$4,408,452,000,000: Federal Tax Collections Set Record Through August

(CNSNews.com) – The federal government collected a record $4,408,452,000,000 in total taxes in the first eleven months of fiscal 2022 (October through August), according to the Monthly Treasury Statement.

That was up $525,658,170,000—or 13.5 percent–from the then-record $3,882,793,830,000 (in constant August 2022 dollars) that the federal government collected in the first eleven months of fiscal 2021.

 

The record $4,408,452,000,000 in total taxes that the federal government collected in the first eleven months of this fiscal year, included a record $2,404,419,000,000 in individual income taxes.

 

It also included $1,356,643,000,000 in social insurance and retirement taxes; $76,048,000,000 in excise taxes; $29,088,000,000 in estate and gift taxes; $91,167,000,000 in customs duties; and $132,163,000,000 in what the Treasury calls “miscellaneous receipts.”

Even though it collected this record $4,408,452,000,000 in taxes in the first eleven months of this fiscal year, the federal government still ran a deficit of $945,715,000,000 during this period—because it spent $5,354,167,000,000.

The Department of Health and Human Services led the federal government in spending in the first eleven months of fiscal 2022 with outlays of $1,467,475,000,000. The Social Security Administration was second, spending $1,168,870,000,000 in the first eleven months of this fiscal year. The Department of the Treasury was third, spending a total of $1,139,305,000,000—including $677,612,000,000 to pay the interest on Treasury securities and $461,693,000,000 on other expenses.

The Department of Defense-Military Programs was fourth, spending $649,261,000,000.

(The historical tax numbers in this story were converted into constant August 2022 dollars using the Bureau of Labor Statistic inflation calculator.)

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