In constant 2016 dollars that is the most taxes the federal government has ever collected in October, which is the first month of the fiscal year. The record $221,692,000,000 in taxes collected this October was up $6,718,330,000 from the $214,973,670,000 in constant 2016 dollars that the Treasury collected in October 2015. Despite bringing in record tax revenue of $221,692,000,000 this October, the federal government ran a deficit of $44,192,000,000 during month. That is because federal spending in October was $265,884,000,000.
The record $221,692,000,000 in federal taxes for October equaled approximately $1,459 for every person who had either a full- or part-time job during the month. (According the Bureau of Labor Statistics, the total number of people employed in the United States in October was 151,925,000.) The $44,192,000,000 deficit the federal government ran while collecting record tax revenue for October equaled approximately $291 for each person with a full- or part-time job.
The second highest federal tax haul in any October came in 2014, when the U.S. Treasury brought in $216,934,990,000 in tax revenue in constant 2016 dollars. The third highest was October 2015, when the Treasury brought in $214,973,670,000; and the fourth highest was October 2001, when the Treasury brought in $214,249,290,000. Americans paid $121,576,000,000 in individual income taxes in October, according to the Monthly Treasury Statement. That accounted for the largest share of the record $221,692,000,000 in taxes the Treasury collected during the month.
Americans also paid $79,361,000,000 in Social Security and other payroll taxes during Ocotber. The income tax on corporations brought in $2,277,000,000 during October. Excise taxes brought in $5,707,000,000. The Treasury also collected $3,069,000,000 in estate and gift taxes.
$221,692,000,000: Federal Taxes Set Record for October; $1,459 Per Worker; Feds Still Run Deficit of $44,192,000,000
