The federal government collected a record $2.97 trillion in taxes in the first 11 months of fiscal year 2017, but the federal government still ran a $674 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.
From October 2016 to August of this year, the amount of taxes collected by the federal government totaled $2,966,172,000,000. (The 2017 fiscal year begins on Oct. 1, 2016, and runs through Sept. 30, 2017.)
In the first 11 months of 2016, the government collected $2.91 trillion and totaled $2.96 trillion after adjusting for inflation.
Most of the $2.97 billion the government collected from this year came from individual income taxes, which comprised almost half of that total, totaling $1.42 trillion.
Although the federal government brought in approximately $2.97 trillion in revenue in the first 11 months of fiscal 2017, according to the Treasury, it also spent approximately $3.64 trillion, leaving a deficit of approximately $674 billion.
