$221,692,000,000: Federal Taxes Set Record for October; $1,459 Per Worker; Feds Still Run Deficit of $44,192,000,000

By Terence P. Jeffrey | November 11, 2016 | 12:33pm EST
President Obama at his State of the Union Address, Jan. 12, 2016. (AP Photo)

(CNSNews.com) - Federal tax revenues set an all-time record of $221,692,000,000 for the month of October, according to the newly released Monthly Treasury Statement.

In constant 2016 dollars that is the most taxes the federal government has ever collected in October, which is the first month of the fiscal year.

The record $221,692,000,000 in taxes collected this October was up $6,718,330,000 from the $214,973,670,000 in constant 2016 dollars that the Treasury collected in October 2015.

Despite bringing in record tax revenue of $221,692,000,000 this October, the federal government ran a deficit of $44,192,000,000 during month. That is because federal spending in October was $265,884,000,000.

The record $221,692,000,000 in federal taxes for October equaled approximately $1,459 for every person who had either a full- or part-time job during the month. (According the Bureau of Labor Statistics, the total number of people employed in the United States in October was 151,925,000.)

The $44,192,000,000 deficit the federal government ran while collecting record tax revenue for October equaled approximately $291 for each person with a full- or part-time job.

The second highest federal tax haul in any October came in 2014, when the U.S. Treasury brought in $216,934,990,000 in tax revenue in constant 2016 dollars. The third highest was October 2015, when the Treasury brought in $214,973,670,000; and the fourth highest was October 2001, when the Treasury brought in $214,249,290,000.

Americans paid $121,576,000,000 in individual income taxes in October, according to the Monthly Treasury Statement. That accounted for the largest share of the record $221,692,000,000 in taxes the Treasury collected during the month.

Americans also paid $79,361,000,000 in Social Security and other payroll taxes during Ocotber.

The income tax on corporations brought in $2,277,000,000 during October.

Excise taxes brought in $5,707,000,000.

The Treasury also collected $3,069,000,000 in estate and gift taxes.

The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.

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