Feds Collect Record Individual Income Taxes in 2018; Still Run $779b Deficit

The federal government collected a record $1,683,537,000,000 in individual income taxes in fiscal 2018 (October 2017 through September 2018), according to the Monthly Treasury Statement released today.

However, the federal government also ran a deficit of $778,996,000,000 during the fiscal year, according to the statement. . .

The previous record for individual income tax collections in a fiscal year was in fiscal 2015, when the Treasury collected $1,634,657,240,000 in individual income taxes (in constant September 2018 dollars). . .

Despite the record amount collected in individual income taxes in fiscal 2018, overall real federal tax revenues in fiscal 2018 were lower than in any of the previous three years. In fiscal 2018, total tax collections equaled $3,328,745,000,000, according to the Treasury statement. That was less than the $3,446,613,230,000 (in constant September 2018 dollars) that the Treasury collected in fiscal 2015; less than the $3,415,674,450,000 (in constant September 2018 dollars) collected in fiscal 2016; and less than the $3,390,373,210,000 (in constant September 2018 dollars) collected in fiscal 2017.

While the federal government was collecting more income taxes from individuals in fiscal 2018, it was collecting less from corporations. Total corporation income tax collections in fiscal 2018 were $204,733,000,000. In fiscal 2017, they were $303,811,700,000 (in constant September 2018 dollars). In fiscal 2016, they were $313,233,700,000 (in constant September 2018 dollars); and in fiscal 2015, they were $364,738,790,000 (in constant September 2018 dollars). (Read more from “Feds Collect Record Individual Income Taxes in 2018; Still Run $779B Deficit” HERE)

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