(CNSNews.com) - The federal government collected a record $1,516,952,000,000 in total taxes through the first four months of fiscal 2022 (October through January), according to the Monthly Treasury Statement released today.
The record $1,516,952,000,000 in federal tax collections included $824,571,000,000 in individual income taxes; $469,468,000,000 in social insurance and retirement taxes; $112,248,000,000 in corporation income taxes; $32,359,000,000 in customs duties; $25,800,000,000 in excise taxes; $8,951,000,000 in estate and gift taxes; and $43,554,000,000 in what the Treasury statement calls “miscellaneous receipts.”
At the same time that it was collecting this record $1,516,952,000,000 in taxes in the first four months of fiscal 2022, the federal government was spending $1,775,947,000,000. This resulted in a deficit of $258,995,000,000.
The highest federal tax collections in the first four months of a fiscal year before this year was in fiscal 2020, when the Treasury collected $1,284,815,330,000 in the October through January period.
The $1,775,947,000,000 that the federal government spent in the first four months of this fiscal year was the second-most it has ever spent in that period. The most spending the federal government ever did in the first four months of the fiscal year occurred last year (fiscal 2021), when federal outlays hit $2,067,646,200,000 (in constant January 2022 dollars).
The Department of Health and Human Services spent $526,973,000,000 in the first four months of fiscal 2022, outspending all other federal departments and agencies. The Social Security Administration was second, spending $408,659,000,000. The Department of Defense-Military Programs was third, spending $241,443,000,000.
During the first four months of the fiscal year, according to the Monthly Treasury Statement, the Treasury Department also spent $196,139,000,000 paying interest on Treasury securities.
(Historical dollar figures in this story were converted into January 2022 dollars using the Bureau of Labor Statistics inflation calculator.)