Government Collects $2.17 Trillion In First 8 Months of Fiscal 2017

Despite high tax collection, government still ran a deficit of $432 billion

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The federal government collected approximately $2.17 trillion in taxes in the first eight months of fiscal year 2017, but it still ran a $432 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 2017 to May of this year, the amount of taxes collected by the federal government totaled $2,169,160,000,000. The 2017 fiscal year begins on Oct. 1, 2016, and runs through Sept. 30, 2017.

This was slightly lower than the $2,192,736,250,000 that the federal government collected in the first eight months of 2016, after adjusting for inflation.

Most of the $2.17 trillion that the government collected from this year came from individual income taxes, which comprised almost half of that total, totaling $1.05 trillion.

Although the federal government brought in approximately $2.17 trillion in revenue in the first quarter of fiscal 2017, according to the Treasury, it also spent approximately $2.6 trillion, leaving a deficit of approximately $432 billion.