Individual Income Taxes Set Record Through February

by Terence P. Jeffrey, CNS News:

The federal government collected a record of approximately $611,318,000,000 in individual income tax revenues through the first five months of fiscal 2017 (Oct. 1, 2016 through the end of February), according to the Monthly Treasury Statement released today.

That is about $6,733,300,000 more than the $604,584,700,000 in individual income taxes (in constant 2017 dollars) that the federal government collected through the first five months of fiscal 2016.

Despite collecting a record amount in individual income taxes, the Treasury still ran a $348,984,000,000 deficit in the first five months of this fiscal year.

Social Security and other payroll taxes also increased in the first five months of FY17 compared to the first five months of FY16. In Oct.-Feb. of last fiscal year, the Treasury collected $433,161,000,000 in payroll taxes (in constant 2017 dollars). In Oct.-Feb, of this fiscal year, it collected $451,445,000,000. That is an increase of about $18,284,000,000 in payroll taxes.

However, despite the increases in revenues from the individual income tax and payroll taxes over the first five months of fiscal 2017, overall federal tax collections were down slightly during the Oct.-Feb. period of FY17 compared to FY16.

In the first five months of FY6, the federal government collected $1,263,101,350,000 in total tax revenues (in constant 2017 dollars). In the first five months of this fiscal year, it collected $1,256,553,000,000. That is a drop of about $6,548,350,000.

Revenues from corporate income taxes, excise taxes, and customs duties all declined in the first five months of FY17 compared to FY16.

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