The federal government collected approximately $444 billion in taxes in the first two months of fiscal year 2018, but the federal government still ran a $202 billion deficit during this 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 two months of fiscal 2018, which include the months of October and November, the amount of taxes collected by the federal government totaled $443,715,000,000. The 2018 fiscal year begins on Oct. 1, 2017, and runs through Sept. 30, 2018.
Last year, in the first two months of fiscal 2017, the federal government collected $421,567,000,000.
Most of the $444 billion that the government collected in the first two months of fiscal 2018 came from individual income taxes, which comprised $226,535,000,000, more than half of the total.
Although the federal government brought in approximately $444 billion in revenue in the first two months of fiscal 2018, according to the Treasury, it also spent approximately $645 billion, leaving a deficit of approximately $202 billion.
