(CNSNews.com) - The federal government, according to the Monthly Treasury Statement, collected a record $283,927,000,000 in total taxes in October, which was the first month of fiscal 2022.
Federal spending hit $448,983,000,000 in October, which was the second highest ever for the first month of a fiscal year. The federal government set its record spending in the first month of the fiscal year last October, when the it spent $554,232,780,000 (in constant October 2021 dollars).
Before this October, the most tax money the federal government had ever collected in the first month of a fiscal year was in fiscal 2019 (October 2018), when the Treasury collected $276,377,910,000 (in constant October 2021 dollars).
The record $283,927,000,000 in total taxes that the Treasury collected last month included $143,908,000,000 in individual income taxes; $99,592,000,000 in payroll taxes; $5,586,000,000 in excise taxes; $2,458,000,000 in estate and gift taxes; $7,770,000,000 in customs duties; and $8,908,000,000 in “miscellaneous receipts.”
The biggest expenditure by the Treasury in October was for the Department of Health and Human Services, which accounted for $120,507,000,000 in spending.
The second biggest expenditure was for the Social Security Administration, which accounted for $101,055,000,000 in spending.
The third biggest expenditure was for the Department of Defense-Military Programs, which accounted for $65,482,000,000 in spending.
(Historical tax and spending numbers in this story were converted into constant October 2021 dollars using the Bureau of Labor Statistics' inflation calculator.)