In the first fiscal cycle of 2017, which spans Oct. 1, 2016, through Jan. 31, 2017, the U.S. Treasury raked in a record $1,084,840,000,000 in tax revenues.
As reported by CNS News on Monday, the Monthly Treasury Statement is responsible for using the Bureau of Labor Statistics Inflation Calculator to adjust dollar values by year.
According to the report, fiscal year (FY) 2017 is up approximately $5,616,000,000 from the first four months of FY 2016, which previously accumulated $1,079,224,000,000 in revenue.
While the newly reported revenue is staggering and record-breaking, the federal government ended up spending $1,241,780,000,000 of that revenue in those same four months. As a result, a deficit of $156,939,000,000 was produced.
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When calculated and broken down, the top sectors of tax revenue accumulation for FY 2017 came from individual income taxes ($550,068,000,000) and Social Security ($361,887,000,000).
In January, 152,081,000 people were employed in the United States. When the $1,084,840,000,000 tax revenue is calculated by the Bureau of Labor Statistics, it equates to about $7,133 collected per worker in the first four fiscal months.
Below are graphs from CNS News providing a breakdown of the federal tax revenue for the first fiscal cycle of 2017:
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