Government collects record-high taxes in first 10 months of FY 2015

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The federal government collected a record amount of taxes in the first 10 months of fiscal year 2015, exceeding $2.6 trillion in revenue, according to the latest monthly Treasury Department statement. Despite the record revenue, the federal government ran a deficit of $465 billion.

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 10 months of fiscal year 2015, the amount of taxes collected by the federal government outpaced the first 10 months of all previous fiscal years, even after adjusting for inflation. The 2015 fiscal year begins Oct. 1, 2014 and runs through Sept. 30, 2015.

The federal government collected $2.6 trillion from October through July in fiscal year 2015. Most of the money came from individual income taxes, which comprised nearly half of that total, totaling $1.27 trillion.

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