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Feds collected record $252.6 billion in total tax revenue in October; still ran a massive deficit

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The federal government collected a record amount in total tax revenues in October, but the government still faced a deficit because of its expenses. (Saul Loeb/AFP/Getty Images)

The federal government collected a record amount of more than $252 billion in total tax revenue during October, according to the Monthly Treasury Statement released Tuesday.

Total tax collections were $252,692,000,000 for the first month of fiscal year 2019. However, the government spent $353,183,000,000 during October — for a whopping deficit of $100,491,000,000.

Last October, the feds collected $241,277,410,000 (in constant October 2018 dollars), which was the previous record.

How much was collected in individual income taxes?

Individual income tax collections were lower by $2,190,520,000 than in October over the same month last year.

The Treasury Department collected $128,866,000,000 in individual income taxes in October 2018, whereas $131,056,520,000 (in constant October 2018 dollars) in individual income taxes was collected in 2017.

How much was collected in corporation income taxes?

Corporate income tax collections more than doubled year over year for October.

Last year, the Treasury collected $3,823,060,000 (in constant October 2018 dollars) in corporate income taxes.

This year, $8,000,000,000 was collected in October, marking the largest amount since 2015 when $10,893,630,000 (in constant October 2018 dollars) in corporate taxes was collected.

What else?

Excise tax collections and customs duties collections were also up.

The Treasury collected $14,715,000,000 in excise taxes in October. It collected $7,651,250,000 (in constant October 2018 dollars) in the same month in 2017.

It collected $5,551,000,000 in customs duties last month, an increase of $2,230,300,000 over October 2017.

Social Security and other payroll tax collections were also up slightly this October at $86,553,000,000.

Receipts, Outlays, and Surplus/Deficit for October 2018 (U.S. Department of the Treasury)

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