Feds Collect Record Individual Income Taxes Through June; Still Run $607B Deficit

House Speaker Paul Ryan and Senate Majority Leader Mitch McConnell (Screen Capture)(CNSNews.com) –

The federal government collected a record $1,305,490,000,000 in individual income taxes through the first nine months of fiscal 2018 (October 2017 through June 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 (in constant June 2018 dollars) than the $1,233,674,690,000 (in constant June 2018 dollars) 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. That was down $39,029,250,000 from the $2,579,833,250,000 in total taxes the Treasury collected in the first nine months of fiscal 2017. 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. That is $67,964,050,000 less (in constant June 2018 dollars) than the $229,672,050,000 in corporation income taxes (in constant June 2018 dollars) that the Treasury collected in the first eight months of fiscal 2017. The federal government ran a deficit of $607,099,000,000 during the first nine months of fiscal 2018, because while collecting its $2,540,804,000,000 in total taxes, it spent $3,147,903,000,000. The $2,540,804,000,000 in total tax collections through June included the record $1,305,490,000,000 in individual income taxes; the $161,708,000,000 in corporation income taxes; $847,062,000,000 in social insurance and retirement payroll taxes; $36,998,000,000 in unemployment insurance taxes; $3,312,000,000 in other retirement taxes; $63,039,000,000 in excise taxes, $16,978,000,000 in estate and gift taxes, $28,318,000,000 in customs duties; and $77,899,000,000 in miscellaneous receipts. Including the current month of July, there are three more months in this fiscal year. Tax amounts were put in constant June 2018 dollars using the Bureau of Labor Statistics inflation calculator.