Government Collects $3.3 Trillion in Taxes in Fiscal Year 2017

Despite trillion-dollar tax collection, government still runs $666 billion deficit

The IRS Building in Washington, DC / Getty Images

The federal government collected approximately $3.3 trillion in taxes in fiscal year 2017, but the federal government still ran a $666 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 2017 fiscal year begins on Oct. 1, 2016, and runs through Sept. 30, 2017. During this time, the amount of taxes collected by the federal government totaled $3,314,894,000,000.

Most of the $3.3 trillion that the government collected from this fiscal year came from individual income taxes, which totaled $1.59 trillion. Corporation income taxes totaled about $297 billion.

The amount of taxes collected this year was slightly lower than the amount collected last year, after adjusting for inflation. In fiscal year 2016, the federal government collected $3,266,688,000,000 in taxes, but after adjusting for inflation, that number rose to $3,339,836,430,000.

Although the federal government brought in approximately $3.3 trillion in revenue in fiscal 2017, according to the Treasury, it also spent approximately $3.98 trillion, leaving a deficit of $665,712,000,000.