Issues

Government Collects $740 Billion in Taxes in First Quarter of 2017

Government still ran a deficit of $208 billion

cash money
AP

The federal government collected approximately $740 billion in taxes in the first quarter of fiscal year 2017, but the federal government still ran a $208 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.

In the first quarter of 2017, which included the months of October, November and December, the amount of taxes collected by the federal government totaled $740,771,000,000. The 2017 fiscal year begins on Oct. 1, 2016, and runs through Sept. 30, 2017.

This was slightly lower than the $765,645,000,000 that the federal government collected in the first quarter of 2016.

Most of the $740 billion that the government collected from this year came from individual income taxes, which comprised almost half of that total, totaling $352 billion.

Although the federal government brought in approximately $740 billion in revenue in the first quarter of fiscal 2017, according to the Treasury, it also spent approximately $949 billion, leaving a deficit of approximately $208 billion.