The federal government collected a record $1,305,490,000,000 in individual income taxes through the first nine months of fiscal 2018, according to the Monthly Treasury Statement released today.
Despite the record individual income tax collections, the federal government still ran a deficit of $607,099,000,000 over those same nine months, according to the Treasury statement.
The approximately $1,305,490,000,000 in individual income taxes that the Treasury collected in October through June of this fiscal year was $71,815,310,000 more than the $1,233,674,690,000 in individual income taxes that the Treasury collected in October through June of fiscal 2017-which was the previous record.
Although the federal government collected record individual income taxes in the first nine months of this fiscal year, overall federal tax collections were lower in the first nine months of this fiscal year than they were in any of the previous five fiscal years-including 2013, 2014, 2015, 2016 and 2017.
In October through June of this fiscal year, the Treasury collected $2,540,804,000,000 in total taxes.
Corporation income tax collections have also been declining in this fiscal year.
In the first nine months of fiscal 2018, the Treasury collected $161,708,000,000 in corporation income.
https://www.cnsnews.com/news/article/terence-p-jeffrey/feds-collect-record-individual-income-taxes-through-june-still-run
Despite the record individual income tax collections, the federal government still ran a deficit of $607,099,000,000 over those same nine months, according to the Treasury statement.
The approximately $1,305,490,000,000 in individual income taxes that the Treasury collected in October through June of this fiscal year was $71,815,310,000 more than the $1,233,674,690,000 in individual income taxes that the Treasury collected in October through June of fiscal 2017-which was the previous record.
Although the federal government collected record individual income taxes in the first nine months of this fiscal year, overall federal tax collections were lower in the first nine months of this fiscal year than they were in any of the previous five fiscal years-including 2013, 2014, 2015, 2016 and 2017.
In October through June of this fiscal year, the Treasury collected $2,540,804,000,000 in total taxes.
Corporation income tax collections have also been declining in this fiscal year.
In the first nine months of fiscal 2018, the Treasury collected $161,708,000,000 in corporation income.
https://www.cnsnews.com/news/article/terence-p-jeffrey/feds-collect-record-individual-income-taxes-through-june-still-run
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