Tags: IRS | record | taxes | collected | deficit

Taxes Set Record for First Quarter; Feds Still in Deficit

Image: Taxes Set Record for First Quarter; Feds Still in Deficit
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By    |   Wednesday, 13 Jan 2016 09:21 PM

Despite a record-setting $765.6 billion in taxes collected in the first quarter of fiscal 2016, the federal government ran a deficit for the quarter of $215.5 billion, CNS News reports.

The total amount of taxes taken in between October 1 and December 31 averaged out to $5,107 for every person in the United States who had a full- or part-time job in December.

The amount brought in was $24.3 billion more than the first quarter of fiscal 2015 in constant 2015 dollars, according to CNS News.

The Treasury Department spent $981.2 billion during the quarter, which was $215.5 billion more than was taken in.

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Despite a record-setting $765.6 billion in taxes collected in the first quarter of fiscal 2016, the federal government ran a deficit for the quarter of $215.5 billion, CNS News reports.
record, taxes, collected, deficit
104
2016-21-13
Wednesday, 13 Jan 2016 09:21 PM
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