Government Collects $2.91 Trillion in Taxes in First 11 Months of FY 2016

Despite high revenues, government still runs $621 billion deficit

money cash
AP

The federal government collected $2,910,151,000,000 in taxes in the first 11 months of fiscal year 2016 and still ran a deficit of $620,771,000,000 during this time, according to the latest monthly Treasury Department statement.

Treasury receipts included 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.

The $2.91 trillion that the federal government collected this year was only slightly lower than the $2.93 trillion the government collected last year in the first 11 months of fiscal year 2015, after adjusting for inflation. The 2016 fiscal year begins on Oct. 1, 2015, and runs through Sept. 30, 2016.

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Almost half of the $2.91 trillion that the government collected came from individual income taxes. The government collected $1,386,447,000,000 in individual income taxes in the first 11 months of fiscal year 2016.

The Treasury Department has been tracking these data on its website since 1998. In that fiscal year, the federal government collected $2.27 trillion in inflation-adjusted revenue in the first 11 months of that fiscal year. This means that since 1998, tax revenues have increased 28 percent.

Although the federal government brought in approximately $2.91 trillion in revenue in the first 11 months of fiscal 2016, according to the Treasury, it also spent approximately $3.51 trillion, leaving a deficit of approximately $620 billion.