(CNSNews.com) - Total federal tax collections in the first three months of fiscal 2022—October through December—set a record as they topped $1 trillion, hitting $1,051,873,000,000, according to the Monthly Treasury Statement released today.
Prior to this year, the most the federal government had ever collected in total taxes in the first three months of a fiscal year was in fiscal 2016, when it collected $902,498,080,000 in constant December 2021 dollars.
In the first three months of fiscal 2021, the federal government collected $859,898,350,000 in total taxes in constant December 2021 dollars. Thus, from last year to this year, taxes are up $191,974,650,000—or 22.3 percent—in the first three months of the fiscal year.
At the same time that it was collecting a record $1,051,873,000,000 in total taxes in the October-through-December period, the federal government was spending $1,429,567,000,000. Thus, it ran a deficit of $377,694,000,000.
This year’s October-through-December spending of $1,429,567,000,000 was actually down from last year’s total of $1,473,107,760,000 in total spending (in constant December 2021 dollars).
The record $1,051,873,000,000 in total taxes the federal government collected in the first three months of this fiscal year included $535,398,000,000 in individual income taxes; $352,208,000,000 in Social Security and other retirement taxes; $23,773,000,000 in customs duties; $20,515,000,000 in excise taxes; and $31,694,000,000 in what the Monthly Treasury Statement calls “miscellaneous receipts.”
The $535,398,000,000 that the Treasury collected in individual income taxes in October-through-December was also a record. Prior to this fiscal year, the most the Treasury ever collected in individual income taxes in the October-through-December period was in fiscal 2018, when it collected $437,007,010,000 in constant December 2021 dollars.
So far in this fiscal year, the Department of Health and Human Services leads the federal government in spending, having outlays of $389,573,000,000 for the October through December period. The Social Security Administration is second with $306,748,000,000 in spending. The Department of Defense is third with $197,226,000,000. The Treasury has also spent $152,937,000,000 in interest on Treasury debt securities.
(Historical tax and spending numbers cited in this report were converted into December 2021 dollars using the Bureau of Labor Statistics inflation calculator.)
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