Federal government sets record for October tax collections; spending spigot still flowing

The federal government set a record for tax collections in October, the first month of the fiscal year, by collecting about $318.5 billion, according to the Treasury.

The amount trumps the previous October record set last year, at nearly $306 billion, resulting in a roughly 4.1% increase this year, CNS News reported.

Despite the revenue, the government spent even more, or around $406 billion, in October, so it ran a deficit of nearly $88 billion.

The amount of spending isn’t an October record, since the government spent more in each of the last four Octobers, including a whopping $597 billion in 2020 during the height of the pandemic, according to CNS.

The largest share of tax collections came from individual income taxes, followed by social insurance and retirement taxes, corporation taxes, customs duties, excise taxes and estate and gift taxes.