The federal government brought in a record of approximately $213,300,000,000 in individual income tax revenues through the first two months of fiscal 2017 (Oct. 1, 2016 through the end of November), according to the Monthly Treasury Statement released today.
While collecting overall tax revenues of $421,567,000,000 in October-November (including the record individual income tax revenues of $213,300,000,000), the federal government spent $602,410,000,000. Thus, the federal government ran a deficit of $180,843,000,000 in the first two months of this fiscal year—despite collecting record individual income tax revenues.
And that, my friends, is why it will be so hard to dig ourselves out of the hole our spendthrift politicians have dug for us.
Honestly, except in time of war, why shouldn't it be illegal for the government to spend more than it takes in?