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

By Terence P. Jeffrey | September 14, 2022 | 11:50am EDT
(Photo by Chip Somodevilla/Getty Images)
(Photo by Chip Somodevilla/Getty Images)

(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.)

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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