$565,135,000,000: Federal Tax Collections Set Record Through November

By Terence P. Jeffrey | December 10, 2021 | 4:11pm EST
(Photo by Kevin Dietsch/Getty Images)
(Photo by Kevin Dietsch/Getty Images)

(CNSNews.com) - The federal government collected a record $565,135,000,000 in total taxes through the first two months of fiscal 2022 (October and November), according to the Monthly Treasury Statement.

The federal government also collected a record $282,094,000,000 in individual income taxes in the first two months of this fiscal year.

While collecting its record $565,135,000,000 in total taxes in the first two months of this fiscal year, the federal government spent $921,526,000,000—resulting in a deficit of $356,390,000,000 in the first two months of the fiscal year.

The $921,526,000,000 that the federal government spent in October and November is the most the federal government has ever spent in the first two months of the fiscal year in nominal dollars. However, when the $886,587,000,000 that the federal government spent in October and November of 2020 (the first two months of fiscal 2021) is adjusted for inflation (using the Bureau of Labor Statistics inflation calculator) into November 2021 dollars it equals $946,954,730,000. Thus, fiscal 2021 maintains its record for the most money spent by the federal government in the first two months of a fiscal year.

Before the federal government collected its record $282,094,000,000 individual income taxes in the first two months of this fiscal year, fiscal 2018 (October and November of 2017) held the record for the most individual income taxes collected in the first two months of the fiscal year. That year, the federal government collected $255,260,900,000 in individual income taxes in constant November 2021 dollars.

In addition to collecting a record $282,094,000,000 in individual income taxes in the first two months of this fiscal year, the Treasury also collected $216,272,000,000 in social insurance and retirement taxes; $15,385,000,000 in corporation income taxes; $13,360,000,000 in excise taxes; $15,586,000,000 in customs duties; $4,262,000,000 in estate and gift taxes; and $18,175,000,000 in what the Monthly Treasury Statement calls “miscellaneous receipts.”

The Department of Health and Human Services spent more money--$254,706,000,000—in the first two months of fiscal 2022 than any other federal department or agency. It was followed by the Social Security Administration, which spent $201,487,000,000. The Defense Department-Military Programs placed third with $126,299,000,000 in spending in the October-through-November period.

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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