$1,248,371,000,000: FY2016 Taxes Set Record Through February; $8,263 Per Worker; Feds Still Run $353,005,000,000 Deficit

By Terence P. Jeffrey | March 10, 2016 | 3:59 PM EST 

 

(AP Photo)

(CNSNews.com) - The U.S. Treasury hauled in a record of approximately $1,248,371,000,000 in tax revenues in the first five months of fiscal 2016 (Oct. 1, 2015 through Feb. 29, 2016), according to the Monthly Treasury Statement released today.

Despite these record tax revenues in the first five months of the fiscal year, the federal government nonetheless ran a deficit of approximately $353,005,000,000 during the same period.

In February alone, the Treasury ran a deficit of $192,614,000,000.

The record five-month tax haul of $1,248,371,000,000 equaled approximately $8,263 for each of the 151,074,000 people in the country who had either a full or part-time job in February.

The record taxes in the first five months of this fiscal year exceed by about $63,263,220,000 in constant 2016 dollars the then-record $1,185,107,780,000 in tax revenues (in constant 2016 dollars) that the Treasury took in during the first five months of fiscal 2015.

However, even while taking in a record $1,248,371,000,000 in tax revenues from October through February, the Treasury was spending $1,601,375,000,000, according to the Monthly Treasury Statement. Thus, so far this fiscal year, the Treasury has run a deficit of $353,005,000,000.

The largest source of revenue in the first five months of this fiscal year was the individual income tax, which brought the Treasury $597,524,000,000. The second largest source was Social Security and other payroll taxes, which brought in $428,181,000,000.

This chart is from the Monthly Treasury Statement for February 2016. (Screen Capture)