Feds Collected Record Taxes in October; Still Ran $63 Billion Deficit

By Terence P. Jeffrey | November 13, 2017 | 2:57pm EST
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(CNSNews.com) - The federal government hauled in record total tax revenues in the month of October, taking in a total of $235,341,000,000 during the first month of fiscal 2018, according to the Monthly Treasury Statement released today.

The federal government also brought in record individual income tax revenues for the month of October, taking in $127,832,000,000 in individual income taxes.

Despite its record total tax intake of $235,341,000,000 for the month of October, the federal government still ran a deficit of $63,214,000,000 for the month because it spent $298,555,000,000.

Prior to this year, the largest federal tax haul in October came in fiscal 2017 (October 2016), when the Treasury took in $226,360,090,000 in total tax revenues in constant 2017 dollars. (Dollar amounts were adjusted to constant September 2017 dollars using the Bureau of Labor Statistics inflation calculator.)

Prior to that, fiscal 2015 (October 2014) saw the largest tax haul in October, with the Treasury taking in $221,128,030,000 in total revenues in constant 2017 dollars.

This year’s record $127,832,000,000 in individual income taxes collected in October bettered the previous record which was set in October 2016 (the first month of fiscal 2017), when the Treasury collected $124,135,980,000 in individual income taxes in constant 2017 dollars.

The Treasury also collected $3,729,000,000 in corporate income taxes in October, as well as $84,018,000,000 in Social Security and other payroll taxes, $7,463,000,000 in excise taxes, $1,615,000,000 in estate and gift taxes, $3,239,000,000 in customs duties and $7,445,000,000 in other taxes and fees.

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