The 2016 fiscal year begins on Oct. 1, 2015, and ends Sept. 30, 2016.. March 30 marks the half way point. That said, for the first half of this fiscal year, the amount of taxes collected by the federal government outpaced the first half of all previous fiscal years.
Inflation-adjusted federal tax revenues hit a record $1.48 trillion for the first half of fiscal year 2016. Sadly, somehow the federal government still ran a $461 billion deficit during that time, according to the latest monthly Treasury Department report.
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.
The federal government collected $1,476,218,000,000 in the first half of fiscal year 2016. Most of the $1.48 trillion came from individual income taxes, which comprised almost half of that total, totaling $675 billion.
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