Government Collects $2.74 Trillion in Taxes In First 10 Months of FY 2017

Despite trillion-dollar tax collection, government still runs $566 billion deficit

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The federal government collected $2.74 trillion in taxes in the first 10 months of fiscal year 2017, but the federal government still ran a $566 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 this past July, the amount of taxes collected by the federal government totaled $2,739,861,000,000. (The 2017 fiscal year begins on Oct. 1, 2016, and runs through Sept. 30, 2017.)

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The amount of taxes collected at this time was more than the amount collected last year, after adjusting for inflation. Last year at this time, the government collected $2.68 trillion in taxes, but after adjusting for inflation it totaled about $2.73 trillion.

Most of the $2.74 trillion that the government collected from this year came from individual income taxes, which comprised almost half of that total, amounting to $1.31 trillion.

Although the federal government brought in approximately $2.74 trillion in revenue in the first 10 months of fiscal 2017, according to the Treasury, it also spent approximately $3.31 trillion, leaving a deficit of approximately $566 billion.