$3.25 Trillion: Government Collects Record-High Taxes in Fiscal Year 2015

Government still runs $438 billion deficit despite collecting record revenues

BY:

The federal government collected a record amount of taxes in fiscal year 2015, totaling $3.25 trillion in revenue, according to the latest monthly Treasury Department statement. The federal government ran a deficit of $438 billion despite the record revenue.

Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items.

The amount of taxes collected by the federal government in fiscal year 2015 outpaced all previous fiscal years, even after adjusting for inflation. The 2015 fiscal year begins on Oct. 1, 2014, and runs through Sept. 30, 2015.

The federal government collected $3,248,723,000,000 from October through September in fiscal year 2015. Most of the $3.25 trillion came from individual income taxes, which comprised almost half of that totalĀ atĀ $1.5 trillion.

The Treasury Department has been tracking this data on its website since 1998. In that fiscal year, the federal government collected $2.5 trillion in inflation-adjusted revenue. This means that since 1998, tax revenues have increased 30 percent.

Although the federal government brought in approximately $3.25 trillion in revenue in fiscal 2015, according to the Treasury, it also spent approximately $3.69 trillion, leaving a deficit of approximately $438 billion.

Ali Meyer

Ali Meyer   Email Ali | Full Bio | RSS
Ali Meyer is a staff writer with the Washington Free Beacon covering economic issues that expose government waste, fraud, and abuse. Prior to the Free Beacon, she was a multimedia reporter with CNSNews.com where her work appeared on outlets such as Drudge Report and Fox News. She also interned with the Heritage Foundation and Pacific Research Institute. Her Twitter handle is @DJAliMeyer, and her email address is meyer@freebeacon.com.

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