Record Federal Tax Collections in October

The federal government collected a record tax windfall in the month of October. The feds took in total tax revenues of $252,692,000,000—nearly $253 billion—last month, the first month of fiscal year 2019. The year over year increase was driven mostly by a large spike in corporate income tax collections. Despite the big numbers, the federal government still ran an eye-popping $100 billion deficit for the month.