We collect the highest amount of taxes yet, and some how we are still in debt. Well, there isn’t much mystery there. When the FEDs spends more than they collect, you know why we’re still in debt.
The U.S. Treasury hauled in a record of approximately $1,084,840,000,000 in tax revenues in the first four months of fiscal 2017 (Oct. 1, 2016 through Jan. 31, 2017), according to the Monthly Treasury Statement released today.
That is up about $5,616,000,000 in constant 2016 dollars from the approximately $1,079,224,000,000 in constant 2016 dollars that the Treasury collected in the first four months of fiscal 2016.
Tax revenues from previous years, as reported in the Monthly Treasury Statement for January of each year, were adjusted to 2016 dollars using the Bureau of Labor Statistics Inflation Calculator.
Despite collecting a record $1,084,840,000,000 in tax revenues in the first four months of this fiscal year, the federal government turned around and spent $1,241,780,000,000 in those same four months—and ended up running a deficit of $156,939,000,000.