Feds Collect $740,771,000,000 in Taxes in First 3 Months of FY17—But Spend $949,130,000,000 and Run $208,359,000,000 Deficit

By Terence P. Jeffrey | January 12, 2017 | 5:54 PM EST

(AP Photo/Carolyn Kaster)

(CNSNews.com) - The federal government collected $740,771,000,000 in taxes in the first three months of fiscal 2017 (October through December), according to the Monthly Treasury Statement released today.

But at the same time, it spent $949,130,000,000—thus running a deficit of $208,359,000,000.

The $75,731,000,000 in corporation income taxes paid by businesses in the United States in the first three months of the fiscal year was 8.6 times the $8,812,000,000 paid in customs duties on foreign imports.

The overall $740,771,000,000 in tax revenues that the Treasury collected during the October-through-December period also did not set a record for federal tax revenues in the first three months of the fiscal year.

That distinction is retained by the first three months of fiscal 2016 (Oct.-Dec., 2015), in which the federal government took in a record $779,651,750,000 in tax revenues in inflation-adjusted constant 2016 dollars.

Behind fiscal 2016, and ahead of fiscal 2017, fiscal 2015 ranks second for the largest tax haul in the first three months of the fiscal year. Then, the government took in $753,903,920,000 in tax dollars in constant 2016 dollars.

There were 152,111,000 people employed in the United States in December, according to the Bureau of Labor Statistics. That means that the $740,771,000,000 in tax revenues collected in the first three months of fiscal 2017 equaled about $4,870 per worker.

The $208,359,000,000 deficit equaled about $1,370 per worker.

The biggest source of federal revenues in the first three months of fiscal 2017 was the individual income tax, which brought in $352,837,000,000. The second biggest source was Social Security and other payroll taxes which brought in $252,132,000,000. The third biggest source was the corporation income tax, which brought in $75,731,000,000.

Customs duties brought in only $8,812,000,000 in the first three months of fiscal 2017..

Thus, the $75,731,000,000 in income taxes paid by corporations in the U.S. was 8.6 times as great as the $8,812,000,000 in customs duties paid on foreign products brought into the United States.

 

 

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