WEB Notes: Another quarter, the same sad song plays once again. Big brother takes more of your money, they are in more debt and what do you get for your money? Not a whole lot.
The federal government collected a record $1,521,589,000,000 in individual income taxes through the first eleven months of fiscal 2018 (October 2017 through August 2018), according to the Monthly Treasury Statement released today.
However, the federal government also ran a deficit of $898,112,000,000 for those eleven months, according to the statement.
Prior to this year, the record federal individual income tax collections for the first eleven months of the fiscal year occurred last year, when the Treasury collected $1,460,379,260,000 in individual income taxes in constant August 2018 dollars (adjusted using the Bureau of Labor Statistics inflation calculator).