$1,914,651,000,000: FY2016 Taxes Set Record Through April; $12,679 Per Worker; Feds Still Run Deficit of $354,592,000,000
By Terence P. Jeffrey | May 11, 2016 | 2:13 PM EDT
(CNSNews.com) - The U.S. Treasury raked in a record of approximately $1,914,651,000,000 in tax revenues in the first seven months of fiscal 2016 (Oct. 1, 2015 through April 30, 2016), according to the Monthly Treasury Statement released today.
That is up about $14,151,330,000--in constant 2016 dollars—from the approximately $1,900,499,670,000 in constant 2016 dollars the Treasury collected in the first seven months of fiscal 2015.
(Tax revenues from previous years were adjusted to 2016 dollars using the Bureau of Labor Statistics Inflation Calculator.)
Even though the Treasury has collected more in inflation-adjusted tax revenues so far this fiscal year than in any previous year, tax collections were actually down in the month of April alone compared to last April. In 2015, the Treasury collected approximately $471,801,000,000 in April (in 2015 dollars). In 2016, the Treasury collected $438,432,000,000 in April.
Despite collecting record revenues over the span of the first seven months of fiscal 2016, the federal government still ran a deficit of $354,592,000,000 during the period--as federal government spent $2,269,242,000,000 in those seven months.
The record seven-month tax haul of $1,914,651,000,000 equaled approximately $12,679 for each of the 151,004,000 people in the country who, according to the Bureau of Labor Statistics, had either a full or part-time job in April.
Chart from the Monthly Treasury Statement for April 2016 (Screen Capture)