 in constant 2016 dollars.

Federal tax revenues in 2016 dollars then showed a downward trend in the October-through-June periods of fiscal 2008 ($2,157,858,280,000), 2009 ($1,778,975,030,000) and 2010 ($1,759,436,520,000).

In 2011 ($1,851,956,090,000), 2012 ($1,908,630,730,000), 2013 ($2,152,358,100,000), 2014 ($2,291,956,530,000) and 2015 ($2,480,152,370,000), federal tax revenues in constant 2016 dollars in the October-through-June period increased compared to the previous year.

The last recession began in December 2007 and ended in June 2009, according to the National Bureau of Economic Research.

The largest share of federal tax revenues in October through June of fiscal 2016 came from the individual income tax ($1,171,623,000,000). The second largest share came from Social Security and other payroll taxes ($850,184,000,000).

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