The federal government collected approximately $235 billion in taxes in the first month of fiscal year 2018, but the government still ran a $63 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.
The 2018 fiscal year begins on Oct. 1, 2017, and runs through Sept. 30, 2018. In October 2017, the amount of taxes collected by the federal government totaled $235,341,000,000. Last year during this time, the government collected $221,692,000,000 in taxes, but after adjusting for inflation this amount increases to $226,360,090,000.
Most of the $235 billion that the government collected in the first month of fiscal 2018 came from individual income taxes, which comprised more than half of that sum, totaling $128 billion.
Although the federal government brought in approximately $235 billion in revenue in October, it also spent approximately $299 billion, leaving a deficit of approximately $63 billion.
