The federal government collected approximately $1.257 trillion in taxes in the first five months of fiscal year 2017, but the federal government still ran a $349 billion deficit during that time, according to the latest monthly Treasury Department statement.
revenue from individual income taxes, corporate income taxes, social Treasury receipts include tax insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items.
In the first five months of 2017, which included the months of October, November, December, and January, the amount of taxes collected by the federal government totaled $1,256,553,000,000. The 2017 fiscal year begins on Oct. 1, 2016, and runs through Sept. 30, 2017.
After adjusting for inflation, the federal government collected $1,263,101,350,000 in the first five months of fiscal 2016, which means the government collected slightly less revenue this year.
Most of the $1.257 trillion that the government collected from this year came from individual income taxes, which comprised almost half of that total, totaling $611 billion.
Although the federal government brought in approximately $1.257 trillion in revenue in the first five months of fiscal 2017, according to the Treasury, it also spent approximately $1.606 trillion, leaving a deficit of approximately $349 billion.