Government Collects $3.27 Trillion in Taxes in Fiscal Year 2016

Gov’t still runs $587 billion deficit despite collecting record taxes

hand holding money
October 14, 2016

The federal government collected $3.27 trillion in taxes in fiscal year 2016, according to the latest monthly Treasury Department statement. The federal government ran a deficit of $587 billion despite the record revenue.

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.

After adjusting for inflation, the amount of taxes collected by the federal government in fiscal year 2016 is slightly lower than the $3.3 trillion the government collected in fiscal year 2015. The 2016 fiscal year begins on Oct. 1, 2015, and runs through Sept. 30, 2016.

The federal government collected $3,266,688,000,000 from October through September in fiscal year 2016. Most of the $3.27 trillion came from individual income taxes, which comprised almost half of that total at $1.55 trillion.

Although the federal government brought in approximately $3.27 trillion in revenue in fiscal 2016, according to the Treasury, it also spent approximately $3.85 trillion, leaving a deficit of approximately $587 billion.

Published under: Taxes