$283,927,000,000: Federal Tax Collections Set Record in October

By Terence P. Jeffrey | November 10, 2021 | 2:42pm EST
(Photo by Olivier Douliery/AFP via Getty Images)
(Photo by Olivier Douliery/AFP via Getty Images)

(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.)

The business and economic reporting of CNSNews.com is funded in part with a gift made in memory of Dr. Keith C. Wold.

 
 
 
 

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