Despite having collected another round of record-breaking taxes, the federal government is still running a deficit.
In the first six months of fiscal 2017, the federal government collected approximately $695,391,000,000 in both individual income taxes and payroll taxes; over $7 billion more than the same time last year. Also, they collected nearly $550,000,000,000 in Social Security and other payroll taxes in FY 2017; about $2.7 billion more than last year.
However, that still wasn’t enough to make up for the deficit which came in at $526,855,000,000.
According to CNS News, overall federal tax collections are down:
In the first six months of fiscal 2016, the federal government collected $1,513,124,070,000 (in constant 2017 dollars) in total taxes. In the first six months of this fiscal year, total federal tax collections have dropped to $1,473,137,000,000—a decline of about $39,987,070,000 from total tax collections in the first six months of fiscal 2016.
The largest part of that decline can be attributed to a drop in corporate income tax collections. In the first six months of fiscal 2016, the federal government brought in $124,954,730,000 (in constant 2017 dollars) in corporate income taxes. In the first six months of this fiscal year, it has brought in only $100,234,000,000—a decline of about $24,720,730,000.
The numbers are similarly down for customs duties and excise taxes.
But all in all, while the feds collected just over $1 trillion in total taxes, or $9,628 for every U.S. worker, it spent just shy of $2 trillion. The deficit equals approximately $3,443 for every worker, according to CNS.
President Trump has promised tax reform, but prioritized health care as his first order of duty, saying it “will be better” to repeal and replace Obamacare before tackling taxes. Reports indicate the House is “close” to an agreement on the Affordable Care Act repeal after the failure the first time around.
But there's no doubt, the Trump administration has its work cut out for them.