Tags: Money | US | US treasury | record-high | taxes | 2016

US Treasury Brought in Record-High Taxes in First 8 Months of Fiscal 2016

US Treasury Brought in Record-High Taxes in First 8 Months of Fiscal 2016
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By    |   Friday, 10 June 2016 03:32 PM

The U.S. Treasury Department brought in trillions in the first eight months of fiscal year 2016, according to its monthly treasury statement.

The statement said that inflation-adjusted tax revenues reached a record $2.14 trillion, but the U.S. government still ran a $407-billion deficit during that period.

Most of the $2.14 trillion came from individual income taxes, which made up almost half of that total — $1.037 trillion, according to an analysis in the Washington Free Beacon.

The Treasury's receipts came from tax revenue from individual and corporate income taxes, social insurance and retirement taxes, unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and some other miscellaneous items, the statement said.

The fiscal year of 2016 began October 1, 2015 and runs through Sept. 30, 2016.

The Treasury Department has been keeping track of tax revenue data on its website since 1998. At this same time in 1998, inflation-adjusted tax receipts were around $1.65 trillion, which means that tax receipts have risen 30 percent since then.

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The U.S. Treasury Department brought in trillions in the first eight months of fiscal year 2016, according to its monthly treasury statement.
US, US treasury, record-high, taxes, 2016
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2016-32-10
Friday, 10 June 2016 03:32 PM
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