Feds Collect Record Individual Income Taxes Through August; Still Run $898B Deficit

 | Terence P. Jeffrey  09/14/2018 10:15 AM MDT
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Credit: AF.mil
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(CNSNews.com) - The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly Treasury Statement released today.

However, the federal government also ran a deficit of $898,112,000,000 for those eleven months, according to the statement.

Prior to this year, the record federal individual income tax collections for the first eleven months of the fiscal year occurred last year, when the Treasury collected $1,460,379,260,000 in individual income taxes in constant August 2018 dollars (adjusted using the Bureau of Labor Statistics inflation calculator).

 

Yet even while the federal government was hauling in a record amount in income taxes from individuals, corporation income tax collections and total federal tax collections were declining.

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