SAN FRANCISCO (press release)—Ironically in tightfisted money times, federal tax revenues still deeply in the red hit an all-time record of $1.891 trillion in the first seven months of the fiscal year. Yet the federal government still ran a deficit of $262.7 billion, according to the latest Monthly Treasury Statement on Monday.
As is the practice, every month the Treasury Department publishes the government’s “total receipts,” including revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, including Social Security and Medicare taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties and “miscellaneous receipts.” The latest report shows figures for the most recent month and for the current fiscal year to date.
So, in constant 2015 dollars, the $1.891 trillion collected from October through April was $171.3 billion more than the record $1.72 trillion collected in the first seven months of fiscal 2014. After 2014, the third highest federal tax intake in the first seven months occurred in fiscal 2007, when the government collected $1.703 trillion in 2015 dollars.
Yet despite the record revenue collection this fiscal year, the government spent about $2.174 trillion and left the deficit of approximately $262.7 billion. In other words, the government is still spending in the red no matter what the revenue flow is.