Inflation-adjusted federal tax revenues hit a record $222 billion in the first month of fiscal year 2017, but the federal government still ran a $44 billion deficit during that time, according to the latest monthly Treasury Department statement.
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.
In the first month of fiscal 2017, the amount of taxes collected by the federal government outpaced the first month of all previous fiscal years, even after adjusting for inflation. The 2017 fiscal year begins on Oct. 1, 2016 and runs through Sept. 30, 2018.
The federal government collected $221,692,000,000 in the first month of fiscal year 2017. Last October the government collected $211,046,000,000 in inflation-adjusted revenues.
Most of the $221 billion came from individual income taxes, which comprised more than half of that total, totaling $121 billion.
Although the federal government brought in a record of approximately $221 billion in revenue in the first month of fiscal 2017, according to the Treasury, it also spent approximately $265 billion, leaving a deficit of approximately $44 billion.