Feds Collect Record Individual Income Taxes Through March; Still Run $599.7B Deficit
By Terence P. Jeffrey | April 11, 2018 | 3:31 PM EDT
(CNSNews.com) - The federal government collected a record $736,274,000,000 in individual income taxes through the first six months of fiscal 2018 (Oct. 1, 2017 through the end of March), according to the Monthly Treasury Statement released today.
The approximately $736,274,000,000 in individual income taxes that the Treasury collected in October through March of this fiscal year was $24,473,780,000 more than the $711,800,220,000 (in constant March 2018 dollars) that the Treasury collected in the first six months of fiscal 2017.
While the federal government was collecting record individual income taxes in the first half of this fiscal year, both payroll taxes and corporate income taxes declined compared to last year.
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