Federal Tax Revenues Top $1 Trillion as America Runs Huge Deficits

For the first time ever, real federal tax revenues topped $1 trillion in the first four months of the fiscal year–October through January–according to data released Wednesday by the U.S Treasury.

Federal tax revenues hit a record $1,046,224,000,000 for fiscal year 2015 through January, according to the Monthly Treasury Statement, but the federal government still ran a $194,209,000,000 deficit during that time.

Each month, the Treasury publishes the government’s “total receipts,” including all revenue from individual income taxes, corporate income taxes, social insurance and retirement taxes (including Social Security and Medicare taxes), unemployment insurance taxes, excise taxes, estate and gift taxes, customs duties, and “miscellaneous receipts.”

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