$2.88 Trillion: Gov’t Collects Record-High Taxes in First 11 Months of FY 2015
(Worthy News) – The federal government collected a record amount of taxes in the first 11 months of fiscal year 2015, exceeding $2.88 trillion in revenue, according to the latest monthly Treasury Department statement. Despite the revenue, which is still a record amount when adjusted for inflation, the federal government ran a deficit of $529 billion.
Treasury receipts include tax revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and other miscellaneous items.
In the first 11 months of fiscal year 2015, the amount of taxes collected by the federal government outpaced the first 11 months of all previous fiscal years, even after adjusting for inflation. The 2015 fiscal year begins Oct. 1, 2014, and runs through Sept. 30, 2015.
Most of the $2.88 trillion the government collected came from individual income taxes, which comprised nearly half of that total, totaling $1.3 trillion. [ Source ]
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