According to the Monthly Treasury Statement released Monday, the U.S. Treasury collected a record of approximately $1,084,840,000,000 in tax revenues in the first four months of fiscal 2017 (Oct. 1, 2016 through Jan. 31, 2017).
In constant 2016 dollars, that is up $5,616,000,000 compared to the amount of taxes collected in the first four months of fiscal 2016.
From CNS News:
Despite collecting a record $1,084,840,000,000 in tax revenues in the first four months of this fiscal year, the federal government turned around and spent $1,241,780,000,000 in those same four months—and ended up running a deficit of $156,939,000,000.
In January alone, the Treasury collected approximately $344,069,000,000 in tax revenues.
The largest portion of the $1,084,840,000,000 in federal tax revenues in the first four months of this fiscal year came from the individual income tax, which yielded approximately $550,068,000,000.
The second largest portion came from Social Security and other payroll taxes, which brought in approximately $361,887,000,000.
The income taxes collected from corporations in the United States in the first four months of the fiscal year ($84,877,000,000) amounted to more than 7 times as much as the customs duties collected on foreign imports brought into the country ($11,779,000,000).
If the Bureau of Labor Statistics is correct when reporting that 152,081,000 people were employed in the United States in January, that means that the record $1,084,840,000,000 in taxes the federal government collected in the first four months of the fiscal year equaled about $7,133 per worker.
Trump: ‘In the Process’ of ‘Working on a Major Tax Reform
During Friday’s Weekly Address, President Trump stated, “we’re in the process right now of working on a major tax reform that will massively reduce taxes on our workers and businesses.”
The weekly address transcript (via NBC) reads:
“My fellow Americans, this week our hearts are with the people of Louisiana and Mississippi. Families have lost their homes, businesses, and livelihoods after devastating tornadoes swept through many, many communities. My administration will make sure they have the support that they need and really desperately want. We’re going to take care of them.
It’s remarkable to see Americans across the country come together to help families rebuild their lives. That is the beauty of the American spirit. There’s nothing like it. There’s a great spirit all over the country. And that spirit is what we will need to rebuilt America. To, as I have said so often, make America great again.
On Tuesday I was pleased to host at the White House the CEO of Intel who announced that Intel will invest $7 billion in a new manufacturing facility in Arizona, creating thousands of new American jobs. That’s what we want- new American jobs. And good jobs. Intel decided to move forward with this project because they know we are totally committed to lifting the regulatory and tax burdens that are hurting American innovation and companies.
In fact we’re in the process right now of working on a major tax reform that will massively reduce taxes on our workers and businesses. We want to make it much easier to do business in America, and that’s what we’re going to do. We’re going to make it also, much harder, for companies to leave. They’re not just going to say bye bye and fire everybody. There will be consequences.
I want America to be the great jobs magnet of the world. But we can’t do that if we don’t stop the wasteful rules and excessive taxes that make it impossible for businesses to compete. Every hour, every day, my administration is focused on creating jobs for our people. And I mean good jobs. More jobs. Better jobs. Higher-paying jobs. That’s our mission.
This week I also met with sheriffs and police chiefs from across the country. I pledged to them that I would stand with the incredible men and women of law enforcement. And so too will our great new Attorney General, Jeff Sessions. My administration is committed to your security. Which is why we will continue to fight to take all necessary and legal action to keep terrorists and radical and dangerous extremists from ever entering our country. We will not allow our generous system of immigration to be turned against us as a tool for terrorism and truly bad people. We must take firm steps today to ensure that we are safe tomorrow. We will defend our country, protect our Constitution, and deliver real prosperity for our people.
God Bless You, God Bless America, have a great week.”
Joseph Jankowski is a contributor for PlanetFreeWill.com. His works have been published by recognizable alternative news sites like GlobalResearch.ca, ActivistPost.com, InfoWars.com and ZeroHedge.com.