The federal government collected a record amount of money in individual income taxes during the first nine months of the 2018 fiscal year which started in October 2017. According to CNSNews, the Treasury collected $1.3 trillion between October and June 2018, which was $71.8 billion more than the previous record,, which was set during the same time period last year.
Overall, the government brought in $2.54 trillion in the past nine months, which was $39 billion lower than last year and the lowest amount in "any of the previous five fiscal yearsāincluding 2013, 2014, 2015, 2016 and 2017."
Because of the lower revenue, the government's deficit during the first nine months of the fiscal year jumped by 16% to $607 billion.
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