Inflation-adjusted federal tax revenues hit a record $1.91 trillion in the first seven months of fiscal year 2016, but the federal government still ran a $354 billion deficit during that time, according to the latest monthly Treasury Department statement.
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 seven months of 2016, which included the months of October, November, December, January, February, March and April, the amount of taxes collected by the federal government outpaced the first seven months of all previous fiscal years, even after adjusting for inflation. The 2016 fiscal year begins on Oct. 1, 2015, and runs through Sept. 30, 2016.
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