The federal government collected approximately $770 billion in taxes in the first quarter of fiscal year 2018, but the federal government still ran a $225 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 2018, which included the months of October, November, and December, taxes collected by the federal government totaled $769,512,000,000. The 2018 fiscal year begins on Oct. 1, 2017, and runs through Sept. 30, 2018.
The government collected roughly $28.7 billion more than it did last year at this time. In the first quarter of fiscal year 2017, the government collected $740,771,000,000 in taxes.
Most of the $770 billion that the government collected from this year came from individual income taxes, totaling $390 billion.
Although the federal government brought in approximately $770 billion in revenue in the first quarter of fiscal 2018, according to the Treasury, it also spent approximately $994 billion, leaving a deficit of approximately $225 billion.