by Terence P. Jeffrey
(CNSNews.com) – The U.S. Treasury raked in a record of approximately $1,914,651,000,000 in tax revenues in the first seven months of fiscal 2016 (Oct. 1, 2015 through April 30, 2016), according to the Monthly Treasury Statement released today.
That is up about $14,151,330,000–in constant 2016 dollars—from the approximately $1,900,499,670,000 in constant 2016 dollars the Treasury collected in the first seven months of fiscal 2015.
(Tax revenues from previous years were adjusted to 2016 dollars using the Bureau of Labor Statistics Inflation Calculator.)
Even though the Treasury has collected more in inflation-adjusted tax revenues so far this fiscal year than in any previous year, tax collections were actually down in the month of April alone compared to last April. In 2015, the Treasury collected approximately $471,801,000,000 in April (in 2015 dollars). In 2016, the Treasury collected $438,432,000,000 in April.